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EB5 REAUTHORIZATION FOR THE REGIONAL CENTER PROGRAM FOR JOB CREATION FOR THE U.S. ECONOMY
The Congress reauthorizes the EB-5 Regional Center Program providing opportunities for overseas investment in the U.S. and by this way Job creation for the U.S. Economy.
The Senate approved a reauthorization of the EB-5 Regional Center Program - THE EB-5 REFORM AND INTEGRITY ACT OF 2022 (“INTEGRITY ACT”) on 10th March 2022. The Integrity Act reauthorizes the EB-5 Regional Center Program till September 2027.
The EB-5 Regional Center Pilot Program had lapsed last June 30, 2021.
It is the first long-term reauthorization the EB-5 Regional Center Program has established since 2015. The Act gives various changes to the program, such as impressive various omission necessities.
The package allows federally authorized “Regional Centers” to pool foreign EB-5 visa applicants’ investments to exponentially fuel U.S. resident and provincial economies with projects that create and save thousands of American jobs.
The EB-5 Regional Center Program lets federally authorized “Regional Centers” to pool EB-5 visa applicants’ investments to exponentially fuel U.S. local and regional economies with projects that make and save thousands of American jobs.
The Integrity Act includes the next important reforms to the EB-5 program:
- The new minimum investment amount will be $1,050,000, which is reduced to $800,000 if the EB-5 project is located in a Targeted Employment Area (TEA) or is an infrastructure project.
- A five-year reauthorization of the EB-5 regional center program will be valid till 30th September 2027.
- A new section authorizing the grandfathering of any petitions on file in the event the program was to lapse again in the forthcoming.
A TEA includes an area of high unemployment or a rural area, and must succeed under the same requirements as the previous EB-5 regulations that were announced in 2019.
An substructure project is a public works project in which a governmental entity is the job-creating entity that receives the EB-5 capital from the new commercial enterprise.
• Specific visa set-asides for rural, high-unemployment, and infrastructure projects.
• Language to prioritize the processing and adjudication of rural petitions.
• Language eliminating geographic limitations on investor capital redeployment.
• Language allowing investors to count both indirect and direct positions for job creation purposes.
• All regional centers will undergo a USCIS review at least once every 5 years.
• Moreover, a new veracity fund has been created in which regional centers must contribute $10,000-$20,000 annually (reliant on the size of the regional center) to allow the USCIS to investigate and monitor the all of the parties within the EB-5 industry to ensure compliance.
Though the Integrity Act reauthorized the EB-5 Regional Center Program that had lapsed last year, the Act also puts the Direct EB-5 and Regional Center programs on the same equilibrium, and therefore, both Regional Centers and Direct EB-5 companies will have to reorganize and rethink their business plans to deal with the new rigorous oversight and audit supplies of the new law.
The Integrity Act included in the Consolidated Appropriations Act has main implications for existing and future foreign investors, Regional Centers, developers, and sponsors of the EB-5 Program.
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.