On March 11 the President signed theÂ Fiscal 2009 Omnibus Appropriations Bill, H.R. 1105, extending the EB-5Â Immigrant Investor Pilot Program.Â
This is the Pilot Program that allows USCIS to receive, process, andÂ adjudicate Forms I-526, Immigrant Petitions by AlienÂ Entrepreneur, affiliated with Regional Centers relying on â€œindirectâ€ 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.Â 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?