Latest EB-5 News
Today, the Department of Homeland Security sent new proposed rules to the Office of Management and Budget (“OMB”). This is the first step to increase the minimum EB-5 investment amount required for immigration to $800,000.
The government has not released the text of the new rule, but accounts say they are similar to what OMB published in the fall. The OMB at that time said the new rules will involve “increases to the required investment amounts” and “revision of the Targeted Employment Area requirements…” Previously USCIS told Congress it will increase the minimum investment amount for EB-5 visa applications to “$800,000.”
The OMB has 60 days to comment on the proposed rules and then USCIS can publish them in the Federal Register. The public will be given 30 to 60 days to comment on the proposed visa application rules. After reviewing the comments, the government can publish and implement the final rule.
EB-5 visa applications for both direct and Regional Center projects should be filed soon. It is clear that the minimum EB-5 investment capital will be increasing.
As always, our lawyers at Lawler & Lawler are happy to advise investors and others seeking an EB-5 visa with any questions on the upcoming rule changes.
Have a good holiday and a great 2017.