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Immigration News

Immigration News

02-Jul-2019

EB5 APPLICATION INCREASE IN INVESTMENT AMOUNT SOON!!

On 28th June 2019, the new EB-5 rule has been approved by the Office of Management and Budget’s (OMB) appraisal. OMB is  the largest office within the Executive Office of the President of the United States. The rule was initially sent to the OMB in February 2019 for approval.  The most significant change to the EB-5 program will likely be a change to the investment amount required and other changes that are  expected as follows: 

•    The minimum investment amount will likely increase the Investment Amounts and the current Targeted Employment Area (TEA) investment is $500,000 to $800,000 and the $1,000,000  this amount is proposed to increase to $1.35 million, a 170% increase. 

•    The current non-Targeted Employment Area (TEA) investment is $1 million, this amount is proposed to increase to $1.8 million, an 80% increase.

•    It is possible that the program will be changed from temporary to permanent such that the renewals will no longer be required.

•    The job creation requirements could be modified with a focus on creation of direct jobs instead of indirect jobs. 

•    The definition of a Targeted Employment Area (TEA) may change.  The Federal Authority to Designate Targeted Employment Area (TEA) is currently the economics departments of each individual States which has  the authority to designate a TEA. The proposed rule will change this authority to federal only and change the methodology of calculating TEAs to one that will significantly restrict areas that can be designated as TEAs. 

•    If the law is implemented on the investment amount, this would limit the types of urban development projects that are the most desirable for foreign investors under this investment program.

•    The priority date can be the same for the Petitioners, who would retain their priority date if there are circumstances beyond their control that will cause them to file a subsequent application. These circumstances would include the termination of a Regional Center or a material change in the business and business plan.

•    The applicant has the option to file separate Form I-829 for their dependents, application to remove conditions on permanent residency. If passed, dependents that were not included in the Principal applicant’s Form I-829 application will have the ability to file a separate application to remove the conditions on their permanent residency. This would apply for divorced spouses or separated children.

Changes to the EB-5 program will not take effect until the final regulation is published and implemented, which is expected to happen any time before September 2019.  A notice period will be given and this would be published in the coming days towards the implementation of change in the Investment amount. 

We expect the implementation to occur  no less than 30 days after publication, United States Department of Homeland Security (DHS) could not implement the rule immediately upon publication. 

This has no impact on the existing EB-5 rules at this time, EB-5 investors can continue to submit their applications based on the current guidelines until the new proposal is implemented. Normally when laws like this are changed, the change is not applied retroactively but this is not a certainty.

However, interested EB5 applicants who are processing through investor category should move very fast as the long-awaited changes to the EB-5 program can happen within the month.  

We also expect the processing time to go up as soon as the Project fee raises. India recently reaching retrogression (investors from the country fully utilised the existing cap of 700 EB5 visas for the October-September fiscal).

EB5 could be probably be the fastest route available for applicants to get Green card and Permanent Residency to USA.

Most of the immigrants migrating to USA are applying through EB5 in order to improve the childrens’ education and prospective employment opportunities and children below 21 years can be part of the family application towards obtaining the Green card and the Permanent Residence visa to USA.  

Bilimoria & Associate has experience in lodging successful EB-5 application towards obtaining Green card to USA. We have projects that have an exemplar approval from USCIS.

Bilimoria & Associate is specialised in Immigration visas with 23 YEARS experience.

Our expertise have undertaken over a billion dollars in projects, and have raised more than $300 Million in EB-5 investment and have completed almost 38 different projects in the last 10 years and have processed many EB-5 investor applications with 100% success rate.

Bilimoria & Associate liaisons with the Member of Oregon State Bar Association and Attorney in good standing, USA (OSB) and also liaisons with member of the American Immigration Lawyers Association (AILA) towards preparation of a successful application for EB-5 visa.

Please contact us to learn more about the current EB-5 projects and towards lodgment of your Green card  and Permanent Residency to the USA!!

You can write to us to assess your eligibility at:  [email protected]  (or) contact us +91 44 2822 7222 2823 9229 / 4350 8191 between Monday – Saturday, 10.30 am to 5.30 pm. You can also fix an appointment with our office to meet us in person to discuss your eligibility.

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