Nov 21 Changes to EB-5 Investor Visa
On November 21, 2019, the U.S. Citizenship and Immigration Services (USCIS) EB-5 investor visa program undergoes significant changes including an increase of the minimum investment from $500,000 to $900,000. The EB-5 Immigrant Investor Program provides permanent residence status to immigrant investors who invest in a U.S. commercial enterprise that creates or, preserves 10 full-time U.S. jobs. I-526 petition applications submitted prior to the November 21, 2019, effective date will be processed under current EB-5 investor visa regulations. Investors and entrepreneurs are submitting applications before the deadline and are subject to lengthy processing times.
EB-5 Green Card Changes Effective on November 21:
1. Priority Date Retention:
This will allow investors to keep their place in line in the application process if they have to change their qualifying investment due to circumstances beyond their control
2. Increases to the Investment Amounts:
An increase from $1 million to $1.8 million for standard investments and an increase from $500,000 to $1 million for investments in a targeted employment area (TEA)
3. TEA Designations:
A shift in the authority for making TEA designations from states to DHS
4. Removal of Conditions:
Clarification of rules regarding an investor’s derivative family members
The EB-5 green card program for foreign investors and entrepreneurs to permanently live and work in the United States was created in 1990 by the U.S. Congress to stimulate the U.S. economy through foreign investments. The Department of Homeland Security’s (DHS) EB-5 Immigrant Investor Program Modernization Regulations were published on the Federal Register’s website, and according to USCIS, this is the first time there has been a significant change to the EB-5 Investor Visa Program since 1993.
If you have a question about immigration investment or entrepreneurship, or for assistance with an EB-5 Green Card application, contact the immigration attorneys at Godoy Law Office in Chicago, Illinois.