On July 24, 2019, USCIS published a new final rule making sweeping changes to the EB-5 immigrant investor program. Petitions filed on or after November 21, 2019 will be subject to the new rules. The changes include the following”
- The minimum investment amount will increase from $500,000 to $900,000 for targeted employment areas, and from 1 million to $1.8 million for other investments.
- Designation of targeted employment areas will be done by USCIS, not by the states, in order to eliminate “gerrymandered” TEAs.
- Immigrant investors who need to file new EB-5 petitions will be allowed to retain priority dates.
Immigrant investors who hope to take advantage of the existing $500,000 minimum investment, or who are planning to invest in TEAs designated under the current rules, should make every effort to file their petitions prior to November 21, 2019.