Asian Journal- The Filipino-American Community Newspaper

(President Obama signs FY10 DHS spending bill; four immigration-related programs extended through 2012. This bill includes the extension of the Immigration EB-5 Investment Regional Center Program through the year 2012.)

LOS ANGELES – The Regional Center Investment program, part of the Permanent Residency, EB-5 Category that allows investors a path to US Residency will be extended three additional years.

As a History, in 1991, the Federal Government created the EB-5 Visa so as to encourage foreigners to invest in the US The program required an investor to invest US$1million or currently $500,000 in certain locations into a business in the USA that would create 10 full time jobs paying at least the minimum wage. Once done, the investor and his or her family would be entitled permanent residence in the USA, "Green Card."

In 1993, the predecessor to the USCIS provided to potential immigrants a second option within the EB5 program, entitled, "Regional Center Pilot Program." In this new configuration of EB-5, the investor would invest into a pre-existing fund, or Management Company or Business as approved by the US government. These Regional Centers are typically diversified funds or private Business development projects that allow for an investor to infuse a set investment and in return acquire a small ownership interest. The Regional Centers must utilize this foreign infused investment to create 10 US direct or indirect jobs.

In 2004, the program was reorganized to allow for many levels of protection for the investors. The program was classified as a "pilot" program and was set to expire five years later in September 2009, unless a permanent or another temporary extension passed.

Many Local government officials, immigration attorneys and Regional Center representatives have been lobbying Congress to either permanently extend the Regional Center Program or alternatively grant a temporary extension. The Extension based on H. R. 2892 was widely anticipated by Regional Centers, Foreign National investors and immigration lawyers practicing in this area.

This Extension allows foreign investors to continue applying for Permanent Residency through this popular avenue. Generally, Regional Centers are Private Enterprises that are in development and operation. These Enterprises via a Government Certification have been given permission to include Foreign National Investment as part of their specific business goals.

The US Government requires the Regional Centers to utilize this foreign investment capital to grow the Regional Center enterprise in a manner that befits the U.S economy. Specifically, the Regional center has strict requirements of US employment creation.