According to the latest news from Worldway Immigration Group, a draft bill titled the "EB-5 Immigrant Investor Visa and Regional Center Program Comprehensive Reform Act," or "EB-5 Reform Act," has been released. It is reported that this draft bill was jointly proposed by three influential political figures in the U.S. Congressional judiciary: Chuck Grassley, Bob Goodlatte, and John Cornyn.
Chuck Grassley is a Republican Senator and the current Chairman of the Senate Judiciary Committee, who is currently leading immigration reform and previously introduced the "American Job Creation and Investment Promotion Reform Act of 2017" (draft). Bob Goodlatte is a Republican Congressman and the current Chairman of the House Judiciary Committee, who is highly focused on and actively promoting the reform of the EB-5 bill, and has also introduced several draft bills. John Cornyn is a Republican Senator and Senate Majority Whip, regarded by the industry as a "friend of EB-5." Given the significant influence of these three figures, it is expected that there is a high probability that this draft bill will be passed by the end of March.
Which provisions in the new draft bill will affect the future project selection of EB-5 investors? Worldway Immigration Group editors provide the following interpretation:
1. Adjustment of Investment Amount: $925,000 or $1,025,000 (adjusted every 3 years based on CPI)
Investors in projects that meet any of the following conditions are eligible for the lower investment amount of $925,000:
I. U.S. Territories (e.g., Puerto Rico, U.S. Virgin Islands, Northern Mariana Islands)
II. Closed military bases
III. Small business investment funds
2. Modification of Job Creation Requirements: 9 or 12 jobs required per investor
Investors in projects that meet any of the following conditions are eligible for the lower job creation requirement (9 jobs):
I. Rural areas or urban priority investment areas
II. U.S. Territories
III. Closed military bases
IV. Small business investment funds
3. Visa Set-Aside Provisions:
I. Rural areas: 1,450 visas reserved annually
II. Urban priority investment areas: 1,450 visas reserved annually
III. Infrastructure projects: 200 visas reserved annually
4. Definition Requirements for "Urban Priority Investment Areas":
Must meet 2 of the following 3 conditions:
I. Unemployment rate is 1.5 times the national average unemployment rate
II. Poverty rate reaches 20%
III. Median household income is no higher than 80% of the greater of the state or MSA median household income
Comparing the definition requirements for "Urban Priority Investment Areas" in the previous draft bill proposed by Grassley and Leahy:
Must meet 2 of the following 3 conditions:
I. Unemployment rate is 1.5 times the national average unemployment rate
II. Poverty rate reaches 30%
III. Median household income is no higher than 60% of the greater of the state or MSA median household income
It can be seen that the definition requirements for "Urban Priority Investment Areas" in this newly released draft bill are more lenient.
Special Note: According to the new draft bill, those who have already had their immigration applications approved and submit an application within one year of the bill's effective date to obtain authorization for definitions such as "Urban Priority Investment Area" do not need to add to their investment amount and are permitted to use the 1,450 priority visa quota.
Interpretation: Projects investing in "Urban Priority Investment Areas" will have more advantages
1. The required number of jobs is reduced
2. Expected to obtain reserved visas, shortening the waiting period
Therefore, for those intending to immigrate to the United States, they should choose EB-5 projects that meet the "visa set-aside" conditions, which is expected to shorten the waiting period, prioritize obtaining a Green Card, and begin their American journey.
Friendly Reminder:
Currently, there are not many spots left for the Manhattan No. 9 Luxury Boutique Hotel project, for which Worldway Immigration serves as the exclusive agent for the Greater China region. Investors are encouraged to cherish the current opportunity to immigrate to the United States at the low price of $500,000 and apply as soon as possible. Project purchase hotline: 400-138-2929.
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