We are pleased to announce that the EB-5 Program is now reauthorized.
On March 15th, President Biden signed into law the ‘EB-5 Reform and Integrity Act 2022’ – reauthorizing EB-5 until September 30th 2027 with some important provisions for both existing and new applicants. This is the first time since 2015 we have had a long term reauthorization of EB-5, finally giving us long term stability on the Programme.
Firstly, and most importantly, processing of existing i-526 petitions has resumed. Secondly, the bill includes ‘Grandfathering’ language which will ensure future applicants will never be impacted by a Programme lapse again.
- Pending i-526 applications will resume immediately
- Pending investors / applicants will not be subject to the new rules or increased investment amount
- Consular processing / Adjustment of Status applications is resumed
- With a long term reauthorization through to September 2027 existing applicants now have Programme certainty for the next 5 ½ years
- Investment amount to $800,000 for Targeted Employment Areas (TEA) or ‘Infrastructure projects’
- Investment amount of $1,050,000 for non-TEA projects
- New applications will have to wait 60 days to apply after the bill is enacted
- Grandfathering – USCIS will continue to process applications in the event of future EB-5 Programme Lapse/Expiry – as long as the application was filed before September 30th 2026
- Concurrent filing of Adjustment of Status (AoS) allowed. Applicants based in U.S. can file their AoS concurrently with their i-526 petition giving them extra protection/rights to remain in U.S.
- Protection for dependents ‘ageing out’ under certain scenarios
Other Noteworthy Points:
Integrity measures – the bill contains new stringent integrity and compliance requirements for Regional Centers including audits at least every 5 years, more detailed record keeping and securities compliance. In addition, Regional Centers will be required to contribute up to $20,000 annually to an ‘Integrity fund’ providing USCIS with the funds needed to investigate / monitor Regional Center compliance.
Promoters – will have to now be registered by USCIS, and their involvement in the project documented, along with fees earned. Promotors will also have to comply with certain requirements in order to be eligible to participate in the EB-5 Programme.
Direct vs Indirect Jobs – Indirect jobs can now only count for up to 90% of the total job creation required, or up to 75% if the construction period is less than two years. The remaining jobs must be created directly.
Visa set asides: 20% total EB-5 Visas set aside for projects based in ‘Rural Areas.’ 10% for projects based in ‘High Unemployment Areas’ and 2% for ‘Infrastructure Projects.’
Residency Invest is relieved on behalf of our existing applicants to see Reauthorization of the EB-5 Programme after months of uncertainty. It’s fantastic to see a long term reauthorization and vital ‘Grandfathering’ language included in the new bill, meaning none of our clients should ever have to experience uncertainty like this again.
We are equally excited to assist new applicants in structuring their familly’s EB-5 application under the new and reformed Programme.
We are setting up phone calls with all of our clients next week (existing and new clients) so please let us know a suitable time for a call. We will continue to update you on the new EB-5 bill as USCIS release guidelines on some of the points in the next 60 days.
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