Amid all the excitement of the EB-5 Regional Center Program returning, a key question remains unresolved: that of Regional Center “redesignation”. But a group of leading Senators are giving new investors grounds for hope that this will be cleared up soon.
The US Citizenship & Immigration Services (USCIS) argues that the recent legislation means that all Regional Centers must re-apply for authorization and cannot accept new investors until this has been granted. This could cause delays given the administrative burden on USCIS of having to adjudicate on hundreds of Regional Center applications at once.
However, a group of senior Senators, including Senate Majority Leader Chuck Schumer, have issued a letter to the head of USCIS stating that it was never the intention of the legislation to de-authorize existing Regional Centers.
How USCIS will respond is yet to be seen. Since this is an evolving story, our firm will keep your updated of any new developments. Once Regional Centers are able to start accepting new investors, we predict an uptick in new EB-5 applications. This may have serious impact on demand in places like India. There are only 700 visas available for each country each year, after which that country enters so-called visa retrogression. To avoid such a waiting list – which can span multiple years – it is advisable to start preparing your application in advance, so that it is ready for submission as soon as this issue is resolved.
What is EB-5?
EB-5 is an immigrant visa that offers a pathway to US permanent residency (Green Card) through investment. The minimum investment threshold is $800,000 and it must create ten jobs. In addition to the Regional Center route, the Direct EB-5 route remains open to new investors. Click here to learn more about the EB-5 Visa.
To discuss how this impacts you, please request a call with Mark Davies or Blake Harrison in our EB-5 Team by replying to this email or contacting Neena Singh in our Delhi office:
WhatsApp: +91 95992 99322
Email: [email protected]