If the Most Recent Eb5 Extension Excited You, Consider Its New Permanent Status
The eb5 program began in 1991, at which time all interested immigrants had to invest $1 million and create ten jobs on their own. Regional centers were designated in 1993. Any area that had 150% more unemployment than the nation qualified as a regional center. Additionally, small cities with less than 20,000 people also qualified.
Because it was a newer program, it was somewhat subject to abuse, and could hardly support ongoing businesses with any success. Most companies never got around to hiring the ten required employees, or even raising the necessary $500,000. The U.S. Citizenship and Immigration Services was still called INS at this time, and decided to change the rules of the program. This might have been fine, but INS made the changes retroactive so that they applied to people who already had approved applications.
The attempts by the INS to take the eb5 visas away from their rightful owners caused enough of a stir to go to court. This paused the program from 1999 to 2002, when Congress created a law that the INS could not retroactively apply their new rules to investors already in the program. Between 2002 and 2005, a few more rules were changed to result in the program we have now.
By 2005, the program was popular enough to warrant the creation of a separate part of USCIS that deals solely with eb5 visas, called the Investor and Regional Center Unit. The visa program has also tightened up its reins in other ways, such as eliminating its original three filing locations in favor of a single one in California. Aside from being a bit less confusing for those filing, the USCIS also believes this single center can shorten the time it takes to get approved for the eb5 visa program.
With the government trying to cut certain programs in the last few years, the eb5 visa program was considered on the chopping block for quite some time. In 2008, the future of the program was uncertain, but an eb5 visa extension until March of 2009 was agreed upon. Once March arrived, yet another six month eb5 visa extension was voted for, and immigrant investors and cities in need of new businesses were excited to hear about it. It was guaranteed to last at least until September. While this was good news, there were plans to try to get an eb5 extension for five years rather than six months.
Fortunately, in July of 2009, the program was voted to be made permanent. This effectively ended many immigrant's worries that it would end on September 30. Now immigrants are free to use the program, whether now or in a few years. If you are an immigrant interested in the eb5 visa, the knowledge that the program will not end anytime soon is great, but the faster you apply, the sooner you will get to the United States.
