In a recent memorandum, USCIS officials recommended a partnership with the Department of Commerce (DOC) to help the underutilized EB5 program become more accessible to foreign investors. “USCIS views the EB-5 program as an important tool in assisting the U.S. economy as our country continues to recover from the recent recession.”
Below is an excerpt from that memorandum.
TO: Alejandro N. Mayorkas, Director
FROM: Denise A.Vanison. Policy and Strategy, Roxana Bacon, Office of the Chief Counsel, Debra A. Rogers. Field Operations, Donald Neufeld, Service Center Operations
SUBJECT: Administrative Alternatives to Comprehensive Immigration Reform
B. To Foster Economic Growth
1. Partner with Department of Commerce (DOC) to administer’ the EB-S Immigrant Investor Program
The EB-5 program allows certain aliens who have made investments in US businesses and who created at least ten jobs to obtain LPR status. Due to a number’ of factors the EB5 program has been underutilized and, as a result, job creation under this program has been limited. USCIS views the EB-5 program as an important tool in assisting the U.S. economy as our country continues to recover from the recent recession. Currently, an opportunity exists for USCIS and the DOC to work together in promoting the EB-S Immigrant Investor Pilot Program (Pilot Program). The goals of the Pilot Program and the goals of certain DOC components, such as Invest in America, seem to provide a natural starting point for agency collaboration. OPS proposes setting up a working group with the DOC to determine how DOC might assist USCIS in making the EB5 program more accessible to foreign investors thorough administrative efficiencies and promotion.
Implementation Method: Working group sessions between DOC and USCIS. Probable rulemaking to codify joint administration of the EB-5 Program once parameters are agreed upon between the two agencies.
Resources/Considerations: DHS and USCIS leadership agree that the partnership with DOC would be beneficial to USCIS as well as the EB-5 stakeholder community. Need to coordinate with DOC.
Target Date: To be determined. [We can begin cooperating with Invest in America immediately.] Allow 3-9 months so that the low hanging fruit can be harvested first.