On April 13, local time in the United States, the 2016 second U.S. Senate EB-5 hearing was grandly held in the United States. Charles Grassley, Chairman of the U.S. Senate Judiciary Committee, presided over the meeting, which was attended by numerous authoritative figures in the EB-5 industry to discuss the U.S. investment immigration future reforms and trends of TEA.
Mr. Charles Grassley, Chairman of the Senate Judiciary Committee, pointed out that in 2015, the U.S. Congress ultimately failed to pass and produce a complete EB-5 bill, and one of the main reasons was the ongoing controversy in Congress regarding Targeted Employment Areas (TEA). Based on this, the second EB-5 hearing of 2016 was reconvened with the primary goal of resolving the TEA designation issue as soon as possible and ultimately producing a complete plan so that a new U.S. investment immigration EB-5 bill can be introduced as soon as possible.
Bob Goodlatte, the current Chairman of the House Judiciary Committee, stated that the EB-5 program has deviated from its original intent and needs to change, primarily questioning the issue of TEA determination. Numerous EB-5 authorities, represented by senior Democratic members of the Judiciary Committee, Congressman John Conyers, former Judiciary Committee Chairman and senior Senator Leahy, and others, unanimously demanded at the hearing that Congress should make EB-5 fairer, advocating for Congress to strictly limit areas that meet the definition of TEA and establish clear, explicit, and objective standards to determine the specific scope of TEA. Future TEA reforms will retain a small number of visas for investments in truly impoverished urban and rural projects. In particular, projects in major metropolitan centers like New York may likely face the risk of price increases.
【WorldWay Immigration Group Interpretation】Changes to TEA may bring risks to investors, who will face a dilemma: refund or additional payment! Moreover, the additional payment amount is not from $500,000 to $800,000, but from $500,000 to $1.2 million or even $2 million, and in serious cases, they may even facecase withdrawal or abandonment of EB-5 investment immigration. Therefore, investors must act quickly to invest, striving to successfully submit applications and complete investments before September 30 of this year, so as to maximize the possibility of locking in the $500,000 price for U.S. investment immigration; at the same time, EB-5 investors should also avoid seeking medical advice indiscriminately, and it is better to lock in expedited investments in high-quality projects that have been pre-approved by the immigration bureau, are of high quality, and have minimal risks; finally, select a strong and professional immigration agency and an authoritative law firm to escort you.
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