August 5, 2019, WASHINGTON, D.C.—The Department of Homeland Security (DHS) has announced a new rule regarding employment-based fifth preference immigrant investor classifications (EB-5 visas) that, among other changes, increases the minimum amount of cash required to secure an EB-5 investor visa from $500,000 to $900,000.
According to the United States Citizenship and Immigration Service, and recently reported by the American Immigration Lawyers Association, the new rule also includes the following changes to the EB-5 investor program:
- TEA Designation reforms, including revising the standards for certain targeted employment area (TEA) designations, with the goal of preventing so-called gerrymandering as a way to qualify for reduced threshold amounts.
- Provides DHS with the authority to designate high unemployment TEAs, based on revised requirements in the regulation.
- Clarifies U.S. Citizenship and Immigration Services procedures regarding the removal of conditions on permanent residence, revising the regulations to clarify that derivative family members must file their own petitions to remove conditions on their permanent residence when they are not included in a petition to remove conditions filed by the principal investor.
- Allows EB-5 petitioners to keep their priority dates by allowing priority date retention to EB-5 investors who file a new petition, unless a prior petition has been revoked by DHS.
Under the EB-5 program, individuals are eligible to apply for lawful permanent residence in the United States if they make the necessary investment in a commercial enterprise in the United States and create or, in certain circumstances, preserve 10 full-time jobs for qualified US workers, according to the Department of Homeland Security. The new rule is effective November 21, 2019.
Obtain insights from an experienced immigration attorney on the following:
|What:||· How will the EB-5 visa change affect foreign investors’ ability to invest in the United States?
· Does it behoove potential investors to obtain EB-5 visas before the changes go into effect?
· What is the potential impact that the changes to the EB-5 visa process could have on the U.S. economy?
|Who:||Tully Rinckey PLLC Partner Michael J. Freestone, Esq., a highly experienced Immigration Attorney, possesses 15 years of immigration law experience. He advises individual and corporate clients on a variety of immigration-related issues and has extensive experience working with employers of all sizes in a variety of industries, including medical research, software development, the steel industry, construction, aerospace, religious organizations, entrepreneurs, and individuals of exceptional ability.|
|Where:||Mr. Freestone is available for interviews via phone or Skype. Tully Rinckey PLLC also has the ability to participate in high-definition videoconferencing.|
To arrange an opportunity to speak with Michael Freestone, please contact Christina Couto at (518) 640-1249 or via email at ccouto@tullylegalcom