EB-5 Regional Center Program Renewal: Living with UncertaintyDecember 17, 2020
The EB-5 Regional Center Program is again scheduled to sunset at the end of this week on December 18th, marking the twenty-first short-term extension of the EB-5 Regional Center Program since September, 2015.
Over the last five years, numerous bills have been introduced to amend the EB-5 Regional Center Program, but no bill has passed that would provide an extension of more than one year. At this point, the EB-5 industry (regional centers, developers, attorneys, investors, etc.) have shown great resilience to living through such uncertainty.
CMB has been involved with the EB-5 industry for more than 20 years. Throughout our history we have seen renewals and improvements to the EB-5 Regional Center program. As the current extension of the program only allows us to operate for the remainder of this week, we are hopeful that another extension will be passed that will allow the program to continue longer term.
Based on what we are currently hearing, at the end of this week we are likely to see another extension of less than one year. We support the EB-5 Reform and Integrity Act of 2020 (link), and look forward to the reintroduction of that bill at the beginning of the next session of Congress. We will continue to work with Congress on a bill that can give the EB-5 Regional Center Program long-term reauthorization and improved integrity measures to ensure the health and longevity of this important program.
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CMB engages Prevail Capital, LLC, a broker-dealer registered with the SEC and a member of FINRA and SIPC, to be the administrative placement agent for all CMB EB-5 partnerships.