EB-5 Visa Gets Temporary Extension

An immigrant invests in EB -5 in order to qualify for a visa, becoming a lawful and permanent resident of the United States. At the National Visa Center, the numbers of EB-5 visa applications have continued to pile up. As of November 1 2017, the Annual Report of Immigrant Visa Applicants (those sponsored by families and with employment preferences) shows that there has been a 23% rise in the EB-5 visa application backlog, as compared to last year. There is a noted 17% increase in pending EB-5 applications from mainland China and a 106% rise in applications pending from other countries. The 4^th quarter of FY2017 petition stats have also raised and this is what is required for the EB-5 visa backlog to fall.

The maximum number of EB-5 visas to be issued by the State Department is fixed; hence here arises a need to remove conditions from a number of petitions for a speedy system. On the other hand, in some cases where people have been granted conditional permanent residence, there are signs of failures in the completion of the EB-5 process. This also needs special attention on the part of the authorities.

The EB-5, also known as the golden visa, has witnessed a third extension this year. EB-5 Regional Center statute has been extended without any change in the rules to January 19th, 2018.There has been no halt in investments and many have continued to file their I-526 at the present amount of $900,000. The anticipated new EB-5 statute, with a minimum investment of $925,000 has not yet hindered the investors to postpone their investments.

EB-5 Stakeholder Call: The USCIS (U.S. Citizenship and Immigration Services) in its EB-5 stakeholder call had some developments on the EB-5 unit’s new leadership goals that aim to develop a speedy system for adjudications. The USCIS is determined to implement new regulations regarding EB-5 by April 20, 2018. The proposed rule involves an increase in the investment amount to $1,350,000 in a TEA.

The federal agency, USCIS plays a significant role in administrating lawful immigration into the United States. Its Investor Protection Office processes applications from the Regional Center (Form I-924) and petitions from the investors (Form I-526 and Form I-829) followed by their adjudication. Earlier this year, USCIS had initiated a program in which its staff was handled the task of organizing Regional Center Compliance Reviews  that would assist in verifying the data comprised in the petitions of the regional center. The overall motive of this program was bent towards improving the EB-5 program’s integrity.

Nowadays many regional centers are engaging independent third parties for EB-5 transactions with an aim to reduce risks and boost confidence in the investors. ITPs would now be required to sign before the funds of the investors are transferred into the account.

There is a likelihood of an increase in the investment amount for the EB-5 visa. In these times of changing immigration laws and regulations, investors in the EB-5 program will have to be very careful about working with experienced immigration lawyers and firms who have a record of successful EB-5 dealings.

Mark Ivener is a nationally recognized EB-5 Business Immigration Attorney, working to represent its investors, foreign executives and seekers of temporary and permanent visas. Navigating the EB-5 Visa program is increasingly complicated and it is best handled through proper legal counsel.