Last month, the United States government announced that a November “Final Rule” date had been scheduled for a set of proposed EB-5 immigrant investor visa reforms. The reforms have far-reaching and heavy implications for EB-5 investors, which could incite some resistance to the changes from influential parties.
The most notable proposed changes would increase the minimum investment levels from $1 million to $1.8 million, an 80% increase. TEAs would see a minimum investment increase from $500,000 to $1.35 million, a dramatic 270% increase. While the investment increase has been propped up as a way to bring in more money from foreign investors, the significance of the spikes in the required investment amounts could actually deter future foreign investors from bringing money into the country in this way.
At this time, no official effective date has been named, but it is anticipated to occur shortly after the “Final Rule” occurs. Due to the significance of the proposed changes, the United States Customs and Immigration Service (USCIS) will host a teleconference on Monday, November 19th, 2018 to discuss EB-5 program updates and address questions and concerns. The conference is free and open to all who register ahead of time.
The changes have been proposed amidst an ongoing EB-5 visa scandal involving a proposed-but-canceled 630-foot Staten Island Ferris Wheel. The New York Times reported in a recent article — which you can view by clicking here — that more than 400 foreign investors put $200 million total into the project, each of them putting $500,000 down. With the massive Ferris wheel and revitalization project scrapped, questions have arisen about what will happen to the investment money, or if it was ever used towards funding the project in the first place.
If you require legal assistance with EB-5 immigrant investor visas, either filing for one or managing an ongoing case, you can come to Mathur Law Offices. Our Dallas immigration attorneys are backed by 15+ years of legal experience focused on complex immigration law cases. To schedule your case evaluation, call 888.867.5191 or use an online contact form today.