EB5 - USCIS confirms approval of the $500,000 minimum investment.
On July 9, 2021, the US Citizenship and Immigration Services ( USCIS ) provided guidance to stakeholders on the application of the judicial order issued two weeks prior, which revoked the Final Rule on Modernizing the EB-5 Immigrant Investor Program that took effect on November 21, 2019.
USCIS confirms that “the rules of November 21, 2019, are no longer in effect,” and it will follow the original rules for qualifying a $500,000 investment in a Targeted Employment Area (TEA). Additionally, the original rules required projects to have a letter from the state government designating a geographic or political area as a high-unemployment area.
Applications filed before November 21, 2019, and after June 22, 2021, will be processed under the original rules. While the original rules remain in effect today, how long will they remain in effect? In a statement, USCIS said, "The Department of Justice is reviewing the court ruling and is considering all judicial and administrative options to maintain the significant changes resulting from the vacant rule." The statement underscores USCIS's desire to reinstate the modernized rules in the future, while still ensuring that those who took advantage of or are seeking to take advantage of the short-term opportunity to qualify under the original rules are eligible for $500,000.