EB-5 ALERT: EB-5 REGIONAL CENTER PROGRAM EXPIRED JUNE 30 AND INVESTMENT AMOUNT DECREASED TO 500K
On June 22, 2021, the U.S. District Court for the Northern District of California, in Behring Regional Center LLC v. Wolf, vacated the EB-5 Immigrant Investor Program Modernization Final Rule. The U.S. Citizenship and Immigration Services (USCIS)announced that while it considers this decision, it will apply the EB-5 regulations that were in effect before the rule was finalized on Nov. 21, 2019, including:
No priority date retention based on an approved Form I-526;
The required standard minimum investment amount of $1 million and the minimum investment amount for investment in a Targeted Employment Area (TEA) of $500,000;
Permitting state designations of high unemployment TEAs; and
Prior USCIS procedures for the removal of conditions on permanent residence.
On June 30, 2021, the EB-5 Regional Center Program expired, after Congress failed to reach an agreement on reauthorization. As a result, USCIS will not accept new I-526 petitions by regional center-sponsored investors and will not accept any I-924 filings from regional centers (for regional center designation or amendment or for exemplar approval of projects). However, USCIS will accept adjustment of status applications (Form I-485) by such investors and families in the U.S. based on an approved I-526 petition.
However, please note that Congress is currently in discussions to restore the EB-5 Program. We will continue to monitor this situation and will keep you posted on any updates.
Please also note, investors in "direct EB-5 projects" may continue to file I-526 petitions (and for investments as low as $500,000 under a court injunction of new regulations), and USCIS may approve them. The expiration of legislation will not prevent filing or adjudication of I-829 petitions by investors, even sponsored by regional centers. Contact one of our attorneys to assist you with your EB-5 application.