Skip to content

On Dec. 15, 2015, one day prior to the expiration of the EB-5 program on Dec. 16, House and Senate leadership have recommended that the EB-5 program be extended until Sept. 30, 2016. The language for extension will be included as part of the larger omnibus appropriations bill that is anticipated to be passed on Friday. This “clean extension” will mean that nothing to the program will change, such as minimum investment amounts, definitions for Targeted Employment Areas, or other reforms. All I-924, I-526, and I-829 petitions will continue to be accepted, processed, and adjudicated as normal, until a new reform bill is passed or until the program’s sunset on Sept. 30, 2016. 

The EB-5 Investment Coalition, with the support of key members of the EB-5 industry, have worked tirelessly to advocate the EB-5 program and to recommend reform measures that will be beneficial to the greater EB-5 industry. Over the last year, five bills seeking to reform the EB-5 program have been introduced in both the House and the Senate, all proposing different measures for reform and improvement. When the EB-5 program was due to expire on Sept. 30, 2015, it was temporarily extended through a temporary government funding bill, a “continuing resolution,” until Dec. 11, 2015. In November 2015, a discussion draft produced by the House and Senate Judiciary Committees was widely circulated through the EB-5 industry, expanding upon S.1501, a Senate bill that was introduced in June 2015. Members of the EB-5 industry, including EB-5 IC, provided feedback and comments to the discussion draft, with the intent of making the EB-5 program workable while also advocating for strong integrity and enforcement measures. While negotiations were extensive and significant changes were agreed upon through the efforts of EB-5 IC and its partners, including the Real Estate Roundtable and the Chamber of Commerce, there were still many changes needed to make the bill workable. As it became clear that certain points of the discussion draft needed further negotiation, comment, and study, EB-5 IC and its partners, recognized the need for more time to work on different aspects of the bill, and sent a letter to the House and Senate leadership, requesting a one year extension with integrity measures. 

As the deadline of Dec. 16 quickly approached, the House and Senate leadership recognized the need for more work on the bill as voices of the EB-5 industry were heard, and as a result, an extension of the EB-5 program until Sept. 30, 2016, will be included with the omnibus appropriations bill, along with the other expiring immigration programs (R-1 visas for religious workers, the Conrad 30 waiver program for J-1 medical workers, and the E-verify program.)   

EB-5 IC Board Members Laura Foote Reiff and Jeff Campion recognize the equally tireless work of key Congressional leaders by stating:  “We thank our champions in Congress; House and Senate Leadership and Chairmen and Ranking Members of the House and Senate Judiciary Committees. We especially thank senators Cornyn, Flake, and Schumer, and congressman Pete Sessions – who ensured that our voices would be heard.” 

The next 10 months will be critical in ensuring that members of the EB-5 industry work together with Congress to ensure that meaningful reforms take place that will protect all stakeholders of the industry.  EB-5 IC will continue to work tirelessly with its partners to ensure that all interests are represented.  

Print:
EmailTweetLikeLinkedIn
Photo of Kristen W. Ng Kristen W. Ng

Kristen W. Ng focuses her practice on business immigration and compliance matters, including legislative issues. She advises individuals and companies on a wide range of immigration matters, including nonimmigrant and immigrant employment-based cases, citizenship issues,) and investor cases (E-2 and EB-5). She provides…

Kristen W. Ng focuses her practice on business immigration and compliance matters, including legislative issues. She advises individuals and companies on a wide range of immigration matters, including nonimmigrant and immigrant employment-based cases, citizenship issues,) and investor cases (E-2 and EB-5). She provides immigration counsel to clients, including HR managers, high-level executives, and employees to ensure comprehension of each respective immigration process and procedure and to collaboratively produce the best immigration strategy and approach for each individual matter. In addition, she works on immigration reform policies and advocates for smart policies for clients.

Photo of Laura Foote Reiff‡ Laura Foote Reiff‡

Laura Foote Reiff Co-Chairs the Business Immigration & Compliance Practice and is the Co-Managing Shareholder of the Northern Virginia Office. She also Co-Chairs the firm’s Labor & Employment Practice’s International Employment, Immigration & Workforce Strategies group. Laura focuses her practice on business immigration

Laura Foote Reiff Co-Chairs the Business Immigration & Compliance Practice and is the Co-Managing Shareholder of the Northern Virginia Office. She also Co-Chairs the firm’s Labor & Employment Practice’s International Employment, Immigration & Workforce Strategies group. Laura focuses her practice on business immigration laws and regulations affecting U.S. and foreign companies, as well as related employment compliance and legislative issues.

Laura advises corporations on a variety of compliance-related issues, particularly related to Form I-9 eligibility employment verification matters. Laura has been involved in audits and internal investigations and has successfully minimized monetary exposure as well as civil and criminal liabilities on behalf of her clients. She develops immigration compliance strategies and programs for both small and large companies. Laura performs I-9, H-1B and H-2B compliance inspections during routine internal reviews, while performing due diligence (in the context of a merger, acquisition or sale) or while defending a company against a government investigation.

Laura represents many businesses in creating, managing and using “Regional Centers” that can create indirect jobs toward the 10 new U.S. jobs whose creation can give rise to EB-5 permanent residence for investment. She coordinates this work with attorneys practicing in securities law compliance, with economists identifying “targeted employment areas” and projecting indirect job creation, and with licensed securities brokers coordinating offerings. She also represents individual investors in obtaining conditional permanent residence and in removing conditions from permanent residence.

Laura’s practice also consists of managing business immigration matters and providing immigration counsel to address the visa and work authorization needs of U.S. and global personnel including professionals, managers and executives, treaty investors/ traders, essential workers, persons of extraordinary ability, corporate trainees, and students. She is an immigration policy advocacy expert and works on immigration reform policies.

Admitted in the District of Columbia and Maryland. Not admitted in Virginia. Practice limited to federal immigration practice.