, a leading full-service financial firm specializing in immigration-linked investment funds, is pleased to announce that the US Congress has reauthorized the popular EB-5 green-card-by-investment visa program.
EB-5 legislation was attached to the Omnibus Bill that was approved by legislators on March 11th, 2022. EB-5 operators and investors have been closely awaiting news of the reauthorization since the Program's lapse on June 30, 2021.
"We, alongside all our investors, are thrilled that a long-term reauthorization of the EB-5 Program has finally been won. CanAm has long advocated for program reform that would get us out of the cycle of short-term reauthorizations that simply do not suit the long process required of an EB-5 investment. The predictability that a long-term reauthorization, along with sought after provisions like grandfathering, will protect our investors, which has always been CanAm's top priority," said Tom Rosenfeld, President and CEO of CanAm.
"We are excited to share the good news with all our investors as USCIS adjudication resumes."
In anticipation of the EB-5 Program reopening, CanAm has launched two investment projects that fully qualify under the new rules with respect to Targeted Employment Area (TEA), job creation requirements and minimum investment amount.
"At CanAm, we have years of experience managing our EB-5 investments through the ever-changing immigration legislative environment and the ups and downs in US economic cycles. CanAm has kept up-to-date with the legislative changes that were expected to be introduced in the new EB-5 legislation and have further enhanced our due diligence processes to ensure that we are able to comply with the new requirements," said Walter S Gindin, Director of Legal Affairs at CanAm.
"We are confident that these two projects will meet the new EB-5 program rules so that investors can qualify for their green cards," commented Gindin.
All regional center operators as well as other stakeholders will also have to comply with new requirements in the legislation.
"We are pleased that the newly modified EB-5 Program will provide better protection to our investors. For 35 years, CanAm has sought to promote program integrity in the immigration investment industry," commented Rosenfeld.
"We are proud to set an example by repaying more than 4,000 investor-families in full, totalling more than USD 2 billion in EB-5 capital. CanAm's track record not only reinforces our leadership position in the industry but reaffirms our strong commitment to make decisions that first consider the best interests of our clients," added Rosenfeld.
With 35 years of experience sourcing, underwriting and promoting immigration-linked investments in the United States and Canada, CanAm has a long and established track record and a reputation of credibility and trust.
CanAm has financed more than 60 projects and raised more than USD 3 billion of EB-5 capital. To date, more than USD 2 billion of EB-5 capital from more than 4,000 investor-families has been repaid by CanAm sponsored Regional Center Partnerships.
CanAm exclusively operates seven USCIS-designated regional centers that are located in the City of Philadelphia, the Commonwealth of Pennsylvania, the metropolitan regions of New York and New Jersey, and the states of California, Hawaii, Florida, and Texas.
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( With inputs from ANI )
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