• Golden Gate Global wins IIUSA I-829 Award
  • Golden Gate Global wins Top 25 Immigration Companies in the world award
  • Golden Gate Global wins IIUSA Regional Center of the Year Award

The EB-5 Reform and Integrity Act of 2022 is included in the Omnibus Spending Bill

Mar 9, 2022 | Blog

The EB-5 Regional Center Program (the “Program”) was created in 1992 as a pilot program. After the lapse of the initial term, it was kept alive by being part of the spending bill of the United States. In 2021, the Program was decoupled from the spending bill and was considered independently. Due to the lapse of the Program in June 2021, the EB-5 industry came to a screeching halt and EB-5 investors were left in limbo as United States Citizenship and Immigration Services (USCIS) declined to adjudicate existing EB-5 petitions. Our firm, together with the other stakeholders in the EB-5 industry, worked tirelessly with the Members of the U.S. Congress to revive the Program. On March 9, 2022, the EB-5 Reform and Integrity Act of 2022 (the “Act”) was included in the Omnibus Spending Bill being presented to the U.S. Congress. If the Bill passes, it the Regional Center EB-5 Program will be reauthorized.

Among other things, if the Act passes as is, the reauthorization of the Program will have the following impact:

  • Adjudication of pending petitions filed under the Program prior to its expiration on June 30, 2021
  • The effective date of the Act will be 60 days after the enactment of the Act
  • After the Act becomes effective, investment amount in Targeted Employment Areas (TEAs) will be $800,000 and in non-TEAs will be $1,050,000
  • TEAs will be designated by the Secretary of Homeland Security or a designee of the Secretary who is an employee of the Department of Homeland Security (DHS)
  • Automatic adjustment in minimum investment amount every 5 years based on inflation rounded down to nearest $50,000
  • At the end of each fiscal year, any unused visas reserved for qualified immigrants shall remain available for the immediately succeeding fiscal year
  • Concurrent filing of Application of Adjustment of Status along with the visa petition for applicants who will be eligible for a visa immediately upon approval
  • Protection for existing investors in case of lapse of the Program
  • Prohibitions on involvement for persons who have committed certain crimes or have been subject to orders or sanctions by certain state or federal enforcement agencies

This is a welcome sign for the entire industry and the EB-5 investors. We look forward to the U.S. Congress passing the Act by March 11, 2022.

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