Ten things all investors should know about the revamped EB-5 visa program
Here is the scoop on concurrent filing , new visa categories , investment funds , agent fees , redeployment and processing times in the new EB-5 Reform and Integrity Act .
By Joseph Barnett , Vivian Zhu , and Bernard Wolfsdorf
It ’ s been over a year since the EB-5 Reform and Integrity
Act of 2022 (“ RIA ”) came into play . Here are ten things that prospective EB-5 immigrant investors should be aware of .
1 . CONCURRENT ADJUSTMENT OF STATUS
OPPORTUNITIES – For certain persons lawfully in the U . S ., the RIA provides a unique opportunity to file an adjustment of status and obtain employment authorization and advance parole to travel internationally even before the EB-5 petition is approved . Many are taking advantage of this new avenue . While dual intent nonimmigrants , such as H , or L-visa holders can file immediately upon entry , for others , it ’ s important to note that entering with immigrant intent on visitor ’ s visa can be problematic .
2 . LAYOFFS AND INA 245 ( K ) – Sadly many foreign nationals on H-1B visa status are being laid off and some are turning to EB-5 as the best option to remain in the U . S . Immigrant investors who fail to maintain lawful status , engage in unauthorized employment , or violate the terms and conditions of their nonimmigrant visa may still be eligible to file a concurrent EB-5 petition and adjustment of status , provided the aggregate period of the violations is 180 days or less since the last lawful entry .
3 . RESERVED VISA CATEGORIES – The RIA created new visa categories that are current in the monthly visa bulletin because USCIS processing of new Form I-526Es
remains slow . USCIS has indicated it received 980 Form I-526Es , but nobody knows the investor ' s country of birth or the visa category ( rural or high unemployment ). It ’ s unclear how long they will remain current and what the Final Action Date will be . Note , even though the Visa Bulletin is current today this does not mean a visa backlog won ’ t be in existence at the time a Form I-526E is approved . Investors should file as soon as possible to be in the front of the line .
4 . PARTIAL INVESTMENTS – To secure a spot in the visa line , one must file a Form I-526E . To file Form I-526E , one must have invested , or be actively in the process of investing , the minimum investment amount . For those who want to file now but do not have liquidity , making a partial investment and completing the investment within 12 months is a possibility . The critical aspect is for the funds to be clearly identified and to be able to show the investor is in the process of investing and transferring the funds .
5 . SOURCE OF FUNDS – The RIA removed the requirement that a loan must be collateralized by the investor ’ s personal property . It now requires that gifted and borrowed funds must be made to the investor in good faith , and that the donor or lender ( except banks ) must provide evidence on source of funds . The RIA also prohibited funds from any agency , official , or other similar entity or representative of a foreign government entity ( with limited exception ).
6 EB5 INVESTORS MAGAZINE