Congress is ready to pass an omnibus spending bill that would include a provision to reauthorize the EB5 regional center program. Assuming the bill is signed into law, it would also make a number of important changes to the EB5 program.
Overview of Proposed Changes | EB5 Regional Center Program
In addition to reauthorizing the regional center program through 30th September 2027, this bill would make a few huge changes to the EB5 program. A portion of those changes, which would apply to both regional center and non-regional center cases, include the following:
- Increases the minimum investment amount to $800,000 for investments in a targeted employment area (TEA), and $1,050,000 for non-TEA investments
- Changes the definition and method for designating TEAs
- Allows for EB5 investors to submit the I-485 adjustment of status application concurrently with the initial I-526 petition if the visa number is quickly available.
For EB5 investors who filed before this law went into effect, this statute would give retroactive protection. (i.e., the changes included for the bill, such as the increase in the investment requirements, would not apply to EB5 petitions filed before the law goes into effect). Assuming the law is passed, the U.S. Citizenship and Immigration Services (USCIS) would continue processing the pending I-526 and I-485 applications. That had stayed on hold because of the lapse in the authorization of the regional center program. Similarly, U.S. departments would resume adjudicating those cases filed for consular processing.
Financing for the federal government is presently planned to expire at midnight on Friday, 11th June 2022. Congress is expected to pass a stop-gap bill that will fund the government through 15th March 2022. This should give both the House and Senate sufficient time to pass the bill. Also, send it to President Joe Biden’s desk for signature by 15th March 2022.