NEW EB-5 VISA RULES ARE IMPLEMENTED AND LAWSUIT FILED TO STOP THE RULE!
The United States Citizenship & Immigration Services (USCIS) has brought into effect the changes to the EB-5 Immigrant Investor Program, as of November 21, 2019. The new rule includes a rise in the standard minimum investment amount from $1 million to $1.8 million and an increase in the minimum investment amount in a targeted employment area (TEA) from $500,000 to $900,000. According to the agency, the increase in amounts is to account for the rise in inflation.
The new rule also includes the following changes:
• Providing priority date retention to certain EB-5 investors
• Clarifying USCIS procedures for the removal of conditions on permanent residence
• Tightening of the definition of what constitutes a Targeted Employment Area (TEA).
However, please note, that a lawsuit was filed to stop the implementation of the new rules! The Plaintiff, a regional center and participant in the EB-5 Immigrant Investor Program, contends that USCIS implemented the Final Rule without considering the harmful economic effects the rule change would have. Moreover, the Plaintiff alleges that the program changes violate the Administrative Procedure Act (APA) and the 10th Amendment, and the Final Rule should thus be vacated.
The Plaintiff requests that the Court grant a temporary restraining order and preliminary injunction barring the DHS, USCIS, and the Immigrant Investor Program Office from implementing the Final Rule published in July 24, 2019, and effective from November 21, 2019.
Please contact our attorneys for further information on this new rule and lawsuit.