The EB-5 Regional Center program expired at midnight on June 30. The US immigration and Citizenship Services (USCIS) has now declared that it will completely reject new applications under this route, from 1 July. The EB-5 Program continues for those who make direct investments, establish business operations and create at least ten jobs for Americans. However, about 90% of EB-5 investments are made through regional centers, which combine investor funds and finance business activities.
The EB-5 Program is often referred to as the ‘Investment Visa or Green Card for Investment’, as it provides passive investors, opportunity of getting US Permanent Residency, without taking on the responsibility of job creation directly, in return for a substantial investment.
The USCIS states – form I 526 immigrant applications received on or after 1 July, will be rejected if they show that the applicant’s investment is linked to an approved regional centre.
Mitch Wexler, an Immigration Lawyer at Fragomen, an international immigration law firm, says,”It is interesting that the 1-526 petition submissions are being treated differently, as compared to the 2018 gap in the program. Then, USCIS accepted these petitions but held them in abeyance until the program was reauthorized. This time they are rejecting such petitions outright as of July 1, until reauthorisation.This effectively ends the $ 500,000 fire drill as if and when the regional centre program is reauthorized, it will likely be at $ 900,000.”
On 22nd June, a district court in the US had set aside the order, which led to an increase in the investment amount from $500,000 to 900,000 w.e.f. 22nd November 2021 thereby giving a small window of opportunity to EB-5 aspirants to file their applications before the program sunsets on 30th June 2021.
Acquest Advisors is an Investment Immigration Advisory specialising in Citizenship and Permanent Residency through Investment Immigration programs run by governments esp. America, Canada & Europe