Altro LLP has been closely following the progress of legislative changes proposed to the U.S’s popular EB-5 investment-for-visa program, which allows foreign investors to fund U.S.-based projects with a minimum investment of $500,000 in exchange for Green Cards. (See my post from Monday here, as well as an earlier, more detailed blog explaining the program’s history here).
Congress’s long-awaited verdict is now in: the EB-5 program will be extended in its current form until September 30, 2016. Congress reached its decision Tuesday evening, as it negotiated the omnibus spending bill. U.S. lawmakers decided to postpone changing the program in order to find the best solutions to current issues, such as mismanagement of EB-5 funds and lengthy visa processing times.
The most recent draft of amending legislation was ultimately dismissed because Congress felt that, if implemented, the new law would put too strict a limit on the number of visas available for the type of projects in which foreign investors typically choose to invest.
While Congress perfects its revisions over the course of 2016, the EB-5 program remains a viable investment opportunity for Canadians looking to move to the U.S. permanently.
Please contact me at firstname.lastname@example.org to learn more about the EB-5 program, or request a consultation to discuss your U.S. immigration and estate planning needs. Altro LLP looks forward to reviewing your unique situation.