EB5 Visa Update – Is the EB-5 visa back?
The passing of the EB-5 Reforms and Integrity Act on March 15, 2022, finally brought cheer back to the EB-5 Industry and rekindled the desire of many foreign investors to fulfill their American Dream.
However, the subsequent developments, particularly the impractical approach of USCIS in implementing the new Act, have taken everyone by surprise.
To know what these new developments are and how they will affect potential EB-5 investors, kindly read this article/watch this video till the end.
Summary of recent developments and their implications
As you may be aware that the EB-5 program requires investors to invest in New Business in the US, and this investment should result in the creation of at least 10 Jobs for Americans
Since it’s not possible for everyone to do so directly, the Concept of a Regional Center was introduced to enable more and more people to participate in the EB-5 program and get Green Card
The Regional Centres’ main function is to mobilize funds from multiple EB-5 investors and invest the pooled amount in a project which will create Jobs on behalf of the investors, enabling them to get Green Card. As of 31st October 2021, there were 632 USCIS-approved Regional Centres in the US.
The USCIS has now taken the view that when the new EB-5 Legislation was passed on 15th March 2022, the earlier EB-5 Regional Centre program was repealed. Therefore all the existing Regional Centres, already approved by USCIS, will have to go through the process of getting themselves reapproved.
On 16th May 2022, when the new legislation was to become operational, USCIS issued a new form that all the Regional Centres and their key employees must file to get themselves approved.
All the existing 600+ regional centers will have to file applications for approval, and they will not be able to take any new investors until they have completed formalities and got redesignated by USCIS