EB-5 Program Action Date
On December 14th, 2017 the Office of Information and Regulatory Affairs (OIRA) published the fall 2017 Unified Agenda of Regulatory and Deregulatory Actions. In the Unified Agenda, the final action date on proposed changes to the EB-5 program moved from April 2018 to February 2018. This is a significant step towards long-awaited changes to the program. One of the most highly anticipated changes is an increase in the minimum investment from $500,000 to $1.35 million. Other changes aim to:
· Priority date retention for EB-5 petitioners
· Revisions to the TEA designation process, including the elimination of state designation of high unemployment areas as a method of TEA designation.
· Revisions to the filing and interview process for removal of conditions on lawful permanent residence.
In January of 2017, the Department of Homeland Security (DHS) proposed to amend the regulations governing the employment-based, fifth preference (EB-5) immigrant investor program through a Notice of Proposed Rule Making (NPRM). This announcement was followed by a comment period where stakeholders were able to provide regulatory bodies with feedback.
Although changes to the EB-5 program are imminent, we will not know the final outcome until DHS finalizes the rule or there is congressionally led change. FirstPathway Partners will provide updates as new information becomes available.
Click here to read the full EB-5 Immigrant Investor Notice of Proposed Rulemaking.