An EB-5 reform bill has been circulating through Congress over the last few months. Although it is still passing from office to office, each making modifications to its language and terms, the bill is expected to be voted upon as part of the Omnibus Bill on March 11, 2022. Currently, there is much push and pull from both parties on provisions of the bill and whether to include it in the Omnibus Bill; however, we won’t know definitively what occurs until the date passes.

Although the public does not know precisely what provisions will be included in the bill in its final iteration, a version of the bill leaked in February notifying us of a few changes we should likely expect:

1- Increased investment amount required: The leaked bill includes an increase in the investment amount needed to file an EB-5 Visa petition from the current $500,000 and $1M to $700,000 and $850,000. The former amount would apply to projects in targeted employment areas, while the latter would apply to those not located in those areas. Notably, the former is an increase from the current $500,000 whereas the latter actually represents a decrease!

2- EB-5 Regional Center Programs: It is expected that all EB-5 Centers will be reauthorized to conduct EB-5 Projects until 2027. However, the Centers will be required to complete an annual compliance certification that discloses the contact information and amount they pay out to their agents, investors, and numerous other team members. An Integrity Fund will be created to ensure that Regional Centers comply with the certification requirements and may monitor and conduct investigations while needed to comply with the requirements.

3-Changes in terminology: The bill will redefine many terms, such as a targeted employment area, high unemployment area, and rural area. These are just some of the few terms expected to be redefined. However, there is a very high likelihood that many others will also be changed.

4- Priority Processing for specific projects: A provision lists different types of projects and requirements that would qualify for priority processing. One of those placed on the list is projects regarding infrastructure development in rural areas. However, this list may be expanded further.

Although none of the above provisions are yet set in stone, the general consensus amongst EB-5 stakeholders is that they are likely to pass. Once passed, we will be able to discern the reform changes in their entirety. However, if you, or someone you know, is thinking about filing an EB-5 Visa petition, it would be prudent to complete the petition before March 11th to lock in the $500,000 amount required in the current legislation in place.

Keep in mind that different Visas may or may not be available to you depending on your citizenship or nationality. Therefore, it is critical that you speak to an experienced immigration professionals well in advance. To explore these options and many more, please contact us by email at [email protected] or by phone at 1-866-724-0085