The EB-5 regional center program, under which foreign investors indirectly finance projects in the United States in exchange for green cards, is set to expire on June 30, 2021. An effort to extend the program failed in the Senate on June 24, 2021, because Sen. Lindsey Graham (R-S.C.) objected to unanimous consent.
Since the Senate has recessed until July, it appears that the EB-5 regional center program will expire. It remains to be seen whether Congress will reauthorize it later. Invest in the USA (IIUSA), a trade association of EB-5 regional centers founded by Miller Mayer immigration attorney Steve Yale-Loehr, said the outcome was “disappointing, but it is not the end of the road.” The organization noted that “investors have questions about their investments and their immigration status. IIUSA is not only working on Capitol Hill to protect the program, we are also working with U.S. Citizenship and Immigration Services (USCIS) to get clarity on process and investor priorities during this time.”
- “Advocacy Alert: EB-5 Regional Center Program Will Sunset on June 30, 2021,” IIUSA: Invest in the USA, June 25, 2021