Significant Changes Scheduled to be Published to the EB-5 Immigrant Investor Visa Program
The Department of Homeland Security (DHS) has scheduled to publish new changes to the EB-5 program which are effective on November 21, 2019. Once effective, the new rules will change some key aspects of the EB-5 program and cause significant impact on both individual investors and the EB-5 industry. Any I-526 Petitions filed before the effective date of the Final Regulations will be adjudicated under current regulations.
Key Points from New EB-5 Regulations:
- Increased the minimum investment amount in Targeted Employment Area (TEA) from $500,000 to $900,000 and in Non-TEA from 1 million to 1.8 million;
- Retain the Priority Date of an earlier-approved EB-5 immigrant petition for any subsequent approved EB-5 immigrant petitions;
- DHS will be the central authority to designate TEAs;
- Only allow the adjacent census tracts in the TEA designate process;
- Add cities and towns with a population of 20,000 or more outside of MSAs with high unemployment in the TEA designation process;
- Set a 5-year schedule of regular adjustments to both TEA and non-TEA investment amount.
As DHS set the grace period for the new rules between July 24, 2019 and November 21, 2019, it is incumbent for Foster to notify our new and prospective clients, and to provide all necessary resources to file their EB-5 Investor Petitions as soon as possible, in order to minimize the possibility that they will no longer be able to invest at the $500,000 level. Foster will continue to monitor the development related to the published new rules and follow up in the near future with a more detailed analysis.
For more information, please do not hesitate to contact us as firstname.lastname@example.org or call 713.229.8733 for more information.