Significant Changes to the EB-5 Immigrant Investor Program
On July 24, 2019, USCIS published the much anticipated final regulation overhauling the EB-5 Immigrant Investor Program. This program was created by Congress in 1990 to promote employment creation in the United States. Under the EB-5 program, foreign nationals are able to apply for permanent resident status if they make a required minimum investment in a new commercial enterprise which will create 10 full-time jobs in the United States.
The regulations published yesterday, which take effect on November 21, 2019, will increase the standard minimum investment amount from $1 million to $1.8 million, and the minimum investment amount in a Targeted Employment Area (for enterprises located in rural areas or areas with high rates of unemployment) from $500,000 to $900,000. The increases in minimum investment amounts, which are the first since 1990, will automatically adjust for inflation every five years.
For individuals who have been considering the EB-5 program as a path to permanent residence in the United States, now is the time to act before the minimum investment amounts increase in November. If you are interested in learning more about the EB-5 program, please contact Grace Zimmerman who is the attorney responsible for our EB-5 practice. She can be reached at Grace@larrabee.com or 858-642-0420 x378. Thank you.