EB-5 New Bill Introduced in Congress

USIVC Immigration News UpdateCongress may overhaul the EB-5 immigrant-visa program that often benefits prosperous areas rather than the rural and impoverished urban ones for which it was created.
A bill introduced in June of 2015 by Senators Patrick Leahy, D-Vt., and Chuck Grassley, R-Iowa, aims to reform the program with key points as follows:

  • Raise the minimum investment by an immigrant to $800,000 for targeted areas and $1.2 million for everywhere else.
  • EB-5 regional centers, which pool capital from immigrant investors, would be subject to more scrutiny through background checks, site visits and audits.
  • Administration fees must be sources.
  • 7 years of tax return of investors is mandatory.
  • Documents required showing Identity of Intermediaries.
  • Gift can be made only by close family member.
  • Loan must be secured by assets of the investor.
  • Lending bank must be reputable or licensed lending institution.

A detail description of changes proposed in this bill can be reviewed here.

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