EB5 BRICS Comments on Congress Passing EB-5 Reauthorization Bill at Investment Amount of $800K

LOS ANGELES, March 11, 2022 /PRNewswire/ — After months of debate and uncertainty, the U.S. Congress has passed the “EB-5 Reform and Integrity Act of 2022” as part of the overall U.S. Omnibus Spending Bill. The EB-5 Reauthorization extends the EB-5 Regional Center program through September 30, 2027, with significant changes that will impact existing and future investors. Most notably, the minimum EB-5 investment amount would increase to $800,000 from the current $500,000 for Targeted Employment Areas and Rural Areas and $1.05M from the current $1M for Non-Targeted Employment Areas for both regional center and direct EB-5 investments.

Some major provisions that will affect existing investors include:

  • The new restrictions and greater investment amounts will not apply to pending I-526 petitions.
  • After the bill is signed into law, I-526 petitions, adjustment of status applications, and consular procedures will resume.

For future investors, a few important points:

  • With I-526 petitions, concurrent adjustment of status filings of I-485 fillings are allowed which means applicants currently in the US on F-1 student visa, OPT, H-1B work visa, L-1A managerial visa and other non-immigrant visas can apply for and get Employment Authorization Document (EAD) and Travel Document (TD) in 90-120 days of applying for EB-5 and become free to work anywhere without employer sponsorship.
  • For targeted employment areas (TEAs) or “infrastructure projects,” the needed investment amount will increase to $800,000. The investment amount will be $1,050,000 if this is not the case.
  • If the EB-5 program lapses in the future, grandfathering laws require USCIS to continue processing EB-5 petitions as long as they are filed by September 30, 2026.
  • The bill allocates 20% of total EB-5 visa numbers to investments in rural areas, 10% to investments in high-unemployment areas, and 2% to infrastructure projects.
  • In some instances, protection for dependent children who have reached the age of majority.
  • Gifts are still allowed, and they aren’t restricted to family members.
  • Capital investments, administrative fees, and any fees “connected” with the investment are also subject to source of funds restrictions.
  • If a regional center or new commercial enterprise (NCE) closes, there is a process in place to switch projects.

Regional Centers can expect the following:

  • Caps on indirect and construction jobs have been imposed.
  • Individual I-526 applications must be presented after an I-924 application has been filed.
  • The validity of TEA letters is two years.
  • USCIS must audit RCs at least once every five years.
  • Outside of the RC geography, (maybe) redeployment is allowed (subject to regulations).
  • Persons who have committed certain crimes or who have been subject to orders or sanctions from certain state or federal enforcement bodies are prohibited from participating in RCs.
  • Third-party agent fees and involvement in a project must be disclosed.
  • The USCIS requires direct and third-party promoters to register.
  • New RC/NCE “funds administration” guidelines.

The 40 page bill includes other points that may prove interesting.

About EB5 BRICS:

EB5 BRICS offers foreign investors the opportunity and instruments to gain permanent residency in the United States.

Please contact Vivek Tandon, See other US Visas

See other EB5 Visa News from 2021, 2020 and 2019

Media Contact:
Vivek Tandon, Esq
EB5 BRICS, LLC
8383 Wilshire Blvd., Ste. 800
Beverly Hills, CA 90211
213.344.5941
https://www.eb5brics.com

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