We do have a single Direct EB-5 subscription available now for immediate filing.
This subscription would be ideal for a family with children approaching the age of 21 therefore at risk of ‘ageing out’ due to the ongoing delays in the resumption of the Regional center program. Click here to request further information.
Regional Center EB-5
Although the EB-5 Regional Center program was reauthorized on March 15, 2022 the EB-5 Reform and Integrity Act of 2022 (RIA) determined that Regional Centers should seek re-designation from USCIS.
On April 11, USCIS published an update giving its own interpretation of the RIA and stating that Regional Centers were no longer authorized and must seek redesignation. This was followed up on April 29 with further clarification from USCIS that Regional Centers did indeed require new licenses to operate and would need to reapply via a newly created form I-956.
The EB-5 industry and key members of Congress who drafted the RIA strongly disagreed with USCIS’ interpretation and decision to deauthorise Regional Centers. This has led to the first lawsuit from Regional Centers bringing legal action against USCIS with more lawsuits from a group of 5 EB-5 Regional Centers filed on May 24. They and IILUSA argue that USCIS’ recently website published guidance regarding the Regional Center program is unlawful and that Regional Centers should be able to immediately accept new EB-5 investment. The case is expected to be heard and ruled upon soon.
Most top Regional Centers immediately filed the form I-956. Whether this requirement will be rejected by the courts remain to be seen. A ruling is expected over the coming weeks.
Meanwhile I-526 processing of pre-sunset petition filings continues. The first I-526 approval since the RIA was received earlier this month.
Should new EB-5 investors begin preparing for an EB-5 application?
We are optimistic that USCIS’ guidance will soon be declared unlawful or the redesignation criteria will be softened to enable Regional Centers to continue their business whilst they renew their licenses. We expect that the top Regional Centers may be in a better position to faster comply will any new licensing requirements. On that basis, new applicants should now begin preparing their Source of Funds history and review available EB-5 projects in anticipation of the resumption of Regional Centers.
We can provide you with a list of some of the highest performing Regional Centers and their available projects.
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