By Robert P. Gaffney, Esq.
The Office of Information and Regulatory Affairs has on June 28, 2019 completed its review of USCIS’s proposed EB-5 modernization regulations, once more throwing the future of the EB-5 program into uncertainty. The OIRA notification confirms that the draft regulation has not been returned to USCIS “with changes” in the language of the proposed regulation published in early 2017. The EB-5 industry is anxiously waiting to see what those changes entail. The proposed regulations in circulation would increase the minimum investment amounts for both TEAs and non-TEAs and reduce the number of areas qualifying as TEAs. It is generally expected that the changes would take effect 30 to 60 days after publication of the final rule.
Prospective EB-5 investors are understandably concerned about the future of the EB-5 program, and many are rushing to invest in projects with the current minimum investment amount ($500,000 for qualifying TEAs) in order to file their I-526 petitions in advance of the effective date.
To safeguard against the uncertainty surrounding these new “modernization” regulations, EB-5 investors, who will be unable to participate in the EB-5 program in the event of an increase in the minimum investment amount, should work with competent immigration counsel to finalize the preparation of their source of funds documentation in advance of the effective date, as this is often the most time-consuming part of putting together a successful I-526 petition.
Please contact us to schedule a phone or in-office consultation so that we can discuss your immigration needs and challenges. With over 35 years of experience, the Law Offices of Robert P. Gaffney is ready to help you navigate the labyrinth of the US immigration system in these challenging times.