EB-5 Regional Center Program
On May 15, 2022, the EB-5 Regional Center Program received its long-awaited 5-year extension and will continue unchanged through 2027.
Investors will have to wait for the reauthorization of the Regional Centers before they can file their petition. Under the law passed in March of this year, Regional Centers will need to resubmit registration applications to prove they meet all the new requirements in order to continue working with investors.
In the past, it could take several years for Regional Centers to be registered, but now the outlook is more optimistic. First, a lawsuit has been filed against U.S. Citizenship and Immigration Services to shorten the time to re-register. Second, reputable industry players, including Regional Centers, report that in practice, authorization could take two to six months.
Major Regional Centers are already actively engaged in the process of accepting investor acceptance in 2022. The industry expects the authorization of Regional Centers with a transparent structure and management system where the qualifications of owners and employees are appropriate for the position, so not all organizations will be able to continue their work.
The stricter requirements for Regional Centers will undoubtedly have a positive impact on the EB-5 investor participation process.
EB-5 Direct Program
The Direct Investment Program is still available to investors. As of March 15 this year, direct program investments can only be made in your own projects or franchises. Any form of investment by two or more investors in a single project under the EB-5 program may only be made through Regional Centers.
Review of investor petitions filed before March 15, 2022
As of April 11, 2022, processing of pre-Brexit I-526 and pre-I-829 investor petitions resumed. Petitions are subject to current EB-5 program requirements at the time of filing.
Beginning the EB-5 process in 2022
It will not take long to reauthorize Regional Centers, so we have already begun the preparatory process with our clients.
We recommend that you start your preparations now. Getting a green card for US investment under the EB-5 program is a multi-step process that involves collecting and submitting a large package of documents. First, you need to learn the requirements for investors, and especially, you need to decide on the source of the funds. Next, you will need to consult with immigration attorneys, and tax specialists, and become familiar with the work of the Regional Centers.