The Regional Center Program for the EB-5 Investor Visa's Return
The US Senate approved to restart the EB-5 Regional Center Program on March 10, 2022. The Consolidated Appropriations Bill for the 2022 fiscal year now includes the new regulations. The same bill was approved by the House the day before.
The most recent modifications followed the expiration of the EB-5 Regional Center Pilot Program in June of last year.
Several significant modifications to the EB-5 Visa program are included in the new Integrity Act:
- The EB-5 regional center program has been extended to September 30, 2027.
- In case the program ever lapses again from this point forward, the statute now has a component that permits the grandfathering of all petitions on file.
- The revised minimum investment requirement has been reduced to $800,000 or $1,050,000 depending on whether the EB-5 program is located in an infrastructure project or a TEA (Targeted Employment Area). An infrastructure project is a public work undertaking in which EB-5 funding is received by a government agency that serves as the entity responsible for creating jobs. A TEA must meet the same criteria as the EB-5 standards that were released in 2019 and cover a rural area of a region with substantial unemployment.
- Specifically designed visas are now allowed under the act for rural, high-unemployment, and infrastructure projects.
- Rural petitions will be given priority in the decision-making and processing procedure.
- There are no longer geographical restrictions on the redistribution of investor capital.
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What is the reason for creating jobs?
Several rigorous requirements for regional centers are also included in the new act. All of these have to do with ownership, management, and compliance with securities laws.
- USCIS must audit regional centers at least once every five (5) years.
- Additionally, a new integrity fund has been created, to which regional centers are now required to make yearly contributions ranging from $10,000 to $20,000, depending on their size. This will make it possible for the USCIS to monitor and check on all the participants in the EB-5 sector to make sure they are adhering to the rules.
- The Regional Center program will be revived by the most recent legislation. Additionally, it will add new integrity controls that may be used for the updated EB-5 program's whole scope.
This is fantastic news, especially for investors whose money had already been committed to a specific project but who, up until now, had been unable to obtain green cards due to the shutdown of the Regional Center program.
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Other Immigration and Visa News from the US
American visa restrictions apply to representatives of China
On Monday, March 21, 2022, the American Secretary of State, Antony Blinken, declared that the nation was putting limits on the visas of specific Chinese officials. Blinken cited the possibility that these politicians had participated in "repressive acts" against racial and religious minorities in their nation as the justification for this. After seeing the exhibit "Burma's Path to Genocide" at the American Holocaust Memorial Museum in Washington, D.C., Blinken spoke.
Ukrainians trying to enter the United States are having trouble getting visas.
The military war with Russia has so far pushed well over 3 million Ukrainians to leave their homeland. The bulk of them have found safety in Europe, but some are trying to reunite with their relatives in the United States and are having far more trouble than they anticipated.
Immigration lawyers across the U.S. claim that a startling amount of legal challenges, including outdated passports, onerous visa requirements, Covid-19 restrictions, and missing documentation, are preventing Ukrainian Americans from bringing their family members to the nation.
President of Poland Andrzej Duda claims to have discussed the issue with U.S. Vice President Kamala Harris on her recent trip to his nation.
The American administration appears to believe that the bulk of the refugees would choose to stay in Europe, despite U.S. Vice President Biden's declaration that his nation will provide food, cash, and other relief to the Ukrainians.
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