The current administration published a Spring regulatory agenda recently indicating that USCIS will take final action on the EB-5 Immigrant Investor Program Modernization rule in August. Part of the proposed rule published in January 2017 was an increase in the required investment amounts from $500,000 to $1.35 million in Targeted Employment Areas (“TEAs”) and from $1 million to $1.8 million in a non-TEA.
As Chair of the American Immigration Lawyers Association’s EB-5 committee, Carolyn Lee was quoted in an article by Law360 on the topic. She noted that: “The unanimous feeling of the entire EB-5 industry is that it would kill demand for EB-5 investors at that level”. Carolyn added that the change was based on flawed reasoning and is widely opposed by stakeholders. Accordingly, the final rule would likely face legal challenges if it fails to sufficiently take public comments into account.
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