Los Angeles, CA, July 14, 2022
In EB-5 Reauthorization News, on July 12, 2022 USCIS released an updated version of Form I-526, separating it into two forms. The EB-5 Reform and Integrity Act of 2022 introduced major changes to both the filing and qualifying requirements for investors under the EB-5 program, thus requiring changes to the form. The form is divided into two versions: Form I-526, Immigrant Petition by Standalone Investor, and Form I-526E, Immigrant Petition by Regional Center Investor.
Vivek Tandon esq. from EB5 BRICS LLC was on top this change. Form I-526, which will closely resemble the previous version of Form I-526, will be utilized by standalone Direct immigrant investors who do not want to pool their investment with other investors seeking EB-5 classification.
The New Form I-526E will be utilized by immigrant investors who want to combine their investment with one or more other investors seeking EB-5 classification under the new regional center program. In order to represent aspects of the new regional center program, such as the capability to include supporting documentation by reference from a regional center’s Form I-956F, the USCIS developed Form I-526E.
According to the law, a potential immigrant investor cannot submit Form I-526E until the regional center has submitted Form I-956F for the specific investment proposal made through an affiliated business that the investor is interested in. Once the regional center receives a receipt notice for the Form I-956F verifying its filing, only then may investors file their corresponding Form I-526E based on that reception notification.
Vivek Tandon, Founder of EB5 BRICS said, “It is difficult to estimate how long it will take USCIS to provide the official receipt. It seems they are employing the same two-step process with the I-956F that it used for I-956, where they issue first a fee receipt letter and then, after data entry is completed, USCIS issues a receipt notice with the case number.”
The investor must submit any revisions necessary to demonstrate ongoing eligibility on Form I-526E if the regional center, new venture, or job-creating enterprise they have invested in is terminated or disqualified from the Regional Center Program.
Filing Fees
Starting July 12, 2022, Forms I-526 and I-526E must be submitted in accordance with the new program requirements. For each form, there is a filing cost of $3,675. The EB-5 Reform and Integrity Act of 2022 mandates an extra $1,000 fee on and after October 1, 2022.