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EB-5 REAUTHORIZATION BILL FOR REGIONAL CENTER & INVESTMENT INCREASE FROM $500K TO $800K
It appears that the Regional Center Program will be reauthorized by U.S. government Omnibus on the 11th March 2022 and some of the key changes are expected to happen for processing an EB5 application.
Through the EB-5 program, investors have a direct route to permanent residency in the U.S. for themselves, spouse and children under 21 by making an investment in a project that creates jobs. Currently, the minimum investment with a direct investment is that of the U.S. $500,000.
The investor and their family will profit from the ability to live, work, and retire in the United States, as well as the ability to attend college or university at resident rates and enjoy all of the benefits of permanent residency in the United States.
SOME OF THE KEY PROVISIONS ARE:
1. If passed, the minimum EB-5 investment amount would increase to a possible $800,000 from the current $500,000 for Targeted Employment Areas and Rural Areas.
- We also expect the increase of amount from $1.05M from the current $1M for Non-Targeted Employment Areas for both regional center and direct EB-5 investments.
- These higher amounts are likely to take effect 60 days after 12th March 2022 if the bill is passed.
- Targeted Employment Areas (TEA) letter will hold good for two years.
2. EB-5 Regional Center reauthorization remains to progress as anticipated as part of the overall U.S. government Omnibus Spending Bill.
3. Senators Grassley / Leahy continue to craft their own language, which will be modeled after their bill that got rejected in June, with some additions to likely also include price adjustment, clarification of TEA definition, grandfathering of current/previous investors and some other minor additions.
4. Drafts of this will likely be available before the Senate sends the full Omnibus Bill (which will include the EB-5 piece from Grassley/Leahy) which the House will likely vote on 9th March 2022, then back to the Senate for final twists and vote by 11th March 2022.
5. All indications are that the Omnibus Spending Bill will be voted on and will pass both houses of Congress and signed by President Biden by 11th March 2022.
- Program is renewed until September 30, 2027 but grandfathering ends a year earlier.
- Concurrent filing is permitted.
ABOUT EB5 INVESTMENT AMOUNT CHANGES
On 22nd June 2021, The US District Court in Northern California, in Behring Regional Center LLC v. Wolf, 20-cv-09263-JSC, vacated the EB-5 program Final Rule.
This moved back investment amounts to the earlier EB-5 regulations in effect, including a standard least investment amount of $1 million and the minimum investment amount for investment in a Targeted Employment Area (TEA) of $500,000.
The EB-5 Program was created in 1990 to stimulate the U.S. economy with capital investment by foreign investors and job creation.
Moreover, the EB-5 Regional Center Program expired on June 30, 2021, putting a halt on new applications for regional center designation and any incomplete petitions dependent on the lapsed process. Also known as the Immigrant Investor Program, it was created in 1992 to provide EB-5 visas for investors who have invested into approved commercial projects for helping economic growth.
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 30th June 2021. For more information: https://www.bilimoriaassociate.com/immigration-news-detail.php?rId=195
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.
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.