Late last night, after long delays. Congress has passed the “EB-5 Reform and Integrity Act of 2022” as part of the overall U.S. Omnibus Spending Bill.
What This Act Means for Current and Prospective EB-5 Investors
1. It extends extended the EB-5 Regional Center program through September 30, 2027,
2. The minimum EB-5 investment amount increases to $800,000 from the current $500,000 for Targeted Employment Areas and Rural Areas and $1.05M from the current $1M for Non-Targeted Employment Areas for both Regional Center and Direct EB-5 investments for future Investors.
Some major provisions include:
3. The new restrictions and greater investment amounts will not apply to pending I-526 petitions
4. After the bill is signed into law, I-526 petitions, adjustment of status applications, and consular procedures will resume.
5. A new section authorizing the grandfathering of any petitions on file in the event the program was to lapse again in the future.
6. Language to prioritize the processing and adjudication of rural petitions.
7. Language eliminating geographic limitations on investor capital redeployment.
8. Language allowing investors to count both indirect and direct positions for job creation purposes.
For future investors, some key changes:
9. In addition to the above, for future investors, with I-526 petitions, concurrent adjustment of status filings of I-485 fillings are allowed which means applicants currently in the US on F-1 student visa, OPT, H-1B work visa, L-1A managerial visa and other non-immigrant visas can apply for and get Employment Authorization Document (EAD) and Travel Document (TD) in 90-120 days of applying for EB-5 and become free to work anywhere without employer sponsorship.
10. Certain additional age out provisions for unmarried children of Conditional Green Card holders after they reach 21 years of age.
11. Gifts of funds are not limited to family members
12. Investors will have to show source of funds for the investment as well as administrative fees.
13. USCIS is to do a Fee study within one year to determine changes to filing fees and then will have deadlines within which to adjudicate different types of EB-5 Petitions.
14. The amount of the Investment will automatically increase every 5 years starting January 1, 2027, based on the consumer price index.
15. Deployment of funds into a different commercial enterprise or regional center if a regional center designation is terminated
This Investor Visa Program Bill is expected to become effective on the date it is signed into law by President Biden.
Interested in an EB-5 visa? Contact Karen-Lee Pollak or our EB-5 Team at firstname.lastname@example.org to begin planning for the submission of your EB-5 visa.