The House of Representatives on Friday passed HR 2918, an appropriations bill for the legislative branch. This bill has a "continuing resolution" (CR) that funds the government for another month, ending October 31. This bill includes Division B, extending the EB-5 Regional Center program until October 31, 2009.
Los Angeles, CA (PRWEB) September 28, 2009 -- The Regional Center Investment program, part of the Permanent Residency, EB-5 Category that allows investors a path to U.S Residency will be extended one more month.
In 1991, the Federal Government created the EB-5 Visa so as to encourage foreigners to invest in the U.S. The program required an investor to invest US$1million or currently $500,000 in certain locations into a business in the USA that would create 10 full time jobs paying at least the minimum wage. Once done, the investor and his or her family would be entitled permanent residence in the USA, "Green Card."
In 1993, the predecessor to the USCIS provided to potential immigrants a second option within the EB5 program, entitled, "Regional Center Pilot Program." In this new configuration of EB-5, the investor would invest into a pre-existing fund, or Management Company or Business as approved by the U.S. government. These Regional Centers are typically diversified funds or private Business development projects that allow for an investor to infuse a set investment and in return acquire a small ownership interest. The Regional Centers must utilize this foreign infused investment to create 10 U.S direct or indirect jobs.
In 2004, the program was reorganized to allow for many levels of protection for the investors. The program was classified as a "pilot" program and was set to expire five years later in September 2009, unless a permanent or another temporary extension passes.
Many Local government officials, immigration attorneys and Regional Center representatives have been lobbying Congress to either permanently extend the Regional Center Program or alternatively grant a temporary extension.
Immigration Attorney Darren B. Silver of Darren Silver & Associates believes that the short one month extension to October 31, 2009 is a good sign that Congress will act positively when reviewing the program in full.
Immigration Attorney Darren B. Silver can be contacted directly through his website Darren Silver & Associates wich is one of the Nations' preeminent Immigration Law Firms with a focus on Business and Employment and Investment Immigration law.
Darren Silver & Associates
3699 Wilshire Blvd. 6th Floor
Los Angeles CA 90010
info @ darrensilver.com (E-mail)
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[Via Legal / Law]