Latest EB-5 News
Martin in the Wall Street Journal
The Wall Street Journal published my op-ed piece about the H-1B visas for technology workers. This is my third Wall Street Journal article. Click here to read the article in its entirety. WSJ subscribers can view the article online at this link: http://online.wsj.com/news/article_email/SB10001424052702303647204579544362260141496-lMyQjAxMTA0MDAwNzEwNDcyWj.
There are again rumors on the Chinese EB-5 blogs that USCIS will increase the minimum EB-5 investment amount. The law provides the amount is $1 million but may be reduced in a targeted employment area (TEA). USCIS set the minimum TEA investment at $500,000.
A recent government report suggested raising the amount to thwart fraud. How the amount of investment will deter fraud was not explained.
What also may be fueling the rumors is recently the USCIS stated it will rewrite the rules for EB-5 visas, and who knows what exactly that will entail? Possibly an adjusted amount of investment in a TEA will be part of the USCIS package.
Call for Input?
On short notice last week, the USCIS held a call for the public to suggest changes to the EB-5 regulations. People offered suggestions, but the USCIS officials declined to comment. The USCIS also has given the public a few days to submit written comments and suggestions. I think the USCIS already knows what it wants to do. Its May 30, 2013 memo may be a guide. But anti-fraud will be a major theme.
The EB-5 regulatory process involves USCIS writing draft regulations and providing the public time to comment in writing. Then USCIS must get approval from the Office of Management and Budget, and possibly the White House, before publishing final rules.
When the USCIS issues the proposed regulations, I will provide a summary.