U.S. Congressional leaders agreed on Monday to a two-week government funding extension that would push back a shutdown deadline to Dec. 21, extending the EB-5 Regional Center program until that date. The program is currently due to expire this Friday.
Following the death of former President George H.W. Bush, lawmakers postponed a series of votes for his memorials and funeral, leaving little time to hammer out an agreement. So, once again, a "continuing resolution" would extend current funding levels and make Dec. 21 the new deadline. Along with the EB-5 program, an number of other federal programs would continue unchanged until Dec. 21. We expect to see a swift passage of the resolution by both houses of Congress and, citing the death of President Bush, President Trump said he would be signing the two week extension.
For EB-5 investors, this represents perhaps the last opportunity to secure an investor visa at the $500,000 threshold defined back in 1990, when the EB-5 category was created. Proposed changes would increase that TEA-level amount to $1,300,000. So, to put it simply: anyone wanting to enter the EB-5 program at the current investment price point needs to fund their investment and file their EB-5 case before Dec. 21.