Should Congress fail to act before then. millions of dollars in capital and thousands of potential American jobs will be forfeited. The legislation I Introduce today would make this pilot program permanent. and would make other important changes to strengthen its solid foundation. The Regional Center program allows a regional governmental agency or private enterprise within a State to apply for designation as a Regional Center through USCIS. This designation allows the enterprise to recruit foreign investors to a discrete project or projects. and provides USCIS with an additional layer of screening against immigration fraud. The process for a foreign citizen to gain legal permanent residence through the Regional Center program is a rigorous one. Prior to applying to invest in a Regional Center. a foreign investor must pledge a minimum of $500.000 and independently apply for an EB5 visa through USCIS. which solely determines the potential investors eligibility for a visa. If approved. the investor is given a 2year conditional green card. At the end of the conditional period and in order to continue legal residence in the United States. the investor must demonstrate that his or her investment created a minimum of 10 jobs within the Regional Center. and that his or her investment was fully obligated to the targeted project. This programs continuation promises a bright future for job creation and capital investment in participating communities.
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