According to the Chinese-American newspaper, on the 23rd of April, the U.S. Citizenship and Immigration Services (USCIS) held a teleconference to gather suggestions from various stakeholders regarding the reform measures and directions for the EB-5 investment immigration program. Recently appointed EB-5 Program Director Nicholas Colucci and other officials participated in this meeting and emphasized that the primary goals of the investment immigration program reform are to achieve “clarity, safety, transparency, efficiency, and predictability.”
Officials from the USCIS and the Federal Bureau of Investigation indicated that the EB-5 program is an important immigration initiative that creates economic benefits and job opportunities for the United States, particularly significant for small and medium enterprises; clarity, safety, transparency, efficiency, and predictability are considered the “top priorities” for EB-5 investment immigration reform. Attendees at the conference raised suggestions regarding the EB-5 reform, such as: simultaneous submission of the I-526 and I-829 application forms; adding a “fast processing category”; addressing the confusion regarding the status of business and work visa holders applying for investment immigration; maintaining project copies for monitoring during the project's duration; releasing relevant data on “regional centers”; and enhancing community outreach to increase awareness of the EB-5 investment immigration program, among others. The USCIS did not provide immediate responses to these suggestions but stated that they would carefully consider whether to adopt them in the reform.
As part of comprehensive immigration reform in the United States, the trend of reforming the EB-5 investment immigration program is becoming increasingly strong. Since the appointment of the new director, Colucci, whose background includes financial and legal work as well as a master's degree in information finance, analysts speculate that the EB-5 reforms will focus on funding, processes, and management, such as strengthening scrutiny of the sources of investment funds and more widespread use of electronic review systems.
In 2013, the Senate passed a comprehensive immigration reform plan that is currently stalled in the House of Representatives, which includes provisions regarding the EB-5 investment immigration program. The content written by Democratic Senator Patrick Leahy proposes to adjust the annual quota of EB-5 investment immigration (individual) visas to 10,000 family quotas, while also adjusting the investment threshold for EB-5 to $500,000 every five years according to the latest inflation indices. Industry insiders estimate that this threshold could reach $800,000 to $850,000; thus, the number of individuals coming to the U.S. through investment immigration would increase, and more funds would be required. It is reported that there is a general consensus in Congress regarding the increase of the EB-5 amount, but the specifics of the adjustment and timing remain uncertain.
In addition to the aforementioned proposals, several other legislators have proposed initiatives regarding the investment immigration program to both chambers of Congress. Even though the comprehensive immigration reform bill remains “stagnant” in the House, there is a possibility that a smaller proposal related to EB-5 investment immigration could pass sooner.
