Major EB-5 Change Finally Taking Place
The first overhaul of the EB-5 program since 1993 will take effect on November 21, 2019.
Under the EB-5 program, individuals are eligible to receive lawful permanent residence in the U.S. by investing in a commercial enterprise in the U.S. and create 10 permanent full-time jobs for qualified U.S. workers.
Major changes to the EB-5 program include:
- The investment requirement in a Targeted Employment Area (TEA) will increase from $500,000 to $900,000. The standard investment requirement (non-TEA) will increase from $1 million to $1.8 million. Additionally, the minimum investment amounts will automatically adjust for inflation every five years.
- TEA designation reforms: USCIS will now directly review and determine TEA designation to prevent manipulation of an area’s boundaries by combining a prosperous project location to a distressed community in order to qualify the project area as a high-unemployment area.
Investors who file their EB-5 applications before November 21, 2019 will still qualify under the current rule of $500,000 investment minimum (or $1M in non-TEA zones).