The 10th Annual IIUSA EB-5 Advocacy Conference was held April 26-28, 2017 in Washington D.C.. Attendees heard from industry experts, government officials, and other global thought leaders on the many legislative and regulatory issues facing the EB-5 Program. In attendance was Lynn Beteag, Managing Director of the Nevada State EB-5 Regional Center (NVEB-5) in Carson City. Beteag used the opportunity to not only stay abreast of proposed legislation reform, compliance topics and best practices, but also took time to meet with Nevada Congressman Mark Amodei’s Legislative Assistant, Kyle Thomas.
On her meeting with Thomas, Beteag stated, “We had a productive discussion on the future of the EB-5 Program. I am a proponent of the Program and feel it is an excellent and much needed economic development tool for Northern Nevada. Mr. Thomas was gracious to let me express my advocacy for developing long-term authorization of EB-5.”
The EB-5 program was created by Congress in 1990 to aid the U.S. economy by attracting investments from qualified foreign investors. In 1992, Congress enhanced the economic impact of the EB-5 program by permitting the designation of Regional Centers and allow EB-5 capital pooling from multiple foreign investors for investment in USCIS-approved economic development projects within a defined geographic region.*
Touted as a modern economic development tool that utilizes globalization to aid in alternative financing, EB-5 has helped facilitate US investments of over $18.5 billion since 2008. In 2013, Nevada was ranked 6th in states receiving the most EB-5 economic impact by IIUSA with a staggering $121 million in EB-5 capital investment and 2,028 jobs supported.**
The EB-5 Program continues to be a topic of much debate and received an interim extension last week through September 30, 2017. Since 1992, the EB-5 Program has been reauthorized 10 times. Currently, negotiations are in progress on a long-term reauthorization and reform package.