Immigration Law

EB-5 Immigrant Investor Pilot Program Extended

By John Combs

A provision in the ?Fiscal 2009 Omnibus Appropriations Bill,? H.R. 1105, signed into law on March 11, 2009, has extended the Immigrant Investor Pilot Program through September 30, 2009.  Of the 10,000 investor visas (i.e., EB-5 visas) available annually, 3,000 are set aside for those who apply under a pilot program involving a USCIS-designated "Regional Center."

A "Regional Center:"

• Is an entity, organization or agency that has been approved as such by the USCIS;
• Focuses on a specific geographical area within the United States; and,
• Seeks to promote economic growth through increased export sales, improved regional productivity, creation of new jobs, and increased domestic capital investment.

"Investors" must:

• Demonstrate that a "qualified investment" of $500,000 is being made in a new commercial enterprise located within an approved Regional Center; and,
• Show, using reasonable methodologies, that 10 or more jobs are actually created either directly or indirectly by the new commercial enterprise through revenues generated from increased exports, improved regional productivity, job creation, or increased doemstic capital investment resulting from the pilot program.

USCIS will continue to receive, process, and adjudicate all Regional Center Proposals and Forms I-526, Immigrant Petitions by Alien Entrepreneur, and Forms I-485, Applications to Register Permanent Residence or Adjust Status, affiliated with Regional Centers relying on ?indirect? job creation analysis and the $500,000 investment threshold.  Currently, there are 45 regional centers throughout the United States.

Full post as published by Immigration Law for Employers on March 12, 2009 (boomark / email).