USA: EB-5 Immigration Program. New rules, deadlines and investment amounts.
New rules of the EB-5 Program: investment amounts, deadlines and requirements. What awaits the current and future investors of the Program? Can investors from Russia and CIS countries get an EB-5 visa? The EB-5 program is a government program that allows foreign investors to obtain a residence permit (green card) through investments of $800,000 or more in commercial projects in the United States. On March 10, 2022, the document on the national budget was approved by the US Senate and will soon be signed by President Biden. The document also includes a package of bills, among which is a bill on the reform of the EB-5 Program and the resumption of the work of the Regional Centers (RC) Program. All innovations go into effect from the date of signing the document. The main innovations for future investors of the EB-5 Program:
- New minimum investment amounts under the EB-5 Program and the RC Program: $800,000 for projects in the Target Employment Areas (TEA) and industrial projects and $1,050,000 for all others. The indexation of the investment amount is provided after 5 years.
- The Regional Centers program resumes its work 60 days after the signing of the bill and will be in effect for the next 5 years, until September 30, 2027;
- The US Citizenship and Immigration Services (USCIS) has been tasked with analyzing and calculating new fees for reviewing petitions within a year, which will reduce the processing time of I-526 petitions to 120 days for TEM projects and to 240 days for the rest.
- Annually, 20% of the total number of EB-5 visas will be reserved for projects in rural areas, 10% for areas with high unemployment and 2% for industrial projects for priority consideration.
News for current investors of the EB-5 Program:
- I-526 petitions filed before March 11, 2022 will not be subject to new rules and higher investment amounts;
- Consideration of petitions I-526, consideration of visas and applications for change of status is resumed immediately after the bill goes into effect.
Major changes in the work of Regional EB-5 Centers and other organizations:
- The requirements for Regional Centers regarding securities, accounting, ownership and asset management are being tightened. All Regional Centers will be audited by USCIS at least once every 5 years.
- Promoters and consultants for the EB-5 Program need to register with USCIS.
We have listed the main changes of the EB-5 Program to inform investors. Summary for investors from the ARAVANA Multifamily Office team
- The EB-5 program has received stable positions and rules for operation over the next 5 years. The Regional Centers program has finally resumed its work, and its applicants are protected from stopping the consideration of petitions, despite technical pauses.
- Investors who plan to participate in the Regional Centers Program can already begin the process of collecting documents in order to have time to file a petition in the spring of 2022.
- Stricter requirements for all organizations in the EB-5 industry will protect investors and their capital from unscrupulous companies and specialists.
- The process of obtaining a green card under the EB-5 Program should be significantly reduced over the next few years. Obtaining EB-5 visa status for investors has also become much faster.
Important for citizens of Russia and CIS countries! The United States has not closed immigration programs for citizens of Russia, Belarus or other CIS countries. The existing legislation of the Russian Federation does not restrict the transfer of funds for the services of lawyers and Regional Centers at the time of publication of the article. Our team is carefully monitoring all changes related to the EB-5 program, we are working and will continue to work according to all the norms of the current legislation. For consultation and answers to your questions about the EB-5 Program, leave your contacts in the form below, and we will contact you as soon as possible.