EB-5 Regional Centers Stay Alive … for the Moment

On March 11 the President signed the Fiscal 2009 Omnibus Appropriations Bill, H.R. 1105, extending the EB-5 Immigrant Investor Pilot Program. 

This is the Pilot Program that allows USCIS to receive, process, and adjudicate Forms I-526, Immigrant Petitions by Alien Entrepreneur, affiliated with Regional Centers relying on “indirect” job creation analysis. The law also gives USCIS the power to approve applications for adjustment of status on the basis of such I-526s and gives U.S. Consulates the power to approve applications for immigrant visas on the basis of such I-526s. Currently, there are 45 regional centers throughout the United States.

Unfortunately, the Pilot Program was extended only through September 30, 2009. This leaves investors in doubt–if they invest in a Regional Center now, their applications for adjustment of status or immigrant visas will only be approved after September 30 if the law is extended once more.

Such a short extension doesn’t exactly inspire foreign investors’ confidence in the American economy, does it?