The Immigrant Investor Program or more popularly known as the EB-5 (Employment Based - Immigration reference 5) was created by the US Congress in the year 1990 to stimulate the US economy through capital investment by foreign investors and creation of jobs. The EB-5 program is administered by (USCIS) U.S. Citizenship and Immigration Services, it allows qualified foreign investors who meet the basic eligibility criteria such as capital investment and job creation, to obtain their Green Card (Permanent Residency of the USA).
Since its launch the EB-5 Program has attracted billions of dollars in capital investment from across the world into the US economy, creating millions of jobs for US workers.
There was welcoming news for all EB-5 investors awaiting approval of their applications and for future investors, in early March. The EB-5 program was in a limbo for over 8 months since the program lapsed in June 2021. The US congress passed the EB-5 program Reform and Integrity Act of 2022, which has authorised the program till September 30, 2027, unlike the past when the program was authorised for shorter periods. The new program increases the minimum investment required and sets a reserve visa quota for investment in rural areas, high unemployment areas, and infrastructure projects.
Upon execution the new avatar of EB-5 will require an investor to invest a minimum amount of USD 1,050,000 in the Non-Targeted Employment Areas (Non-TEAs) and an amount of USD 800,000 as investment for the targeted Employment Areas (TEAs). An amount of USD 800,000 for infrastructure projects. All these investments may get revised in the year 2027.
Quota Allocation: 32% of the annual EB-5 quota will be reserved for some unique EB-5 project - for the qualifying infrastructure projects governed by federal, state or other government entities will have 2% of quota reserved, the largest quota of 20% has been reserved for investments being made in the designated rural areas the United States, 10% quota is reserved for investment in designated high unemployment areas.
Preeminence: It will be a prerogative of USCIS to give preeminence to EB-5 Investments in rural areas.
Designated Target Employments Areas - The Homeland Security of the United States will be responsible for identifying and designating TEAs.
Protection for foreign Investors: The new EB-5 law will permit the investor to obtain the Green Card, even if the EB-5 program is terminated by any new resolutions passed by the congress or its termination by expiry of the program in future.
Additional Fee: EB-5 investors would be required to pay a fee amounting to USD 1,000, which is also rated towards the Integrity Fund.
To summarise, the new avatar of EB-5 program is a huge win in terms of the reforms it brings into the existing EB-5 which has remained unchanged excepting time-to-time increase in the minimum investment requirements. If you need more information, feel free to talk to us or visit our website and for free consultation please fix an appointment with a XIPHIAS Consultant.
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