On November 21, new rules entered into effect on EB – 5 Immigrant Investor Program
The Immigrant Investors Program (EB-5) allows foreign investors to apply for permanent residence in the U.S. (green card) if they invest in a commercial enterprise and create or preserve 10 full-time jobs for qualified American workers. USICS published the final rules on July 24, and on November 21, they entered into effect.
Under the new rules, the minimum investment is now $1.8 million (originally $1 million) for non-TEA (Targeted Employment Areas) and $900,000 (originally $ 500,000) for TEA areas, namely highly unemployment and/or rural areas. Beginning on October 1, 2024, and every five years thereafter, this amount will automatically adjust based on the cumulative annual percentage change in the unadjusted All Items Consumer Price Index for All Urban Consumers (CPI–U) for the U.S. City Average reported by the Bureau of Labor Statistics as compared to $1,000,000 in 1990.
Gerrymandering governmental competences (through manipulation of boundaries) has been revised: DHS will be responsible for the designation of all TEAs.
In addition, the new rules clarify that, in most circumstances, an investor’s derivative family member (i.e. spouse or child) must file their own petitions to remove conditions from their permanent residence when they are not included on the investor’s petition to remove conditions. They also update the regulation to conform to the current EB-5 Visa process for issuing permanent resident cards (Green Cards).
More information on the new EB-5 Program rules is available here. The “Reform and Integrity Act” is available here and the Bill text is available here.
The information provided here does not, and is not intended to, constitute legal advice but simply information for general purposes only and may not be the most up to date. Use of our website or any of its links or resources do not create an attorney-client relationship between the reader, user, or browser and the law firm. The views expressed at, or through, this site are those of the individual authors writing in their individual capacities only.