Developers In A Holding Pattern As Congress Debates EB-5
Law360 (February 3, 2020, 4:00 PM EST) -- Lawmakers on Capitol Hill are seeking a fresh round of alterations to the EB-5 investor immigrant visa program after it underwent major changes in 2019, but lawyers say developers remain uncertain about the program and may start to look elsewhere for project financing.
Since its inception during the mini-recession of the early 1990s, EB-5 has allowed foreign investors to secure green cards for themselves and their dependents for as low as a $500,000 commitment to a project, with minimal interest on the investment, provided the project creates 10 jobs per investor. For the first time in the program's history, Congress raised...
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