The Immigrant Investor Pilot Program may receive another five-year extension after a bill to extend the program was passed by the Senate unanimously on October 3, 2003. The bill, S. 1642, will extend the duration of the immigrant investor regional center pilot program for five years. It was referred to the House on October 7.

The bill that passed in the Senate also included a requirement for a GAO report in one year after the enactment of the bill. The General Accounting Office will provide information concerning the number of immigrant investors that have received visas under the program, the country of origin of the investors, the localities where these immigrants are settling, the number of investors that have sought to become U.S. citizens, the types of commercial enterprises the investors are involved in, and the type and number of jobs created.

As a result of a disappointing response to the basic immigrant investor EB-5 program, Congress enacted a five-year immigrant investor pilot program, which commenced on October 1, 1993. Originally there were only 300 visas available for the pilot program, but the number has increased dramatically. There are currently 10,000 visas available in the EB-5 category each year, 5,000 of which are reserved for people who participate the pilot program.

The requirements of the pilot program are essentially the same as in the basic investor program, with certain exceptions. In order to qualify under the pilot program, an investment of at least $500,000 must be made in a commercial enterprise located within an approved “regional center,” defined by the regulations as “any economic unit, public or private, which is involved with the promotion of economic growth, including increased export sales, improved regional productivity, job creation, and increased domestic capital investment.” The Bureau of Citizenship and Immigration Services designates the regional centers, targeting low employment areas in an effort to bring economic growth to the region.