President Signs Bill to Extend EB-5 Regional Center Program

A bill to extend authorization of the EB-5 regional center pilot project was signed into law by President Obama on September 28.

The bill, S.3245, had passed the House of Representatives on a vote of 412-3 on September 13 and had passed the Senate on August 2.

Under the EB-5 law, a minimum investment of $500,000 in the U.S. that creates jobs for ten U.S. workers can qualify a family to immigrate to the U.S. The regional center pilot project is a provision of the EB-5 law that allows U.S. Citizenship and Immigration Services to designate “regional centers” in which investors can pool their money. S.3245 extends the pilot project through September 30, 2015.

It appears that a September 10 article reporting that the program is under investigation by the U.S. Department of Homeland Security (DHS) and Securities and Exchange Commission (SEC) was not a factor in the House vote.

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