U.S. Citizenship and Immigration Services (USCIS) provided updates on changes to the EB-5 Immigrant Investor Program as a result of the EB-5 Reform and Integrity Act of 2022 (RIA). This information is meant to clarify the required investment timeframe for EB-5 investors and how we deal with investors connected to terminated regional centers.

On March 15, 2022, the RIA was signed into law, modifying aspects of the EB-5 program. These changes impact the required investment timeframes for investors filing certain petitions after the RIA’s enactment. It also introduced provisions for good faith investors to maintain eligibility if their regional center is terminated.

Investment Timeframe

  • Investors who file petitions after the RIA’s enactment no longer have to maintain their investment throughout their conditional residence. Instead, their investment must be expected to stay invested for at least two years, provided job creation requirements are met.
  • USCIS considers the two-year period to begin from the date the qualifying investment was made. If the investment was made more than two years before filing the I-526 or I-526E petition, the investment should still be in place when individuals file to evaluate eligibility.

Terminated Regional Center

  • The RIA introduced a provision (INA 203(b)(5)(M) that permits good faith investors associated with terminated regional centers to retain eligibility in specific circumstances.
  • USCIS interprets this provision to apply to investors associated with terminated regional centers, whether they filed before or after the RIA.
  • For pre-RIA investors, USCIS provides flexibility in responding to a regional center termination notice until the related Form I-526 petition is decided. USCIS may issue Requests for Evidence or Notices of Intent to Deny to ensure eligibility.
  • In some cases, the response deadline may be extended to 180 days, reducing operational burdens and helping good faith investors retain eligibility.
  • If a regional center is terminated for administrative noncompliance, it’s less likely to affect pre-RIA investors’ eligibility since their investments and job creation should continue as planned.
  • Response deadlines may not be extended when a regional center is terminated for substantive reasons that could impact investors’ eligibility.

If you have questions about the EB-5 program or any other immigration-related issue, contact us at ILBSG. We actively monitor ongoing updates to U.S. immigration policy to ensure our clients get the right advice for their specific situations.

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