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March 10 2022

EB-5 Regional Center Law is Being Extended!

Yea, after lapsing 8 months ago, it appears the EB-5 Regional Center law is being re-authorized, assuming it remains in the Budget Bill.  This bill needs to be enacted by March 11, but Congress may extend the time a bit to March 15.  If extended, which seems probable, it will change the EB-5 rules as follows:
  • Pending cases under the old rules will be “grandfathered” and proceed per the old rules.
  • For new applications, the investment amount will increase to $800,000 in a Targeted Employment Area (“TEA”) and $1,050,000 in other areas.
  • Take the TEA determinations away from states and give it to USCIS.
  • 245(k) is allowed for EB-5 (i.e., 180 days out of status or working without permission will not impact eligibility for adjustment of status (Form I-485)).
  • Applicants in the U.S. can concurrently file for adjustment of status (Form I-485) with the I-526 [similar to I-140 employer-sponsored cases].
  • Most changes will become effective in 60 days.
I will soon provide further information about other provisions.
I hope pending cases can soon move forward – but of course that will take the government some time.  Many American Consulates are still recovering from COVID.  I will be contacting a number of American Consuls abroad to request interviews be scheduled and pending applications be completed.  Before I can answer all of your questions, please give me a little time to learn the details.