By Joao Morais Almeida
There is a significative change in the amounts needed for this program.
The USCIS has published in his website the following (https://www.uscis.gov/forms/explore-my-options/eb-5-employment-based-immigration-immigrant-investor-program):
Alert: On June 22, 2021, the U.S. District Court for the Northern District of California, in Behring Regional Center LLC v. Wolf, 20-cv-09263-JSC, vacated the EB-5 Immigrant Investor Program Modernization Final Rule. While USCIS considers this decision, we will apply the EB-5 regulations that were in effect before the rule was finalized on Nov. 21, 2019, including:
· No priority date retention based on an approved Form I-526;
· The required standard minimum investment amount of $1 million and the minimum investment amount for investment in a Targeted Employment Area (TEA) of $500,000;
· Permitting state designations of high unemployment TEAs; and
· Prior USCIS procedures for the removal of conditions on permanent residence.
In other words, we are applying the regulations in effect before Nov. 21, 2019, on this website and in the USCIS Policy Manual, Volume 6, Part G, Investors. In addition, we again will accept the April 15, 2019, version of Form I-526, Immigrant Petition by Alien Entrepreneur, because the Nov. 21, 2019, version of the form reflects updates from the now-vacated rule.
What this means is that for the time being the amounts of investment have been greatly reduced!!!
Where you needed 1,800,000.00 (one million eight hundred thousand dollars) now you only need 1,000,000.00 (one million dollars).
And in the Targeted Employment Areas (TEA) the amount was reduced from 900,000.00 (nine hundred thousand dollars) to 500,000.00 (five hundred thousand dollars!!!
So, if you are deciding about this move, now is the time, before law changes and amounts go up again!!!
As a rule, monetary qualifications for a Visa do not tend to came down, but to go up, because (just guess…) Government always want more money, never less…
So, when the amount needed for an Investor Visa comes down, you can count that is very likely to go up again soon…
People: Time is of essence!
Disclaimer: Nothing that we wrote constitutes a Legal Advice. We do NOT provide Legal Advice. For Legal Advice in Florida consult www.floridabar.org , the website of Florida Bar Association. Or you can find a lawyer here: https://www.floridabar.org/directories/find-mbr/
Joao de Morais e Almeida