New EB-5 Law

The EB-5 Reform and Integrity Act of 2022 (“RIA”) repealed the regional center program that had existed from 1993 to 2021, and authorized a new regional center program effective as of May 14, 2022.

RIA also makes changes that affect the direct EB-5 program, including increased minimum investment, changed Targeted Employment Area process and definitions, new structure limitations, and new visa availability restrictions.

Links:

• Updates:
  • On August 24, the plaintiffs in the Behring Regional Center case reached a Settlement Agreement with USCIS (subject to approval by the judge). For interpretation, see Robert Divine’s article “Settlement Allows Previous EB-5 Regional Centers to Sponsor New Investors” (August 25, 2022)
• New Law:
  • The EB-5 Reform and Integrity Act of 2022 can be found in H.R.2471 – Consolidated Appropriations Act, 2022 enacted on March 15, 2022. Here is my folder with the RIA text extracted and formatted with headings.
• New Forms to comply with RIA (subject to revision based)
  • Form I-956 Application for Regional Center Designation
  • Form I-956H Bona Fides of Persons Involved with Regional Center Program
  • Form I-956F Application for Approval of an Investment in a New Commercial Enterprise
  • Form I-956G Regional Center Annual Statement
  • Form I-526, Immigrant Petition by Standalone Investor
  • Form I-526E Immigrant Petition by Regional Center Investor