Immigration Service has changed the conditions for issuing EB-5 investment visas - ForumDaily
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The Immigration Service has changed the conditions for issuing EB-5 investment visas

Citizenship and Immigration Services (USCIS) announced changes in the conditions of the EB-5 visa program for immigrant investors, which was the first significant revision of the rules from 1993 of the year. Updated rules will be officially published 24 July, and will take effect after 21 November 2019 year.

Фото: Depositphotos

Фото: Depositphotos

Changes include:

  • increasing minimum investment amounts;
  • revision of standards for the definition of targeted employment areas (TEA);
  • transfer of responsibility for identifying and managing target employment zones to USCIS;
  • clarification of USCIS procedures for removing the convention from the green card;
  • permission for EB-5 applicants to maintain a priority date under certain circumstances.

Under the EB-5 program, individuals are eligible to apply for lawful permanent residence in the United States if they invest in a commercial enterprise in the United States and create or (under certain circumstances) retain 10 permanent jobs for qualified US employees.

“Nearly 30 years ago, Congress created the EB-5 program to help U.S. workers, stimulate the economy, and help struggling communities by encouraging foreign investment in the United States,” said USCIS Acting Director Ken Cuccinelli. — Since its inception, the EB-5 program has deviated from Congressional intent. Our reforms improve the level of investment adjusted for inflation over the past 30 years and significantly limit the potential for fraud to ensure that reduced investment is reserved for areas of greatest need—rural and high-unemployment areas. The final rule strengthens the EB-5 program by returning it to Congressional intent.”

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What will change:

Increase the minimum amount of investment. Starting from the effective date of the final set of rules, the standard minimum investment level will increase from 1 million to 1,8 million US dollars (for the first time from 1990, taking inflation into account). The rule also keeps the minimum 50% investment differential between the TEA and non-TEA zones, thereby increasing the minimum investment amount in TEA from 500 000 to 900 000 US dollars. Minimum investment amounts will be automatically adjusted for inflation every five years.

Designation of targeted employment areas (TEM). The last rule outlines the changes in the EB-5 program aimed at combating the development of areas with high unemployment (which means deliberate manipulation of the boundaries of the constituency). The identification of such areas was usually carried out through frauds in order to link the prosperous location of the project with the problem community and to obtain an average level of unemployment that meets the requirements.

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Starting from the effective date of the final rule, the state will no longer identify geographic and political units with high unemployment, instead the Department of Homeland Security will make such designations, limiting the composition of the TEA based on the census blocks. This will ensure fair appointments of targeted employment zones, which will help zones more accurately adhere to the intentions of the Congress - investing in areas most in need.

Clarification of USCIS procedures for removing the convention from the green card. This clause revises the rules, which clarifies that some family members who are lawful permanent residents must independently submit documents to remove the convention from their green card. This requirement will not apply to those family members who were included in the petition of the main investor to remove the convention. The rule optimizes the decision making process.

Allowing EB-5 applicants to keep the priority date. The rule provides greater flexibility to immigrant investors who have previously approved an EB-5 application. When they need to submit a new EB-5 application, they can save the priority date of the previously approved petition with some exceptions.

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