When was the EB-5 Investor Visa created?

Congress created the EB-5 Immigrant Visa category within the Immigration Act of 1990 to promote foreign investment in the United States and encourage the development of new domestic business ventures which would help to create jobs for U.S. citizens and legal residents.

Unfortunately in the 1990s companies who competed for investment capital with the EB-5 program didn’t offer sound investment opportunities and didn’t acquire the minimum commitment of USD$500,000 and there were many instances where the developer did not create the required number of jobs to remove the conditions from the Investors’ conditional residency status.

To stop the apparent abuses of the program, the USCIS became involved in lawsuits and the program was placed on hold.  In 2003, the program was reinstated and the USCIS began approving foreign investor applications under the new Regional Center (Pilot) Program which provides more sound investment opportunities for potential foreign investors in designated Regional Centers throughout the United States.  While at the same time instituting a new requirements and auditing procedures to help eliminate or avoid the problems of the past.