Rasheed Alkhanji QICMS
Published 06:16 PM 13 March 2022
Updated 11:47 AM 17 March 2022
REAUTHORIZATION OF THE EB-5 REGIONAL CENTER PROGRAM: EB–5 REFORM AND INTEGRITY ACT OF 2022
After months of discussion and uncertainty, the United States Congress passed the 2022 EB-5 Reform and Integrity Act, reopening the EB-5 Regional Centre program while increasing the program's minimum investment to US$800,000, among other major changes.
Investors, such as high-net-worth individuals based in the Middle East who had applied to the EB-5 Green Card Program via regional centers, can now breathe quietly.
CONGRESS REAUTHORIZES THE EB-5 REGIONAL CENTER PROGRAM
After almost nine long months, Congress has reauthorized the EB-5 Regional Center Program until September 30, 2027. The House of Representatives passed an omnibus spending package that includes the EB-5 Reform and Integrity Act of 2022, which provides 5-year reauthorization of the Regional Center program along with a number of notable amendments, chiefly designed to improve integrity and investor confidence. The Senate overwhelmingly passed the bill in a 68 to 31 vote.
Once the bill is signed into law, USCIS will resume processing all pending I-526 petitions filed before the prior expiration of the program on June 30, 2021. This includes Adjustment of Status applications as well as Consular Processing procedures. The bill also includes a grandfathering provision which sets forth the requirement that, even in the event of a future lapse in the EB-5 program, USCIS will continue to process EB-5 petitions as long as they are filed on or before September 30, 2026.
EB-5 REGIONAL CENTER PROGRAM REOPENED AS PROGRAM GROWS TO USD USD $800,000
The new bill increases the minimum investment amount to USD $800,000 from the current USD $500,000 in Targeted Employment Areas and Rural Areas, and USD $1.05M from the current USD $1M for Non- Targeted Employment Areas for both Regional Center and direct EB-5 investments. The increased investment amounts and other amendments will not apply to pending I-526 petitions.
This is a relief for the thousands of EB-5 Regional Center Program applicants whose applications had stalled since the program expired last June, and whose processing will now be resumed by US authorities. Also, such reform brings stability to the program and authorizes the EB-5 regional center program until September 30, 2027.
ALLOW US TO MEET YOUR IMMIGRATION NEEDS
More updates on the program, amendments, and their effect on future I-526 petitions, are to come. QICMS continues to monitor the situation.
QICMS provides valuable opportunities for foreign investors and their family members to obtain permanent U.S. residency (Green Card) through the EB-5 Program.
Interested in moving to the U.S.? Our firm will help you find the most successful EB-5 regional centers to maximize your probability of success through the EB-5 program. We will guide you every step of the application process, straight through to obtaining your unconditional permanent residence. Contact us today for more information on the evolution of the EB-5 program.
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