EB 5 Pilot Program to die?
Nothing about this makes sense. We are in a recession and the EB5 pilot program promotes foreign investment in the US. Sadly it is currently set to expire on Friday March 6, 2009. Why is this not extended? Its not like Congress has not extended other programs. Just this week certain programs for religious workers and doctors were extended, but somehow this one was not.
It really makes no sense. The entire EB5 Program is limited to 10,000 visas per year, and all 10,000 have never been used. People are making other green card through investment proposals. One of them was made by Congressman Adam Putnam (R-FL) who introduced a bill that would create a new EB-5 category for certain non-immigrant investors who have been in the country for at least five (5) years in E-2 “Treaty Investor” status, have invested at least $200,000 and create a certain number of full time jobs. But even this does not explain why this was not continued.
Congress, please do the right thing. Extend the program. Thanks.
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