EB-5 visa program extended until Dec 9

Updated: 2016-09-30 00:05

By PAUL WELITZKIN in New York(chinadaily.com.cn)

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Ending a months-long battle, the US Congress has approved a funding bill that includes a short-term extension for EB-5, the immigrant investor program that is popular with Chinese.

Passage of a continuing resolution assures the US government is funded through Dec 9, and gives lawmakers time to try to negotiate an EB-5 reform package. The program was scheduled to lapse on Friday.

EB-5, which was created to stimulate the US economy through job creation and capital investment, targets foreign investors who put at least $500,000 in a project that creates a minimum of 10 jobs in an economically-depressed region. In return, the investors receive a two-year visa with a good chance of obtaining permanent residency for them and their families. In 2014, the US issued over 10,000 of the visas and about 85 percent went to applicants from China.

Potential changes for EB-5 may include increasing the minimum EB-5 investment to $800,000 from $500,000 for projects in high- unemployment areas. In low-unemployment areas, the minimum investment would rise to $1.2 million from $1 million. Other changes may include requiring that more projects funded by EB-5 are located in rural areas.

paulwelitzkin@chinadailyusa.com

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