EB-5 Investment Alert: Major EB-5 Visa Changes Approaching
Latest Update – As declared by United States Citizenship & Immigration Services on July 24, 2019, the anticipated final rule has taken effect on Thursday, November 21, 2019. The minimum EB-5 investment amount has increased from US$500,000 to US$900,000 plus the processing overhead cost, legal and filing fees for the project which is located in a TEA. For the project not located in a TEA, the amount has increased from US$1 million to US$1.8 million plus the processing overhead cost, legal and filing fees.
Under a new rule published by the U.S. Department of Homeland Security(DHS) on July 24, 2019, several changes to the EB-5 Immigrant Investor Program will go into effect on Nov. 21, 2019.
This final rule will apply to petitioners who file on or after the effective date. DHS has clarified in the final regulatory text that DHS will not deny a petition filed prior to this rule’s effective date (or revoke an approved petition) based solely on the fact that the underlying investment offerings have been amended or supplemented as a result of this rulemaking to maintain compliance with applicable securities laws.
The new rule bringing up to date the EB-5 program by:
- Increasing the required minimum investment amounts to account for inflation;
- Reforming certain targeted employment area (TEA) designations;
- Clarifying USCIS procedures for the removal of conditions on permanent residence; and
- Making other technical and conforming revisions;
- Providing priority date retention to certain EB-5 investors.
Increased minimum investments
- The minimum investment in a TEA increases to $900,000 (from $500,000) plus the processing overhead cost, legal and filing fees to account for inflation.
- The standard minimum investment amount increases to $1.8 million (from $1 million) plus the processing overhead cost, legal and filing fees to account for inflation.
- Future adjustments will also be tied to inflation (per the Consumer Price Index for All Urban Consumers, or CPI-U) and occur every 5 years.
Targeted employment area (TEA) designations
- USCIS will now directly review and determine the designation of high-unemployment TEAs; they will no longer defer to TEA designations made by state and local governments.
- Specially designated high-unemployment TEAs will now consist of a combination of census tracts that include the tract or contiguous tracts in which the new commercial enterprise is principally doing business, including any or all directly adjacent tracts.
- Provided TEAs have experienced an average unemployment rate of at least 150% of the national average unemployment rate, TEAs may now include cities and towns with a population of 20,000 or more outside of metropolitan statistical areas.
- These changes will help direct investment to areas most in need and increase the consistency of how high-unemployment areas are defined in the program.
Clarified procedures for the removal of conditions on permanent residence
- This modernized role:
- Specifies when derivative family members (for example, a spouse and children whose immigration status comes from the status of a primary benefit petitioner) who are lawful permanent residents must independently file to remove conditions on their permanent residence;
- Includes flexibility in interview locations; and
- Updates the regulations to reflect the current process for issuing permanent resident cards (Green Cards).
Procedure to Follow When Applying for EB-5 Visa
- Contact EB5Visa, LLC. for a Free Consultation with assigned Attorney
- Register as an Investor and Complete Questionnaire to Qualify
- Review and Choose an EB-5 Project offered by EB5Visa, LLC.
- Proof of Financial Capability – Proof of Source of Funds
- Transfer Investment Funds into an Escrow Account
- Filing Form I-526: Immigrant Petition by Alien Entrepreneur
- Filing Form I-485 (Application to Register Permanent Residence or Adjust Status),
form DS-260 (Alien Registration Application), Medical Examination and Interview
- Obtaining Conditional Permanent Resident Status
- Filing an I-829 Petition and Removing Conditions from Resident Status
- Application for Naturalization – Becoming a U.S. Citizen
Available EB-5 Investment Project
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