The EB-5 Reform and Integrity Act of 2022 (the Act or the RIA) is the new EB-5 legislation which was signed into law in March 2022 and became effective in May 2022. The Act reauthorized the EB-5 Regional Center Program through September 30, 2027 and implemented various changes to the program such as increasing transparency and security for foreign nationals participating in the program. The Act increased the minimum investment amounts to $800,000 in a Targeted Employment Area (TEA) and to $1,050,000 outside a TEA.
The EB-5 Regional Center program allows foreign investors to obtain U.S. Green Cards for themselves and their qualifying dependents, i.e., spouse and unmarried children under 21 years of age, with a minimum investment of $800,000 in a project sponsored by a regional center. A regional center is an economic unit designated by the United States Citizenship and Immigration Services (USCIS) that pools investments of EB-5 applicants to meet various investment and job creation requirements.
The implemented reforms of the Act have made the EB-5 program more attractive to families looking to immigrate to the United States. Amongst the additional benefits provided for EB-5 applicants include the following key provisions:
- The EB-5 program has been reauthorized until 2027, which is the longest authorization provided by Congress since 2015. This provides security and comfort for EB-5 investors in knowing that the program will not face suspensions during this time period. Additionally, in accordance with the grandfathering provision of the Act, petitions filed on or before September 30, 2026 will continue to be adjudicated even upon the expiration of the EB-5 program.
- Regional centers are to be audited by the Secretary of Homeland Security at least once every five years. Upon a regional center failing to satisfy the requirements of the audit, such regional center will lose its designation.
- Good faith investors are provided with certain protections upon the termination or debarment of a regional center, a new commercial enterprise, or a job-creating entity. Such good faith investors will be given notice by the Secretary of Homeland Security and will have 180 days to either (1) invest in another new commercial enterprise or (2) have the new commercial enterprise associate with an approved regional center.
- Certain EB-5 investors residing in the United States may concurrently submit an Adjustment of Status petition (Form I-485). Such investors will receive a travel permit allowing them to travel outside the U.S. as well as work authorization to work in the United States.
If you are interested in finding out more about the U.S. golden visa program and whether you and your family qualify, contact our team today for a free consultation.