On June 3, 2015, Senators Charles Grassley and Patrick Leahy introduced a bi-partisan bill S.1501 to extend and amend the EB-5 Immigrant Investor Program. The bill which will extend the program is expected to increase the investment requirement as follows:
- Targeted employment area (TEA): increase from $500,000 to $800,000; and
- Non-TEA: increase from $1,000,000 to $1,200,000.
At this time, the increase in investment amount is expected to take effect on October 1st.
The EB-5 program has been heavily utilized by Chinese applicants in recent years. However, it is gaining popularity among India-born applicants seeking a much faster way to secure permanent residency compared to the employ-based process.
Please contact ILG attorneys immediately if you have questions regarding the EB-5 program.