US Government Updates Timeline for EB-5 Regulations
May 9th, 2018 - The United States Office of Information and Regulatory Affairs (OIRA) and Office of Management and Budget (OMB) updated the Unified Agenda of Regulatory and Deregulatory Actions on their website to list August 2018 as the final action date for the Department of Homeland Security (DHS) January 13, 2017 Notice of Proposed Rule Making (NPRM) regarding the employment-based, fifth preference (EB-5) immigrant investor classification. The previous final action date was February 2018. Furthermore, the Advanced Notice of Proposed Rulemaking (ANPRM) now lists October for becoming a NPRM.
In the January 2017 NPRM, DHS proposed changes including raising the minimum investment amount from $500,000 to $1.35 million; allowing certain EB-5 petitioners to retain their original priority date; changing the designation process for targeted employment areas; and other miscellaneous changes to filing and interview processes.
With an increase in the minimum investment amount on the horizon, investors are encouraged to move quickly with their application to make sure they can continue to take advantage of the comparatively low investment amount.