U.S. Citizenship and Immigration Services announced updates to the Policy Manual regarding the EB-5 Reform and Integrity Act of 2022 (RIA). The EB-5 program gives qualifying foreign investors the ability to apply for legal permanent resident (green card) status for the investors, their spouses, and children under age 21. In 2022, President Biden signed into law the RIA which updated general eligibility requirements, and reshaped and reviewed authorization of the Regional Center Program, adding substantial new provisions to address integrity.
The EB-5 program was introduced to stimulate the U.S. economy by partnering with foreign investors to create jobs in the U.S. Investment in commercial projects is associated with regional centers. USCIS reviews proposals and adjudicates applications. To qualify, foreign investors must:
Make the necessary investment in a commercial enterprise in the United States; and
Plan to create or preserve 10 permanent full-time jobs for qualified U.S. workers.
This visa is an employment-based visa with a fifth preference, therefore referred to as EB-5.
USCIS updated guidance for investor petitions on October 6, 2022, to ensure the petitions align with the new law. This update further details the statutory reforms for regional center designation and requirements. Further, clarification on the adjudication of investor petitions is added. New content is added to clarify regional center designations and requirements, project applications, and third-party and direct promoters.
The latest updates are effective immediately and supersede any prior guidelines.
If you have questions about the EB-5 reform program or any other immigration-related issue, contact us at ILBSG. We actively monitor ongoing updates to ensure our clients get the right advice.
