The Department of Homeland Security’s (“DHS”) EB-5 Modernization Regulations were published on the Federal Register’s website, indicating the first significant changes in the EB-5 Investor Visa Program since 1993.
The new regulations state the effective date for these changes is November 21, 2019. The regulations clarify that anyone filing their I-526 petition prior to November 21st 2019 will be adjudicated under the current rules of the EB5 program. With many technical changes in the new regulations, there are a couple major noteworthy changes:
· An increase of the minimum investment amounts
· New TEA rules (the USCIS will now be responsible for approving)
NEW DOLLAR AMOUNT:
The minimum investment amount will increase significantly from $500,000 to $900,000 in a qualified targeted employment area (“TEA”). Investment amounts in a non-TEA increase from $1 million to $1.8 million
The regulations also include provisions that the investment amounts will be adjusted every five years based on inflation.
NEW TEA DESIGNATIONS:
DHS will make TEA designations directly now (taking them away from the individual States).