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With the EB-5 regional center program set to expire on June 30, 2021, many EB-5 investors and those interested in becoming EB-5 investors, are concerned with what will happen to the EB-5 regional center program if the U.S. Congress can not reach an extension agreement.
While we can’t say for certain what will happen, we can make an educated guess. That’s because the EB-5 regional center program previously expired on December 21, 2018.
Up until recently, the EB-5 regional center program renewal was tied to the U.S. government’s general spending budget. Each time the EB-5 regional center program was set to expire, it was extended along with the general budget. On December 21, 2018, Congress adjourned without having passed legislation to extend the budget – and, so, the EB-5 regional center program expired.
When the EB-5 regional center program expired in 2018, USCIS issued the following statement:
“The EB-5 Immigrant Investor Regional Center Program expired at the end of the day on Dec. 21, 2018, due to a lapse in congressional authorization to continue the program. All regional center applications and individual petitions are affected. USCIS will not accept new Forms I-924, Application for Regional Center Designation Under the Immigrant Investor Program, as of Dec. 21, 2018. Any pending Forms I-924 as of Dec. 21, 2018, will be put on hold until further notice.
Regional centers should continue to submit Form I-924A, Annual Certification of Regional Center, for fiscal year 2018.
We will continue to receive regional center-affiliated Forms I-526, Immigrant Petition by Alien Entrepreneur, and Forms I-485, Application to Register Permanent Residence or Adjust Status, after the close of business on Dec. 22, 2018. As of Dec. 22, 2018, we will put unadjudicated regional center-affiliated Forms I-526 and I-485 (whether filed before or after the expiration date) on hold for an undetermined length of time.
All Forms I-829, Petition by Entrepreneur to Remove Conditions on Permanent Resident Status, filed before or after the expiration date, will not be affected by the expiration of the program.
USCIS will provide further guidance to the public if legislation is enacted to reauthorize, extend, or amend the regional center program.”
So while the EB-5 regional center program expired, USCIS continued to accept new I-526 applications and merely put pending USCIS Form I-526 applications, “on hold for an undetermined length of time.”
After the shutdown, U.S. lawmakers were able to reach a deal on January 25, 2019 to reopen the U.S. government, which included an extension of the EB-5 regional center program. USCIS holds were lifted and USCIS Form I-526 EB-5 applications were processed.
Some people might be concerned that because the EB-5 regional center program is no longer tied to the U.S. government’s spending bill, that when the EB-5 regional center program expires on June 30, 2021, renewing the program will not be a priority. While this might be true, the EB-5 regional center program has broad bipartisan support in the U.S. Congress, as evidenced by recent bills in the U.S. Senate and House of Representatives, each co-sponsored by members of both political parties.
The EB-5 regional center program has been a boon for the American economy, creating billions of dollars in investment and the creation of thousands of American jobs, all with no cost to the American taxpayer. So while the EB-5 regional center program might expire if lawmakers can’t get together and pass a bill before June 30, 2021, it’s likely that any delay in renewing the program will result in a short “hold” rather than an end to the very beneficial EB-5 regional center program.
Don’t wait to find out what happens on June 30, 2021 – fill out our form, below, and let us help you get your EB-5 application submitted right away.
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