Many involved in the immigration process were waiting to see what Congress would do with the EB-5 program, which faced a fast-approaching sunset date. The answer to this question came in the form of a House Resolution that the president signed into law in early September. For now, the EB-5 program will continue going forward under the same rules and criteria that had existed before, according to a National Law Review report. The fluidity of the rules governing immigrant investors is just one of many areas where it helps to have knowledgeable Florida immigration attorneys on your side who are up-to-date on every aspect of the law and its potential impact on you.
The EB-5 immigrant investor program faced a looming deadline, set to expire at the end of the federal government’s fiscal year, or Sept. 30, 2017. H.R. 601, a bill much more prominently known for providing federal relief to hurricane-ravaged areas and for raising the so-called federal “debt ceiling,” ended that deadline countdown. The legislation, signed into law by President Trump, extends the program through Dec. 8.
While H.R. 601 made no changes to the EB-5 program, the Review report said that the law did, however, hold open the door for Congress to enact a reform bill governing the immigrant investor program. H.R. 601 explicitly created three possible end dates for the program’s renewed funding. They are: “1. The enactment into law of an appropriation for any project or activity provided for in this Act; 2. The enactment into law of the applicable appropriations Act for fiscal year 2018 without any provision for such project or activity; or 3. December 8, 2017,” whichever comes first.