With the Implementation of the 2022 EB-5 Reform and Integrity Act (RIA) the practice of EB-5 law in terms of requirements for projects, regional centers, broker dealers, overseas migration agents…Continue Reading GT Continues EB5 Webinar Series With 4 Webinars
Update: The Judge approved the settlement Thursday, Sept. 1.
The EB-5 Reform and Integrity Act (RIA) was passed on March 11, 2022. USCIS then posted an interpretation of the legislation…
Continue Reading EB-5 Case Challenging USCIS Interpretation De-Authorizing Regional Centers After Passage of EB-5 Reform and Integrity Act of 2022 Is Settled
The U.S. House of Representatives and Senate have passed the Continuing Resolution (CR) legislation to keep the government open through April 28, 2017.
As with the CR in late September…
Continue Reading Another Clean extension of the EB-5 Regional Center program — Proposed Continuing Resolution Through April 28, 2017
On Oct. 5, 2016, the U.S. Department of State (DOS) issued an unclassified cable on the Continuing Resolution signed into law on Sept. 29, 2016 that extends several important immigration…
Continue Reading State Department Issues Cable on Extension of Three Visa Programs
This week, the Department of State released the Visa Bulletin for October 2016.
Unfortunately, the expected movement as the U.S. government begins a new fiscal year did not materialize…
On July 29, Representative Zoe Lofgren, Ranking Member of the House Judiciary Committee, Subcommittee on Immigration and Border Security, and Representative Luis Gutiérrez introduced H.R.3370, the Entrepreneurial Business Creating Jobs Act of 2015 to permanently reauthorize and reform the EB-5 Regional Center Program. Representative Lofgren’s sectional summary can be found here.
The legislation provides visas for foreign entrepreneurs who obtain venture capital or seed financing and wish to start businesses in the United States. And it provides visas for foreign entrepreneurs who are in the United States in non-immigrant status operating an existing business and can show that the business is growing.
The legislation also permanently reauthorizes the Conrad State 30 J-1 Visa Waiver Program, and authorizes for five years the E-Verify Program and the Special Immigrant Nonminister Religious Worker Program. Below are the major components of the legislation:
Provisions for “Venture Capital-Backed Start-Up Entrepreneurs”
- Visas are made available to foreign entrepreneurs on a conditional basis who are sponsored by, as defined by the legislation, a “qualified venture capital fund,” one or more “angel investors,” a “qualified business,” or who obtain funding through a “qualified seed accelerator.”
- In order to have conditions removed, the entrepreneur must show that within a two-year period, the business created full-time jobs for five or more U.S. workers; raised an additional $2 million in capital investment; earned $1 million in revenue; or created full-time jobs for three U.S. workers with salaries of $100,000.