Latest EB-5 News
Possible Increase in EB-5 Investment Amount
The US Office of Management and Budget (OMB) has just issued its agenda for new regulations and it again includes new EB-5 regulations. The OMB estimated “Final Action” to be in August 2018.The proposed rule change would increase the investment amount and change the TEA rules by moving the decision-making authority for TEAs from the states to the USCIS.
EB-5 Visas at the American Consul in New Delhi, India
The American Consul in New Delhi, India has always carefully reviewed EB-5 visa applications. But it has recently been re-adjudicating EB-5 petitions, which is not permitted per the Department of State rules. Here are a few examples of the Consul’s enhanced review of EB-5 immigrant applications.
The Consul required one EB-5 investor to demonstrate that the 10 jobs were already created. That is not required by law until the I-829 Petition to Remove Conditions on Permanent Resident Status is submitted.
In another case, the Consul asked the applicant to submit documents that were already attached to the I-526 petition: (1) his India bank’s statements from which his investment capital was sent to the EB-5 project, and (2) another letter explaining the source of his investment funds. Both the bank records and his statement were attached to his EB-5 I-526 petition, which already explained in great detail and thoroughly documented his lawful source of funds.
In another case, the Consul questioned why the investor transferred her funds to the EB-5 project via four checks, suggesting it should have been transferred with a single check – which of course is not required.
The Consul is sending some I-526 applications back to USCIS for review and another decision. If reapproved by the USCIS, the applicant will go back to the Consul.