Laura Reiff

Laura Reiff and Matthew Virkstis recently authored an article on EB5investors.com’s blog entitled “The Path to Reauthorization of the EB-5 Regional Center Program in 2015.”  The article addresses immigration…
Continue Reading Laura Reiff and Matthew Virkstis Author “The Path to Reauthorization of the EB-5 Regional Center Program in 2015” on EB5Investors.com

On December 17, 2015, two days after Senate and House leadership recommended a “clean” extension of the EB-5 program until September 30, 2016, Senator Flake (R-AZ), with Senator Cornyn (R-TX) and Senator Schumer (D-NY), introduced S.2415, the “EB-5 Integrity Act of 2015.”  This is the first new piece of EB-5 reform legislation introduced since the EB-5 program’s original sunset date of September 30, 2015.  It is the sixth bill introduced in the 114th Congress that seeks to reform the EB-5 program.

The bill includes significant oversight and integrity reforms, many of which reflect earlier Senate legislation introduced in June of 2015. The integrity measures included in S.2415, as with those in prior bills, have been largely welcomed by the EB-5 industry.  Several of these provisions follow recommendations from the Department of Homeland Security (DHS), the Government Accountability Office (GAO), and leaders in the Congress.  The majority of the provisions mirror the reforms proposed in S.1501 and later discussion draft bills that circulated amongst stakeholders in November and December 2015.  The following are some of the main integrity measures designed to reform the EB-5 program:Continue Reading EB-5 Integrity Reform Bill Introduced As Congress Adjourns for the Holiday – Summary of S.2415: EB-5 Integrity Act of 2015

Greenberg Traurig attorneys Laura Reiff and Kate Kalmykov recently attended and presented at the 2015 China Overseas Investment and Entrepreneurship Summit (COIES) Forum in Beijing.  This two–day …
Continue Reading Greenberg Traurig Attorneys Attend the 2015 China Overseas Investment and Entrepreneurship Summit Forum in Beijing

昨天美国国会通过了联邦政府预算临时拨款议案，其中包括对EB-5区域中心计划短期延续至2015年12月11日。我们在9月14日曾写过对EB-5区域中心项目重新授权的前景预测。点击查看文章详情 今天国会通过的持续决议（continuing resolution）包含EB-5项目， 也同时包含E-Verify, the Conrad-30 Waiver项目，和非神职宗教工作者 (Non-Minister Religious Worker) 签证项目。这项持续决议将会暂时延续上述四项项目至2015年12月11日。议案113章规定了拨款时限，113章明确写出延续EB-5项目。

近几个月来，许多人都为EB-5区域中心去留问题颇感担忧。因为国会准备对EB-5进行改革，所以9月30日成为了一个通过区域中心投资移民申请者递交文件的硬性截止日期。因为复杂的立法过程可变因素很多，I-526投资者申请和范例申请(exemplar petition)一样，加速赶在9月30日“过期”前递交材料，也是合理的考虑。

但EB-5利益相关者目前需要考虑的一个重要问题是，为什么9月30日之前被定为截止日期。比如，国会从未就是否“让区域中心过期而不再授权”这个可能性有过任何正式讨论。从国会立法者提出的议案来看，EB-5区域中心最终会进行改革。在接下来的几个月中，利益相关者需要用这个机会，对于如何能使改革有效进行，以何种方式支持就业岗位创造，及哪些产业将会加入等问题，进行意见交流。

现在国会已经明确暂时延续EB-5项目至12月初，我们仅希望实质性改革和合理的过渡日期尽快相继出台。这样能使投资者、区域中心和通过投资创造就业岗位的项目能够在可预料 、稳定的情况下顺利进行。

 
Continue Reading 9月30日 国会表决通过临时拨款议案，EB-5 区域中心项目延续至2015年12月11日

Today the U.S. Congress passed a government funding bill containing a short-term extension of the EB-5 Regional Center Program through December 11, 2015.  We wrote previously about the EB-5 Regional…
Continue Reading September 30th Comes and Goes and the EB-5 Regional Center Program is Extended through December 11, 2015 in its Current Form

The Government Accountability Office (GAO) recently reviewed the risks and economic benefits of the EB-5 program. The report addresses several challenges related to the EB-5 program that have been highlighted…
Continue Reading GAO Report: “Additional Actions Needed to Better Assess Risks and Report Economic Benefits”

The EB-5 Immigrant Investor Program is scheduled to expire September 30, and with Congress on recess, many attorneys want to be sure when they return it is a priority on…
Continue Reading Greenberg Traurig Attorney Laura Reiff Featured in Law360 Article Regarding the Future of the EB-5 Investor Program

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.

Continue Reading Representative Zoe Lofgren and Representative Luis Gutiérrez Introduce EB-5 Regional Center Reauthorization Legislation