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EB-5 Changes in the Works

Updated: Jul 26, 2022

Fresh off changes in 2019, the EB-5 program, which allows foreign investors to get green cards for themselves and their families in exchange for targeted investment, is again under scrutiny. After a number of high-profile fraud cases, both locally and nationally, two competing bills mandating additional oversight and transparency are making their way through the Senate.

The minimum EB-5 investment threshold varies depending on whether or not an area qualifies as a Targeted Employment Area (TEA). In addition to lowering the investment threshold, the Graham-Cornyn bill would make all Opportunity Zones qualify as TEAs, opening up a potential new source of capital for Opportunity Zone development.

The Grassley-Leahy bill has more of an emphasis on preventing fraud and would create a fund administrator to over see the program. Neither bill addresses existing issues with the number of visas, capped at 10,000 annually, or wait times for investors from certain countries.

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