On March 15, 2022, Congress reauthorized the EB-5 regional center program, eight months after the congressional authorization expired in June 2021. As a result of the expiration, USCIS had stopped approving green cards, and consular officers stopped issuing immigration visas for individuals in the expired category.
The regional center program is now authorized through September 30, 2027, although the provisions do not take effect until May 14, 2022. The EB-5 category has an annual limit of 9,940, with 20% for investors in targeted rural areas, 10% for investors in targeted high unemployment areas, and 2% for infrastructure projects. Unused visa numbers in these categories will roll over to the same category for the following fiscal year.
Because family-based immigrant visa numbers unused in a fiscal year are allocated to employment-based categories in the next fiscal year, an estimated 19,850 visa numbers will be available in the EB-5 category in the fiscal year 2022 (October 1, 2021, through September 30, 2022).
Highlights
- Generally, an immigrant investor applicant must invest at least $1,050,000 in a “new commercial enterprise,” which will create at least ten full-time jobs that meet certain requirements. In addition, the new law requires that the applicant expect their capital to remain invested for at least two years.
- An immigrant investor applicant can also invest $800,000 in targeted rural and high unemployment areas and a new category of infrastructure projects.
- Investors, their spouses, and children who are in a lawful immigration status in the United States can now file applications to adjust their status to permanent resident at the same time the investor files the immigrant investor petition if visa numbers would be available to them. This change treats the EB-5 category like the other employment-based immigrant visa categories. Applicants for adjustment of status also may apply for and receive authorization to work in the United States.
Process
- First, USCIS must approve the immigrant investor petition.
- Then, the applicant must become a “conditional” U.S. permanent resident, either through immigrant visa processing abroad or by adjusting status in the United States. If eligible, an investor’s spouse and children may also become permanent residents, but each requires a separate immigrant visa number.
- “Conditional” permanent resident status is limited to two years. Within the 90-day period before the two years end, the immigrant investor must illustrate that they have met the investment and job creation requirements.
Erickson Insights
Erickson Immigration Group will continue to share updates as more news is available. If you have questions about anything we’re reporting above or case-specific questions, please contact your employer or EIG attorney.