EB-5 Set to Expire, but South Florida Developers Count on Short Extension
The EB-5 visa investment program that allows foreign investors to place $500,000 to $1 million in job-creating business ventures in the U.S. in exchange for a green card is set to expire on April 28. The program however, which has been marred by a number of fraud cases in recent years, could be extended.
Attorney Ron Klein says projects that have secured EB-5 funds should be in the clear if the program is cut, but things could get complicated for projects in the midst of fundraising.
"It could create some serious problems for projects that are underway and are not fully financed with their EB-5 money," Mr. Klein said.
Due to the complexity of the issues at stake, some lawyers don't expect any significant changes in the law this month. Similar to last year, a clean extension to Sept. 30 is expected by most in the industry.
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