OMB Concludes Review of EB-5 Immigrant Investor Program ‘Modernization’ Regulation
This article was prepared with the assistance of ABIL, the Alliance of Business Immigration Lawyers, of which Laura Danielson is an active member.
The Office of Management and Budget (OMB) announced on June 27, 2019, that it has completed its review of the “EB-5 Immigrant Investor Program Modernization” regulation. It is unclear when the regulation will be published or what, if any, changes have been made since the proposed rule was released in January 2017.
The January 2017 version proposed several major revisions to the EB-5 program regulations, such as priority date retention for certain EB-5 petitioners for use in connection with any subsequent EB-5 immigrant petition; increasing the standard minimum investment amount for all new EB-5 petitioners from $1 million to $1.8 million, and increasing the minimum investment amount for investors in targeted employment areas (TEAs) from $500,000 to $1.35 million; making changes to the TEA designation process; and revising the process for removing conditions on permanent residence.