DOS January 2018 Visa Bulletin Offers Interesting EB-5 Insights

The U.S. Department of State’s (“DOS”) recently published Visa Bulletin For January 2018 has some interesting information for investor’s interested in EB-5 visas. The bulletin, released on December 11, lists the Final Action Dates for the $900,000 (I5) and $1,000,000 (R5) investments in EB-5 Regional Centers (“RCs”) as “Unavailable”. The bulleting tells us that “the continuing resolution signed on December 7, 2017 extended this immigrant investor pilot program until December 22, 2017. The I5 and R5 visas may be issued until close of business on December 22, 2017, and may be issued for the full validity period.” At the same time, “no I5 or R5 visas may be issued overseas, or final action taken on adjustment of status cases, after December 22, 2017.”

It also stated that “for FY-2018, the final action dates would immediately become “Current” for January for all countries except China-mainland born I5 and R5 which would be subject to a July 22, 2014 final action date.”

This means that unless Congress extends the EB-5 RC program, EB-5 RC visas cannot be issued in January 2018.

The RC program is closely linked to a variety of other programs, some of which require re-authorization. Given this, we do expect Congress to pass a Continuing Resolution to extend the EB-5 RC program, at least through January 18, 2018.

After that point, Congress could go in a variety of directions. One likely solution will be another extension through at least April 2018.

If there is no EB-5 program reform put in place, we expect that the Department of Homeland Security’s current EB-5 regulation proposals will go into effect. These regulations would include an increase in the minimum investment amount, changes to Targeted Employment Areas (“TEAs”) and “integrity” reforms. L. Francis Cissna, director of US Citizenship and Immigration Services, has stated that he would prefer to find a regulatory solution, so we think it is highly possible that he will support regulatory changes.

With all of these changes still being solidified, we strongly recommend that individuals hoping to utilize the EB-5 program seek the aid of an experienced EB-5 attorney. Please reach out to Mark Ivener for guidance on how to most effectively pursue your EB-5 visa.