By Rogelio J. Carrasquillo, Esq. | Shareholder, Carrasquillo Law Group PC
Member Insights: IIUSA Deserves Our Gratitude for Leading the Way in EB-5 Regional Center Program Reauthorization
The EB-5 Regional Center Program received its first long-term reauthorization since 2015 earlier this year, with President Biden signing a sweeping federal spending package that authorized the EB-5 Program through 2027.
This landmark reauthorization of the EB-5 Regional Center Program is a major victory for the U.S. economy, as this program is responsible for a vast amount of job creation, economic development and foreign direct investment (FDI) into the USA from abroad.
Prior to the passing of this package, the future of the EB-5 program was mired by uncertainty – despite enjoying nearly 30 years of enthusiastic bipartisan support and record-breaking economic impact. Having the EB-5 Regional Center Program in flux for a significant amount of time, especially following the worst of the COVID-19 pandemic, was not ideal. Without reauthorization, the United States was not in the best position to recapture FDI flows in a post-pandemic global economy and seize the economic opportunities the program creates.
However, thanks to the dedicated and stellar advocacy efforts of Invest in the USA (IIUSA) and their team, the EB-5 Regional Center Program has prevailed – and it will continue to unlock crucial economic development opportunities now and in the future.
IIUSA: the catalyst for unlocking EB-5 opportunities
While a broad range of stakeholders will now directly and indirectly benefit from the investments afforded by the EB-5 Regional Center Program – including private enterprises, economic development agencies, the workforce, taxpayers at large, local economies and more – not all may realize the core role IIUSA played in making the program’s reauthorization possible.
IIUSA not only continued their exceptional event programming to educate members, legislatures and the general public, they also leaned into the most pressing issues affecting the status of the EB-5 Regional Center Program.
For example, IIUSA stood side by side with six leading EB-5 regional center operators – EB5 Capital, CanAm Enterprises, Civitas Capital Group, Golden Gate Global, Pine State Regional Center and Behring Regional Center – in reaching a critical settlement agreement in June of 2022 with the United States Citizenship and Immigration Services (USCIS). Notably, this bellwether agreement protected the interests of EB-5 investors and reauthorized previously approved regional centers – effectively putting the EB-5 program fully back in business.
Right on the heels of this agreement, IIUSA publicly applauded the efforts of Representatives Dwight Evans (D-PA-3), Brian Fitzpatrick (R-PA-1), and Tom O’Halloran (D-AZ-1) for sending a letter to USCIS and urging it to reconsider its stance that all previously designated EB-5 Regional Centers under the old statute must redesignate under the Reform and Integrity Act of 2022 (RIA).
These are just a few of the numerous advocacy efforts IIUSA has taken on in recent years to ensure the success of the EB-5 program.
Together, we can maximize economic opportunities
IIUSA’s recent efforts on behalf of the industry as a whole have been welcome. Their team has been incredibly committed and successful in their work, both within the organization to serve members and to educate outside stakeholders.
Throughout its recent advocacy victories, IIUSA has ensured transparency with information and has made their expert team available for questions and feedback. Thanks to these monumental efforts, IIUSA’s members, other key industry participants and our legislatures have remained informed and connected.
Our firm has realized tremendous benefits firsthand through the engagement and support of IIUSA. For example, CLG continuously finds significant value in the public relations and government affairs efforts undertaken by the association, especially as it relates to Regional Centers. We are very appreciative of the association’s hard work to get the industry back in business, as it helps us to better represent the interests of our clients.
Being a member of IIUSA is more important than ever. At CLG we are committed to help IIUSA during this new evolution of the EB-5 Program.
With EB-5 rules having changed and with new rules potentially coming in the next few years, businesses in the industry need to band together so we can make an impact that is lasting – one that opens more doors to investment, generates positive economic outcomes and allows us to plant seeds of opportunities that can blossom for years to come. IIUSA is the catalyst for making this happen.