Under the EB-5 program, individuals can apply for lawful permanent residence (aka green card) in the United States if they make the necessary investments and create at least 10 permanent full-time jobs for American workers. Currently, investors are required to invest $500,000 or otherwise $1 million in a project in a rural area or area with low employment.
While the direct investment route (where the investor sets up his or her own business) continues to operate under the EB-5 program, about 90% of investments go through accredited regional centers (which, in turn, sponsor business entities). The program ended on June 30, 2021. Since then, investors have been in limbo.
In recent years, the program has also attracted interest from high-net-worth individuals based in India and H-1B holders, who are Indian citizens who would otherwise have to wait indefinitely for an employment-based green card. Does matter. The EB-5 offered a faster route. Some cases have also been filed challenging the omission.
However, there is some good news around the corner. Mitch WexlerPartners at Frogman, a global immigration law firm spoke to TOI about the developments.
Is there any ray of hope for those who have already invested under the EB-5 program and are interested investors?
after US Congress Passed an ongoing resolution that funded the federal government until March 11, 2022, a settlement appears to have been reached for a draft bill reauthorizing the regional center program.
What are the salient features of this draft bill? Have investment requirements increased?
As of now, the draft bill is pending approval from the Appropriations Committee and may be subject to change. If enacted, the bill would become the ‘EB-5 Reform and Integrity Act of 2022’.
The bill proposes to increase the minimum investment amount from $500,000 to $800,000 for investments in Targeted Employment Areas (TEAs) or infrastructure projects, and from $1,000,000 to $1,050,000 for investments in non-TEAs. It will be effective from the date of enactment which may be till March 11, 2022 or perhaps later in the month. In other words, pending investor immigrant petitions will not be subject to the new rules or higher investment amounts.
The bill would reauthorize the EB-5 regional center program for five years until September 30, 2027. It will be effective for 60 days from the date of enactment. It seeks to allow unused EB-5 visa numbers at the end of the financial year to be included in the EB-5 visa pool for the next financial year. It also seeks to confer sole authority for the post of TEA to the Secretary of Homeland Security or a nominee of the Secretary. It shall be effective from the date of enactment. In addition, it directs U.S. Citizenship and Immigration Services (USCIS) will issue regulations clarifying the requirements for re-appropriation of EB-5 capital.
What is your immediate advice to stakeholders?
The bill allows concurrent filing of I-526 petitions and applications for adjustment of status. It shall be effective from the date of enactment. We would then recommend all investors with pending I-526 petitions to consider filing such applications should have priority dates down the road.
Should legislative action take place to reauthorize the program in March, final action dates for the regional center EB-5 preference category will become ‘ongoing’ immediately for all countries except mainland China (whose cut-off date is 22 November). , 2015) ) This means that visas will be immediately available to all regional center investors who were not born in mainland China and who have an approved I-526 petition. Such investors can file to adjust their status if they are in the United States or if they are abroad, so they can apply for their EB-5 immigrant visa at a US consulate when they are approved by the National Visa Center. considered ‘documentally qualified’. NVC) without being subject to additional waiting times.