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EB-5'S INVESTMENT AMOUNT RESTORED TO $500,000, COURT RULES
LAWSUIT VERDICT FAVOURABLE: The Lawsuit verdict has come in favour on 22nd June 2021 with the old minimum investment amounts $500,000, in Behring Regional Center LLC V. Chad Wolf, et al. The U.S. District Court for the Northern District of California ruled that Previous Acting Homeland Security Secretary Kevin McAleenan was not properly serving in his site under the Federal Vacancies Reform Act when he broadcasted the EB-5 Modernization Final Rule, and accordingly ruled that, the new regulations which took effect on Nov. 21, 2019 must be "SET ASIDE."
U.S. Magistrate Judge Jacqueline Scott Corley also ruled that the ratification of the EB-5 Modernization Final Rule by current Secretary of Homeland Security Alejandro Mayorkas in March of 2021 did not cure the defect arising from McAleenan's improper appointment.
It is also possible, and likely, that Secretary Mayorkas will now seek to finalize the EB-5 Modernization Rule, but until then, the old minimum investment amounts ($500,000 if in a TEA $1,000,000, if not) and Targeted Employment Area standards go back to pre-November 2019.
Please refer to the previous news update link find enclosed: https://bilimoriaassociate.com/immigration-news-detail.php?rId=193 where On 13th May 2021 hearing a live video Judge Corley continually challenged U.S. Department of Justice attorneys to explain why she should not grant summary judgement to Behring Regional Center, which would end the EB-5 rule change. The Behring Regional Center, a USCIS accredited EB-5 regional center that sponsors projects using funds from EB-5 investors, sued the government in December 2020 in response to the Trump-era EB-5 rule change.
NEXT STEP: The court declined to address the U.S. Government's request for a stay and "remanded the matter to [DHS]". The court stated: "While there would certainly be some disruption if the Rule is vacated given the length of time the Rule has been in effect, the government has made no specific showing of harm beyond asserting that it would be 'extraordinarily disruptive.'" On the other hand, the court also declined to grant Plaintiff's injunction barring USCIS from reinstating the EB-5 Modernization Rule absent compliance with the rule-making process governed by the Administrative Procedures Act.
- While the reduction of the investment amount back to $500,000 this comes as great news for investors who are seeking Green card under EB5.
- It is important that the investors act quickly to utilize the EB5 programme and act before the investment amount is once again increased by the Department of Homeland Security (DHS).
- There will be huge number of applications that will be lodged within the brief window period of opportunity to invest at $500,000, meaning that the better projects will be sold out and will also be oversubscribed.
- Henceforth, applicants who are seeking to participate in having their EB5 visa approved must use the window period for lodging the application under the minimum investment amount of USD 500,000.
- It’s also advised to have all documents collected in order as soon as possible and to reserve a project as they would be sold completely very soon.
- The success of the verdict is the biggest lawsuit in the modern history of the EB-5 industry will come as great news for families who have been edgily waiting to take advantage of the reduced investment amount.
WINDOW OPEN UNTIL 30th JUNE 2021: We also expect the window to be short-lived since the EB-5 Regional Center Program is set to expire at the end of June 2021 unless Congress acts to reauthorize the program. Also, there are widespread advocacy efforts to support bills to reauthorize the program. Though their prospects for passage are unclear, it is not certain that the EB-5 Regional Center Program will expire as EB5 program has brought huge revenue and employment through the EB5 Investment program.
We are monitoring next level of reauthorization closely and should be able to update as soon as we have more news on the same. If not there could be further extension
Bilimoria & Associate is specialised in Immigration visas with 25 YEARS experience. 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.
Our expertise has 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: neville@bilimoriaassociate.com (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.