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EB-5 Legislation Pending
As of October 2023, the EB-5 Immigrant Investor Program, which provides a pathway for foreign investors to obtain U.S. permanent residency through significant investments in U.S. businesses, has been subject to various legislative changes and discussions. The program requires investors to invest a minimum amount, typically $1 million or $500,000 in targeted employment areas, and to create or preserve at least ten jobs for U.S. workers.
In Detroit’s case, some firms said they refrained from making unnecessary or overly aggressive moves that would have run up the bill for the 680,000-resident city. Lawyers at Dentons U.S. LLP who spoke for the city’s 23,500 retirees said that they also cut their bill by $3.4 million. The firm charged $14.6 million for helping explain the claims and voting process to retirees who were unfamiliar and “largely hostile” to the bankruptcy, firm officials said in court papers.
Pending legislation concerning the EB-5 program often revolves around several key issues.
The future of the EB-5 program may hinge on bipartisan cooperation as lawmakers grapple with these issues. Investors, developers, and legal experts are closely following these developments, as changes in legislation can have significant implications for both U.S. economic development and the future of immigration policy surrounding investment-based immigration pathways.
- Program Reauthorization.
- Targeted Employment Areas (TEAs).
- Transparency and Oversight.
- Job Creation Requirements
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- Admin
- February 23, 2024
ReplyShortly after Malacca filed for bankruptcy in July 2021, Judge Opera made it clear that its lawyers shouldn’t be charging the struggling city for first-class flights, alcoholic beverages or movies in hotel rooms. His instructions are the most detailed legal-fee instructions given to a city or county in a modern municipal bankruptcy case.
- Moorey
- May 11, 2024
ReplyAnother critical issue is the backlog faced by many applicants due to a limited number of visas available under the EB-5 program. Legislators are considering ways to streamline processing times and possibly lift caps on visas to ensure that waiting times are reduced for prospective investors.
- Kaliusta
- June 02, 2024
ReplyThere are concerns about how EB-5 investments, particularly in real estate projects, impact housing markets. Some communities have expressed worries that foreign investment can drive up property prices, leading to housing affordability challenges for local residents.