On February 22, 2019, new “EB-5 Immigrant Investor Program Modernization” regulations were received for review by the Office of Information and Regulatory Affairs (OIRA), a part of the Office of Management and Budget (OMB). This is the eighth step out of nine steps in the rulemaking process (see regulatory process below).
Once OMB finishes its review, which is typically a 90-day process, new EB-5 regulation will be published in the Federal Register and become effective within 60 days of publication.
Although it is not known what is in the rule the OMB received, or what changes may have been made from the rule as proposed, these new EB-5 regulations will almost certainly make significant changes to the current EB-5 program.
Importantly, the rule as proposed would significantly increase the minimum investment amounts, from $500,000 today to $1,800,000 [or $1,350,000 if project located in TEA] as well as change high unemployment TEA definitions, among others.
Read more here: EB-5 Modernization Regulation Advances
Given these recent developments, if you are still interested in evaluating LCR’s USCIS-approved EB-5 offerings, please contact us.