The Department of Homeland Security (DHS) submitted an unopposed request to dismiss its appeal in the litigation that resulted in the minimum EB-5 investment amount being reduced from $900,000 to $500,000. Alejandro N. Mayorkas, Secretary of Homeland Security, first filed the appeal in August 2021. Read the full court document here.
This indicates that the Department of Homeland Security has voluntarily and permanently abandoned its efforts to restore the EB-5 minimum investment level to $900,000 through the federal court system in the United States. Although it is quite expected that the minimum EB-5 investment amount would rise above $500K by 2022, any EB-5 investors that invest in direct EB-5 projects today will not be compelled to contribute more than a $500,000 cost to investor.
The DOJ filed an unopposed request to dismiss DHS’ appeal of Behring Regional Center LLC v. Alejandro N. Mayorkas, et al. on January 5, 2022. (formerly Behring Regional Center LLC v. Wolf, 20-cv-09263-JSC). Read this related article: Making sense of the EB-5 Program After June 30th, 2021
This is welcome news, since it clarifies the status of any pending I-526 EB-5 immigrant investor petitions that may have been hampered since the Department of Homeland Security submitted its original appeal in August 2021. The dismissal of the appeal means that:
- The Trump Administration’s EB-5 Immigrant Investor Program Modernization Final Rule was annulled and declared unconstitutional in November 2019.
- Prior to November 2019, EB-5 requirements remained in place, including the $500,000 minimum investment amount for projects in eligible Targeted Employment Areas (TEAs).
- I-526 petitions filed after June 2021 will be reviewed under the EB-5 regulations in effect prior to November 2019, including those that meet the $500,000 minimum investment level and TEA certification requirements (such as TEA letters issued by state and local agencies).
- Prior to November 2019, new direct job creation (non-Regional Center) EB-5 petitions will be adjudicated under the EB-5 regulations in effect.
Despite these welcome changes, the public should be reminded that Congress has yet to reauthorize the EB-5 Regional Center program, and that only direct job creation (non-Regional Center) I-526 petitions are now permitted under these regulations.
EB5 BRICS is here to help you make use of this opportunity. The team has the knowledge and experience to provide solid EB5 visa and investment based immigration to the U.S. Vivek Tandon, a US qualified, licensed and experienced investment banker and lawyer, is uniquely qualified to offer advice and guidance on EB5 investment and citizenship. Schedule an appointment to discuss the recent news and investment opportunities.
Related News: USCIS Updates Webpage Re: EB-5 Regional Center Program
