On March 15, 2022 President Biden signed into law the EB-5 Reform and Integrity Act of 2022 (“RIA”). This law makes major changes to the EB-5 program. Most importantly, the new law revives the Regional Center program, which sunset on June 30, 2021. Ninety percent of all EB-5 petitions are filed under the Regional Center program. Changes brought about by the new law include the following:
- The Regional Center program is extended to September 30, 2027.
- The minimum investment for Targeted Employment Areas is raised from $500,000 to $800,000.
- The minimum investment for non-TEA investments is raised from $1,000,000 to $1,050,000.
- USCIS now determines the boundaries of a TEA, not state agencies.
- Adjustment applications can now be filed concurrently with I-526 petitions if there is a current priority date.
- Pooling of direct investments is no longer allows.
As a result of the re-authorization of the Regional Center Program, processing of I-526 petitions and issuance of visas based on Regional Center petitions will now resume. Previously filed petitions are grandfathered under the previous law, and are not subject to the investment requirements.