USCIS has published the final rule that has brought about significant changes to the existing EB-5 Program. The final rule which was published on July 24, 2019 takes effect from November 21, 2019. The immediate effect of the Final Rule is that Regional Center minimum investment will increase to $900,000 from the present $500,000. The present investment amount of $500,000 continues until November 20, 2019 and as such, there is a short window of opportunity to get I-526 petitions filed prior to the effective date.
KEY PROVISIONS IN THE FINAL RULE
Raising the standard minimum investment Level from $1 million to $1.8 million;
- Bringing 50% minimum investment differential between the Target Employment area (TEA) and Non- TEA;
- Revising the minimum Investment amount in a TEA from $500,000 to $900,000;
- Constant revision in the minimum Investment amount every five years adjusting to inflation rates;
- Revising the standards for certain targeted employment area (TEA) designations by giving the Agency the responsibility to directly managing the TEA designations;
- Agency has been given responsibility to check the average unemployment rate limiting the Census tract -based TEA;
- USCIS revised procedures for the removal of conditions on permanent residence for extended family members of the investors, who are lawful permanent residents to independently file petitions to remove conditions on their permanent residence.
- USCIS improved the adjudication process for original principal investor’s, providing flexibility in interview locations and adopt current USCIS process for issuing Green Cards.
- New rule allows EB-5 petitioners to retain their priority date of their previously approved EB-5 petitions under certain circumstances (petitions approved but projects experienced a material change).
GLF expects an increased volume of EB-5 filings in the next 4 months before the new investment amounts kick in. GLF is advising investors who had been in a waiting mode to start arranging documents and funds so we can take cases to filing by early November. Please contact our office should have any questions or concerns.
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At GLF will continue to follow further developments in this matter and we will provide updates through our Newsletter as and when they become available.
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