Although the immigration agency proposed a measure on May 19 that would significantly improve processing speed for EB-5 investors, it did not formally launch the new '15-Day Fast Track Processing for Individual Investment Immigration Applications' measure at the much-anticipated EB-5 stakeholder meeting on June 30.
The EB-5 program reserves 10,000 visa slots each year for foreign entrepreneurs and their families. Each investment immigration application must create at least 10 jobs in the United States.
The proposed changes would impact the processing of applications from regional centers. The initial proposal included a guarantee from the immigration agency to process EB-5 applications that are willing to pay an additional expedited fee within 15 calendar days.
Subsequent proposals also included the establishment of a new specialized team to address the questions and concerns of EB-5 applicants. Investors would be able to communicate directly with the new specialized team via email.
The third proposal is to establish an Expert Decision Board to evaluate regional center applications. This board would include an economist, an immigration agency adjudicator, and legal support.
Although no new measures were introduced at the June 30 meeting, the immigration agency may launch the '15-Day Fast Track Processing for Investment Immigration Applications' measure at any time.
