Obama signed a 3-year extension of the EB-5 Regional Center Program

Obama signed a 3-year extension of the EB-5 Regional Center Program. On September 30, President Obama signed a bill extending the EB-5 Regional Center Program for a further 3 years. This...

Obama signed a 3-year extension of the EB-5 Regional Center Program. President Obama signed a bill extending the EB-5 Regional Center Program for three years on September 30. This reauthorization bill passed the House of Representatives on September 13 with a vote of 412 in favor and 3 against. The EB-5 Regional Center Pilot Program allows U.S. business entities to use capital from foreign investors to create U.S. jobs. If the foreign investors create 10 jobs for qualified U.S. workers, these foreign investors, their spouses and unmarried children who have not yet reached the age of 21 can obtain green cards. During this unprecedented period of economic crisis, the EB-5 program created 42,000 American jobs and injected more than $2.1 billion in fiscal year 2012 without costing taxpayers a penny. Congressional approval of the extension of the EB-5 Regional Center Program is an important step in helping the United States achieve economic recovery. The EB-5 Program not only directly brings much-needed funds to the economic recovery, but also can reduce the national unemployment rate, because the program requires each investor to create 10 full-time jobs in the United States. The EB-5 program has become increasingly popular as a result of U.S. business financing needs and foreign investors seeking greater opportunities for themselves and their families. This year alone, more than 4,200 investors have participated in the program, with major investments concentrated in regional centers. Now, President Obama has approved an extension of the EB-5 Regional Center Pilot Program, which will allow this program, which has been widely welcomed by members of Congress on both sides of the aisle, to run until September 30, 2015. The EB-5 regional center program is favored by members of Congress from both parties because they believe it is a viable way to stimulate the economy. The plan, passed overwhelmingly by Congress, can create a large number of new jobs to boost the U.S. economy. Since 2012, a total of 200 regional centers have been approved by the USCIS, of which more than 100 are active. According to the current immigration laws, EB-5 investment immigration requires investors to invest 500,000 yuan (equivalent to 3.2 million yuan) or 1 million US dollars to create 10 full-time employment opportunities. They can apply for and obtain a conditional green card in the first phase. After two years, they can apply to cancel the conditional green card and become a permanent green card holder, and then they can wait to become a U.S. citizen.