Do not get too excited about the U.S. federal court ruling on EB-5 Green Card
2 min read
EB-5 Green Card: A federal court in the USA has refuted the final rule of the EB-5 visa, which called for increasing the minimum investment needed for a commercial U.S. enterprise in a Targeted Employment Area from $500,000 to $900,000.
Post the judgment, Immigration attorneys and regional centers are moving toward the planned candidates to lodge their EB-5 applications against an investment of USD 500,000. However, nobody should take any hasty steps and put their entire investment at risk for the following reasons:
- The court didn’t give an order on reinstating the rule.
- What if the ruling is challenged in the coming days and decided in favor of the U.S. Government? What will happen to the filed applications if courts ruled against the investment of USD 500,000/ – later on?
- What if it decided that this minimum capital investment requirement for getting a Green Card through the Immigrant Investor Program will remain at $900,000?
- There is no clarity, and it stays a grey area subject to the interpretation of USICS and U.S. courts. The amount of investment – even at USD 500,000/ – is too huge to take a risk. Recall that the application adjudication can take 3-5 years, and what may occur over such a long time frame is anyone’s guess.
- Post the investment, in case of any unforeseen situation detailed above, will the regional center refund the invested amount of USD 500,000/-?
- The EB-5 reauthorization bill is as yet pending approval from the U.S. Senate, and thus, it might lapse on 30th June 2021. This may put the entire program in jeopardy.
- The documentation for the EB-5 green card application is very detailed and extensive. The steps taken in a rush may mean refusal on specialized grounds, irrespective of the investment amount.
U.S. federal court ruling on EB-5 Green Card
In conclusion, if at all one is keen on applying for the US EB-5 Green Card. It is best to do as such against minimum investment of USD 900,000/ –. If the investment required is brought down to USD 500,000/ – at a later stage. The candidates can file a supplement and demand a refund of the remaining USD 400,000/ – from the regional center.
Every one of these approaches has immigration and investment hazards. In addition to the specific risks of submitting an incomplete or incorrect application.
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So kindly be mindful and don’t make investment steps, blinded by a thought of saving USD 400,000/-. It may or may not happen, and more significantly, the lost time in the interim can never be retrieved.
