The 1992 EB-5 Immigrant Investment Pilot Program (the “Regional Center
Program”), a subset of the original 1990 EB-5 regulations (the “EB-5 Program”),
should be permitted to expire on September 30, 2015. The original premise
of the EB-5 Program in 1990 was that each immigrant investor must create at
least 10 real, full-time jobs for U.S. citizens and/or permanent residents that
were at least 35 hours a week at or above the minimum wage level.
However, in 1992, Congress enacted the Regional Center Program attempting to
popularize it in the hopes of meeting the 10,000 immigrant investor visa limit
allocated to the EB-5 immigration category. Under the Regional Center
approach, developers were afforded the right to count indirect and induced jobs
towards the total 10 job requirement. The United States Citizenship and
Immigration Services (“USCIS”) defines indirect jobs as those held by persons
who work outside the newly established commercial enterprise. However, in most
cases, indirect jobs are not actual jobs but are subjectively derived from
forecasted economic impact studies effectively reducing the 10 jobs requirement
by 50 percent to 5 real jobs, or even less.
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