The federal Office of Management and Budget (OMB) has completed its review of a draft final rule modifying the EB-5 immigrant investor program regulations. The final rule may be published as soon as next week.
The United States Citizenship and Immigration Services (USCIS) originally proposed changes to its EB-5 regulations over two years ago, in January 2017. The proposed rule would raise the minimum investment amount from the current $500,000 to between $800,000 and $1.3 million, depending on the location of the project where the money is invested.
After receiving numerous comments on the proposed rule, the USCIS sent a draft final rule to the OMB. The OMB has had the regulation under review since February. The OMB’s sign-off is the last step in the regulatory process. The USCIS can publish the final rule in the Federal Register immediately. The revised EB-5 regulations will take effect 30 or 60 days after publication.
The final text of the EB-5 rule has not been made publicly available yet. It is expected that the final rule will significantly increase the minimum investment amount.
Miller Mayer will provide an update on the new EB-5 regulations once the final rule is published. In the meantime, potential investors should file their EB-5 petitions immediately, before the final rule takes effect. If you’re interested in learning more about the EB-5 program, check out our website: https://millermayer.com/legal-services/eb5/.