Yet again, the House and Senate have passed and sent to the White House a continuing resolution that prevented a government shutdown and extended the EB-5 Regional Center Program until March 23, 2018. Invest in the USA (IIUSA), the national membership-based industry trade association for the EB-5 Regional Center Program, noted in a statement that the continuing resolution provides much-needed time to reach an agreement on a permanent EB-5 program fix:
We believe that this new deadline on March 23rd will be the first time since December of 2015 that EB-5 reform could realistically
have a legislative vehicle for reform and a long-term reauthorization.» Read More
January 30 and 31 will mark the first meeting of 2018 for the Fed Open Market Committee as well as the last meeting for Janet Yellen as Chair. As we move into the second full year of Trump’s presidency, the composition of the voting members of Board of Governors will change. Cleveland Fed President Loretta Mester, Richmond Interim Fed President Mark Mullinix (soon to be replaced by Thomas Barkin), Atlanta Fed President Raphael Bostic, and San Francisco Fed President John Williams will replace Chicago Fed President Charles Evans, Philadelphia Fed President Patrick Harker, Dallas Fed President Robert Kaplan and Minneapolis Fed President Neel Kashkari as the latter rotate from voting to non-voting members.» Read More
Many U.S. owners of foreign companies are surprised to hear that the new repatriation tax not only applies to “repatriated” foreign earnings, but also to foreign earnings that are not repatriated into the U.S. They are even more surprised to learn that the deemed repatriation tax may be due as early as the 2018 tax season. While an election is available to pay the net tax liability over eight annual installments, this new tax comes as a surprising frustration to many business owners of foreign companies.» Read More
Washington’s divisive political climate has led to many uncertainties in the future of the EB-5 Immigrant Investor Visa Program. Last week, the House and Senate passed a continuing resolution that prevented a government shutdown and provided for the extension of the investor visa program until December 22, 2017. As announced on Twitter, President Trump signed the continuing resolution minutes after it hit the Oval Office desk.» Read More
The Norris McLaughlin & Marcus Immigration Practice Group reminds all EB-5 Regional Centers that the annual regional center certification submission deadline for 2017 is December 29.
United States Citizenship & Immigration Services (USCIS) requires all EB-5 Regional Centers to submit a Form I-924A Supplement to Form I-924 at the close of each fiscal year. The filing serves to demonstrate that the EB-5 Regional Center remains eligible for the regional center designation. » Read More