The good news
Congress has just passed the EB-5 Reform and Integrity Act of 2022, which reauthorises the EB-5 Regional Center Programme until September 30, 2027. It also sets aside part of the annual EB-5 immigrant visa quota for investment in rural areas, high unemployment areas, and infrastructure projects.
The new legislation, welcomed by new and potential EB-5 investors alike, is part of the FY 2022 federal appropriations legislation, and was signed into law by President Biden on March 11. Among other beneficial changes, this act contains integrity measures to increase transparency and protect foreign investors.
How you will be affected
The programme’s reauthorisation provides great relief to those who have already applied for the visa and whose applications were stuck in the bureaucratic mess. On April 11th USCIS announced that they had started with the processing of pending applications. However, applications already in the system, awaiting approval, will not be subject to new restrictions nor increased investment minimum amounts… that is great news.
New applications will benefit from the new legislation but the investment amount has increased to a minimum amount, within a TEA, of $800 000.00.
Additional benefits include the protection of investors with older children. The children of principal investors are now protected from “aging-out” of their visa opportunity after they turn 21. They are required to remain unmarried until the principal investor is approved as a permanent resident though. The principal investor is also required to file a petition for the child to remain in the U.S. no later than one year after the child’s conditional status has ended.
Before the reauthorisation, political wrangling had caused the previous reauthorisation period to lapse without renewal, which left 80 000 immigrant investors in the lurch. The protection offered by the new act instructs government to honour their agreements with these investors who have already fulfilled all the investment requirements and also protects future investors with a Grandfathering clause, should the programme fail to be reauthorised in the future.
One more notable benefit of the new bill is that concurrent I485 adjustment of status filings will be permitted with I-526 petitions from May 14, 2022, when the new bill takes effect. The I-485 form allows foreign nationals temporarily living in the United States, to switch from one legal status to another. In the case of EB-5 concurrent filing, investors are expected to enjoy the benefits of lawful permanent resident status. Typically, this provision applies to foreign nationals in the United States on H-1B, E-2, and F-1 visas.
Speak to us
The EB-5 Reform and Integrity Act of 2022 has opened new and exciting possibilities for those considering making the big move to the US. Speak to one of our consultants today for more information on how we can make your American Dream a reality.