The Consolidated Appropriations Act, 2022, an omnibus spending bill passed by Congress and signed by President Biden, reauthorizes the EB-5 regional center program for five years, among other things. The bill includes some changes to the program. Selected highlights are below:
- The EB-5 regional center program is reauthorized until September 30, 2027.
- For targeted employment areas (TEAs) or infrastructure projects, the investment will increase to $800,000. For other projects, the required investment is $1,050,000. Existing investors' petitions will be grandfathered under existing rules. TEA letters are valid for two years.
- As long as an EB-5 petition is filed by September 30, 2026, U.S. Citizenship and Immigration Services (USCIS) must continue to process it even if the program lapses in the future.
- Immigrant investor petitions can include concurrent adjustment of status filings.
- Projects can be changed if a regional center or new commercial enterprise is terminated.
- USCIS will audit regional centers at least every five years.
- Third-party agent fees and involvement must be disclosed.
The bill also reauthorizes the Violence Against Women Act. It does not include visa recapture provisions.
Details:
- "Client Alert: EB-5 Reauthorization and Other Program Changes," Klasko Immigration Law Partners, Mar. 16, 2022, https://www.klaskolaw.com/news/eb-5-reauthorization-and-other-program-changes/
- "Investor Immigrants Greet Imminent Revival of the EB-5 Program," Forbes, Mar. 9, 2022, https://www.forbes.com/sites/andyjsemotiuk/2022/03/09/investor-immigrants-greet-imminent-revival-of-the-eb-5-program/?sh=7223bbff7436
- Consolidated Appropriations Act, 2022, Congress.gov, https://www.congress.gov/bill/117th-congress/house-bill/2471?r=7&s=1
- "Violence Against Women Act Renewed as Part of Omnibus Spending Package," The Hill, Mar. 9, 2022, https://thehill.com/policy/finance/597473-violence-against-women-act-renewed-as-part-of-omnibus-spending-package
- "Green Card Backlog Fix Dropped From Lawmakers' Budget Deal," Bloomberg Government, Mar. 9, 2022, https://about.bgov.com/news/green-card-backlog-fix-in-doubt-as-lawmakers-prep-spending-deal/
- "Biden Signs Spending Bill That Includes $13.6 Billion in Ukraine Aid," CBS News, Mar. 11, 2022, https://www.cbsnews.com/news/ukraine-aid-biden-signs-omnibus-bill/
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