Does a New Administration Bring Changes to EB-5?November 13, 2020
It is projected that former Vice President Joe Biden is elected as the new President of the United States, taking office in January 2021. Many prospective EB-5 investors and industry professionals may be wondering what that means to the EB-5 program. Some things are clear to most industry experts: the investment amount and TEA criteria will remain unchanged. Several questions may still remain such as: how may the new President view the existing executive orders passed under the Trump Administration or will the new President have an impact on processing times or visa backlogs. Although many more questions surround a change like this, EB-5 has shown itself to be very resilient to changes in the President of the United States.
The EB-5 regional center program has been reauthorized 28 times since its inception in 1992. The program has been reauthorized with minimal lapse under five different Presidential administrations as it has proven to be a valuable tool for not only legal immigration, but for development and investment in needy communities throughout the country.
Are EB-5 Changes Coming?
As many will recall, the November, 2019 regulatory “modernization” of the EB-5 program proved to be resistant to changes in the administration occupying the White House. The 2019 regulations were first published in early 2017 as a proposed rule under the President Obama administration, were finalized and put into effect under the President Trump administration in 2019. Although President Trump has shown significant interest in overhauling the immigration system (with some changes having taken effect) the EB-5 program has been exempted from such changes and continues to be a viable form of legal and expeditious immigration to the United States.
Although the future remains to be seen, the EB-5 program will very likely continue to be a resilient program under the new President. With the benefits of EB-5 clearly shown throughout the country, attempts at significant reform would be difficult to say the least.
CMB is continuing to monitor the presidential and congressional elections – along with other legislative, regulatory and policy updates – and will provide further updates as additional information becomes available.
CMB has held a regional center designation over 23 years, CMB is one of the oldest active regional center operators in the EB-5 visa industry. CMB represents over 5,700 investor families from 102 countries. EB-5 has spurred economic growth and job creation in the USA. To view our currently open and past EB-5 Projects, click this link.
CMB, a limited liability company and USCIS approved an Regional Center, has helped over 1,400 families achieve I-829 petition approval (permanent green card) to live and work in the United States and has returned capital to over 1,700 investors. Few EB-5 regional centers have come close to achieving this level of success for their EB-5 immigrant investors.
CMB EB-5 Regional Centers 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 limited partnerships. If you would like to learn more about the EB-5 Investor Visa Program, please contact us today.