New EB-5 Investor Visa Program rules went into effect on November 21, 2019. What changed?
The EB-5 regulation changes went into effect on November 21, 2019. The significant change to the new EB-5 rule is an increase in the minimum investment amount from $500,000 to $900,000 in a Targeted Employment Area (TEA) and $1 million to $1.8 million for the standard investment amount (non-TEA). Since the inauguration, This is the first increase in the minimum investment amount since 1990 when the EB-5 investor visa program was created by Congress. The increased amount is to account for inflation and it is scheduled to be adjusted for inflation every 5 years moving forward.
Under a new rule published by the U.S. Department of Homeland Security (DHS), the other key changes include the following:
TEA Designation Reforms
The new methodology is applied for determining high unemployment areas (TEA) and individual state is no longer able to designate TEA; it will be reviewed and determined by DHS. This revision will likely lower the number of available projects located within TEAs, but it will help ensure TEA designations are done fairly and consistently, preventing gerrymandering and fraud.
Clarification for Removing Conditions on Green Card
The new regulations clarify that certain family members who are not included in a principal investor’s petition must independently file to remove conditions on their permanent residence. The rule improves the adjudication process for removing conditions by providing flexibility in interview locations and to adopt the current USCIS process for issuing Green Cards.
Retention of the Priority Date of EB-5 Petitions
The final rule offers greater flexibility to immigrant investors who have a previously approved EB-5 immigrant petition. When they need to file a new EB-5 petition, they generally now will be able to retain the priority date of the previously approved petition.
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