Monday, July 1, 2019 – The Office of Information and Regulatory Affairs (OIRA) part of the Office of Management and Budget (OMB) has officially concluded review but not yet released the “EB-5 Immigrant Investor Program Modernization” rule moving it to the Final Rule stage. To become effective, the rule must be published by U.S. Citizenship and Immigration Services (USCIS) in the Federal Register; the date of this release has not yet been announced nor have the contents of the final rule. The rule is expected to go into effect 30 - 60 days after being published.
While the final rule has not yet been published, the draft rule included 1) Increases to the Investment Amounts, 2) Changes to TEA Designations, 3) Limited Priority Date Retention, and 4) Clarification to Derivative Removal of Conditions.
Investors are urged to be proactive and file petitions prior to the rule being made effective. The rules will not be retroactive, so anyone filing prior to the effective date can still take advantage of the current rules including the $500,000 minimum investment amount.