Pres. Biden Approves EB-5 Reform and Integrity Act of 2022

Published: March 28, 2022

On March 15, 2022, President Joe Biden signed HR bill no. 2471 or the “Consolidated Appropriations Act, 2022” into law. As part of the consolidation, the EB-5 Reform and Integrity Act of 2022 (RIA) also became a statute. RIA creates considerable changes to EB5 Program rules, especially among Direct and Regional Center (RC) investments.

RIA 2022 Summary

Here is a summary of RIA-related changes:

1. Reauthorization and extension of the RC Program to September 30, 2027

2. Increase minimum investment amount for Targeted Employment Areas (TEAs) to $800,000 (previously, $500,000)

3. Increase standard or non-TEA minimum investment to $1,050,000 (previously, $1,000,000)

4. Only the USCIS can determine High unemployment TEAs. State letters are no longer allowed.

5. All pre-enactment investors maintain eligibility when they have already filed a Form I-526 for both I-526 and I-829 processing.

6. Applicants can concurrently file Adjustment of Status for both I526 Petitions and INA 245(k) protections

7. New visa set-asides for specific rural, high unemployment, and infrastructure projects

8. New reporting and disclosure requirements

9. Promoters and overseas agents must register with USCIS and disclose fees they collected from RCs and sponsored investors

10. RCs should pay an “EB-5 Integrity Fund” fee annually. It will fund the USCIS’ investigations and site visits of regional center operators, NCEs, and JCEs.

Understand the Law Better

The USCIS will adjust its Policy Manual following the passage of RIA. More so, the agency will create new training and support materials for IPO adjudication teams. Consult with ALG Lawyers for a guided understanding of the recent changes.