News about the EB-5 Immigration Program 2022. New operating rules: investment amounts, deadlines, and requirements. What awaits current and future investors in the program?
The EB-5 program is a government investment program that allows foreign investors and their family members to receive permanent residency (Green Card) through investments of $800,000 or more in commercial projects in the US.
On March 15, 2022, the Reform and Integrity Act (RIA) was signed into law by President Joe Biden. The document includes a bill to reform the EB-5 Program and reopen the Regional Centers (RC) Program. All of these reforms will take effect on the date the document is signed.
Key changes for future EB-5 investors:
- New minimum investment amounts for the EB-5 Program and the RC Program: $800,000 for projects in Targeted Employment Areas (TEAs) and industrial projects and $1,050,000 for all others. The amount of the investment will be indexed after five years.
- The Regional Center Program reopens 60 days after the bill is signed into law and remains in effect for the next five years, through September 30, 2027;
- U.S. Citizenship and Immigration Services (USCIS) is tasked with analyzing and calculating new petition fees within a year that will reduce the processing time for I-526 petitions to 120 days for TEA projects and 240 days for others.
- Each year, 20% of EB-5 visas will be set aside for projects in rural areas; 10% for high unemployment areas, and 2% for industrial projects for priority review.
News for current EB-5 Program investors:
- I-526 petitions filed before the new bill went into effect will not be subject to the new rules and higher investment amounts;
- I-526 petitions, visa and change of status applications will resume immediately after the bill takes effect.
Major changes to EB-5 Regional Centers and other organizations:
- Requirements for Regional Centers with respect to security, accounting, ownership, and asset management are tightened. At least once every 5 years, all Regional Centers will be audited by USCIS.
- EB-5 Program promoters and advisors are required to register with USCIS.
We have listed the major changes to the EB-5 Program to inform investors. You can read the full document at this link.
Summary for investors from the Second Wind team
1. The EB-5 Program has been given a stable position and rules to operate for the next 5 years. The Regional Centers program is finally up and running again, and petitioners are protected from petition review stops.
2. Investors who plan to participate in the Regional Centers Program can already begin the document collection process in time to petition in the spring of 2022.
3. Stricter requirements for all organizations in the EB-5 industry will protect investors and their capital from unscrupulous companies and professionals.
4. The EB-5 Green Card program’s processing times should be significantly reduced over the next few years.
Our team closely monitors all changes concerning the EB-5 program, and we work and will continue to work according to all current laws.