USCIS will publish its final rule on November 21, 2019, which will significantly revise the EB-5 Immigrant Investor Program. Major changes to EB-5 in the final rule include raising the standard minimum investment level from $500,000 to $900,000 in TEA areas and from $1 million to $1.8 million in non-TEA areas.
Other developments under the final rule include:
Raising the minimum investment amounts;
Revising the standards for certain targeted employment area (TEA) designations;
Giving the agency responsibility for directly managing TEA designations;
Clarifying USCIS procedures for the removal of conditions on permanent residence; and
Allowing EB-5 petitioners to retain their priority date under certain circumstances.
Under the EB-5 program, individuals are eligible to apply for conditional lawful permanent residence in the United States if they make the necessary investment in a commercial enterprise in the United States and create or, in certain circumstances, preserve 10 permanent full-time jobs for qualified U.S. workers.
As this rule will go into effect on November 21st, those interested in taking advantage of the EB-5 Program, at its current rate and procedures, must file before this date! We know we have been reporting this for a while, but this is a done deal! If interested, please contact Williams Global Law as soon as possible.