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Polis, Amodei Introduce Bipartisan Legislation to Permanently Authorize Investor Visa Program
Representatives Jared Polis (CO-02) and Mark Amodei (NV-02) today introduced The American Entrepreneurship and Investment Act of 2015 which would update and make permanent the EB-5 Immigrant Investor visa program. The program, which is set to expire at the end of 2015, provides a reliable stream of foreign investments into the U.S. economy, creating jobs and allowing businesses to grow.
“Our nation has always been at its strongest when we attracted the best and brightest minds to help build and invest in our economy,” said Rep. Polis. “The EB-5 visa program is an important tool that brings innovation and investment to the United States, and this bipartisan bill will improve and make permanent the program so that foreign investment and talent will continue to flow into our businesses, and strengthen our economy.”
“This bi-partisan, pro-investment, pro-growth and pro-jobs bill is one piece of the legislative solution to reform legal immigration,” said Rep. Amodei. “As stated in Article I, Section 8, Clause 4 of the Constitution, ‘The Congress shall have power to… establish a uniform rule of naturalization.’ That is a responsibility we owe the country to take seriously.”
Last May, a group of more than 30 U.S. commercial, residential, hospitality, retail and other real estate organizations wrote a letter supporting the improvements and permanent authorization of the EB-5 program proposed by Reps. Polis and Amodei.
“[EB-5] is the type of bipartisan, pro-growth immigration measure that is good for U.S. businesses, property owners, and workers,” the organizations wrote. “In an increasingly competitive global marketplace, we support [EB-5] to help give our country the competitive edge we need to attract foreign investment capital and talent to our shores.”
The EB-5 Regional Center Pilot Program was created by Congress in 1992 to attract investments from qualified foreign investors to spur job creation and economic development in the U.S. The program provides a green card to foreign national investor-entrepreneurs who invest at least $1 million in certain qualified American businesses or invest in a Targeted Employment Areas (TEA) – a rural area of area of high unemployment – and create a minimum of 10 American jobs. Since 2005, the EB-5 Program has resulted in the investment of over $4.7 billion in qualified U.S. projects, creating 95,000 American jobs.EB-5 investors must submit to the same national security and background checks as applicants in other visas categories and are subject to the same requirements to become U.S. citizens as other visa holders. By making the EB-5 program permanent this bill provides certainty to businesses and investors.