Worldway Group has learned that representatives from various interest groups within the EB-5 industry, along with other stakeholders, have reached a consensus on EB-5 legislative reform and have developed a unified action plan. Recently, they formally submitted EB-5 legislative reform proposals to the Judiciary Committees of both the U.S. Senate and the House of Representatives, with the goal of completely resolving the visa backlog through a new EB-5 reform bill.
The main points of the EB-5 legislative reform proposal include:
1. EB-5 program extension: 6-year reauthorization.
2. Investment amount adjustment: $800,000 for TEA (Targeted Employment Area) projects and $900,000 for non-TEA projects, subject to inflation-based adjustments. A transition period will be established, with an investment amount of $650,000 during this period.
3. Establishment of a new "Opportunity Investment Zone" category; meanwhile, 15% of the annual visa quota will be reserved for "Opportunity Investment Zone" projects and rural area projects, respectively. (Note: Unused visa quotas from the previous year will be added to the visa pool for the following year's allocation.)
4. Visa backlog solution: Spouses and children will not be counted toward the annual visa quota; a visa backlog reduction fee (i.e., a priority processing fee) will be introduced, providing applicants in the visa backlog queue the option to pay a one-time fee of $50,000 to prioritize the resolution of their visa backlog.
Worldway Group experts state: Regarding the investment amounts, the $800,000 for TEA and $900,000 for non-TEA represent a difference of only $100,000, which is the result of a compromise between urban and rural interests. Reserving 15% of the annual visa quota for rural areas and urban opportunity investment zones is also a balance that takes into account the interests of both parties. Excluding spouses and children from the annual visa quota means that the EB-5 visa quota will be calculated based on the applicant family. Assuming an average of 3 people per family immigrating to the U.S., this means the number of EB-5 visas available for application each fiscal year will effectively triple. Once implemented, this plan will rapidly shorten the visa backlog in the short term and fundamentally resolve the backlog issue in the long term.
All of the above convey positive momentum for EB-5 legislative reform to investors. Of course, the specific content of the EB-5 reform will continue to be discussed and refined. The EB-5 legislative reform proposal submitted this time marks the first time that all parties in the U.S. EB-5 industry have reached a consensus and unified their reform opinions since the U.S. Congress began promoting EB-5 legislative reform in 2015. This once again demonstrates the determination of the EB-5 industry to fundamentally resolve the visa backlog issue through legislation. Worldway Group will continue to monitor the latest developments in EB-5 legislative reform and provide updates as soon as they become available.
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