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UPDATE ON REAUTHORISATION OF EB5 PROPOSED BILL AND OTHER KEY CHANGES
REAUTHORISATION OF EB5 BILL: We have been updated that Congressional Bill proposed Regional Center reauthorization and increased EB-5 investment amount among other key changes to happen anytime by this month end.
EB5 has reviewed a draft bill that may soon be introduced in congress that proposes a reauthorization of the regional center program and several other major changes to the EB-5 program.
- If passed, the minimum EB-5 investment amount would increase between $750,000 and $1,000,000 for Targeted Employment Area (TEA) areas and $850,000 for non-TEA areas for both regional center and direct EB-5 investments. We expect the amount to be increased from February 2022, if the bill is passed.
- Therefore, we urge prospective client to file their family application immediately before any change happens on the increase of amount under Regional center program and non-regional center programs with direct jobs.
- As of now, Direct EB-5 investments are very attractive for the applicants and its family members to lodge at $500,000 for TEA investments and $1 million in other areas.
- Most reviewers anticipate that either United States Immigration and Citizenship Services (USCIS) or Congress will seek to increase the minimum investment amount back to a higher number. In the meantime, Regional Center investors continue to hope for Congressional reauthorization of the Regional Center program.
EB-5 REGIONAL CENTER PROGRAM: As stated in our previous news article, the EB-5 Regional Center program was not extended by Congress by 30th June 2021. Congress did not pass a law to extend the EB-5 Regional Center program, so the Regional Center program has lapsed on this date.
The U.S. Congress has never made the Regional Center program permanent, and so it continued to be extended on a temporary basis every few months, most recently through was made on June 30, 2021. For more information: https://www.bilimoriaassociate.com/immigration-news-detail.php?rId=195
ABOUT THE EB5 PROGRAM: It is important to recall that there are two EB-5 programs. The 1990 law created what is commonly called the "EB-5 Direct Jobs Program" or "Stand-Alone Program." That program does not expire and continues.
- Though, only the second program, the one commonly known as the "Regional Center Program," is the one which expired and needed reauthorization. The Regional Center Program was introduced as a "pilot program" for 5 years in 1992 and allowed for the jobs requirement to be satisfied by counting not only the full time jobs directly created by the enterprise, but also the indirect jobs created by the investment.
- Most EB-5 investors had used the Regional Center Program since of the ability to count indirect job creation and pool investments from multiple applicants.
- After the early 5 year term in 1992, Congress extended the Regional Center Program more than fifteen times in both long and short period increases for almost 29 years with the last one extending validity of the Regional Center (RC) Program through 30th June 2021. Since at that moment, United States Immigration and Citizenship Services (USCIS) has tracked its prior policy of holding action on any pending Regional Center based EB-5 applications until Congress is able to pass appropriate legislation.
- Even for Regional Center based approved EB-5 Petitions, USCIS is holding action on pending Adjustment of Standing applications. The State Department is similarly not issuing the immigrant visas for those Consular processing the EB-5 Regional Center based immigrant visas.
Bilimoria & Associate is specialised in Immigration visas with 26 YEARS experience in lodging successful EB-5 application towards obtaining Green card to USA. We have projects that have an exemplar approval from USCIS and also have approvals for applications to lodge with Targeted Employment Area (TEA).
We also have applications that have Petition approval for I-526 & I-829 Condition removal on approved projects.
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.