The EB-5 Regional Center Program has expired, starting at midnight June 30, 2021. The US Immigration and Citizenship Services (USCIS) has changed course from their previous position and has now expressed that it will unconditionally dismiss new applications under this course, collected on or after July 1. Although the USCIS had previously said they would continue to receive Form I-485 for adjustment of status filings but put them on hold, as of the latest development on July 7, 2021 they reversed course and said they will reject Form I-485 outright for now.
Due to the lapse in authorization related to the Regional Center Program, USCIS states that they will reject the following forms received on or after July 1, 2021:
- Form I-924, Application for Regional Center Designation Under the Immigrant Investor Program, except when the application type indicates that it is an amendment to the regional center’s name, organizational structure, ownership, or administration; and
- Form I-526, Immigrant Petition by Alien Investor, when it indicates that the petitioner’s investment is associated with an approved regional center.
Effect On EB-5 Program
The program will continue for those creating direct investments, making business transactions, and generating 10 job positions or more for Americans. Nonetheless, almost 90% of the EB-5 ventures are created through regional centers, which group the funds of the investors and afterward support businesses. The EB-5 program is generally called the ‘cash for green card program’, as it needs a generous investment to be created. On the other hand, it guarantees a similarly speedier course to permanent residency. The shareholders of EB-5 regional center are presently occupied in assistance to encourage reapproval of this program and submission of another legislative bill.
As stated by USCIS, Form I-526 immigrant applications obtained on or after July 1 will be dismissed on the off chance that they demonstrate that the candidate’s investment is related with an authorized regional center. Nevertheless, any such petitions pending with USCIS will be postponed till additional notice.
Investment Requirements Rolled Back For Now
As of late, a US district court regulation brought about venture standards being changed to former limits. With impact from November 21, 2019, the prerequisites for the investment under the EB-5 program which was generally known as a cash for green card, were increased to $1.8 million instead of $1 million prior. For Targeted Employment Area (TEA) ventures in rural regions or places with high unemployment, the needed investment was $900,000 instead of the prior $500,000. ( $800,000 or $1.05M in 2022) Inferable from the court regulation, venture limits returned to those in the former standards, however they could be brief due to the sunset clause in the EB-5 Regional Center Program.
For outside nationals effectively in the EB-5 limited permanent resident status, USCIS has affirmed that Form I-829 applications to eliminate conditions on that status won’t be influenced by the termination of the Regional Center program. Originally, the investors are allowed a limited permanent residency (where a limited green card is granted) for themselves, their spouse as well as their kids under 21 years old under the EB-5 program.
Following two years, they need to petition for lifting of the ‘conditions’. In the case it’s been authorized, they will obtain a green card. They and their family can reside and work in the United States permanently. For Indians, on the other hand, it takes around 7 to 10 years to acquire an unrestricted green card.
Related Articles: Using the TEA Mapping Tool to Discover New Investment Opportunities | Immigrant Investors Delayed by Coronavirus Pandemic Provokes Additional Economic Problem
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