Posted Jun 13, 2017, 12:21 AM
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NYC/NJ/Miami-Dade
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Join Date: Jul 2013
Location: Riverview Estates Fairway (PA)
Posts: 45,839
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Real estate experts rally behind proposed EB-5 legislation
Quote:
Real estate experts in the EB-5 visa field strongly believe new legislation governing the controversial immigration program that rewards foreign investors with permanent U.S. residency will pass by the end of September.
“Either Congress will pass a new EB-5 law, which will be the best news,” said H. Ronald Klasko. “Or the U.S. Citizenship and Immigration Service will pass regulation that will have a significant impact on the EB-5 program.”
Klasko, who heads Klasko Immigration Law Partners, moderated a panel on Friday during an Arnstein & Lehr EB-5 Seminar at the JW Marriott Miami that included Walter M. “Marty” Cummins Jr., president of Florida EB-5 Investments, LLC; Reid Thomas, a senior vice-president for NES Financial Services; Kamyar Amiri-Davani, co-founder of EB5 Investors Magazine; and Arnstein partner Ronald R. Fieldstone.
The panelists shared Klasko’s view that Congress will approve new rules and regulations for the EB-5 program after the current law governing it has been extended six times in the past three years. Lawmakers have struggled to agree on a multitude of measures meant to reform two EB-5 visas are issued.
Cummins said a bill proposed by Sen. John Cornyn, an EB-5 supporter, has the backing of the entire EB-5 industry, which had been having a difficult time coalescing behind one single piece of proposed legislation.
“We have been on the defense now for three years even though the EB-5 program has been great for the economy,” Cummins said. “The Cornyn bill is a good start.”
Currently, foreign investors can obtain green cards for themselves and immediate family members by providing $1 million in funding to U.S. development projects that produce 10 direct or indirect jobs. The investment threshold drops to $500,000 if investors put money into projects located in a targeted employment area, which are usually in rural locations or places with high unemployment.
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https://therealdeal.com/miami/2017/0...ied-investors/
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