Recently, Senator Mike Rounds of South Dakota, along with Senate Judiciary Committee Chairman Senator Lindsey Graham of South Carolina and Senator John Cornyn of Texas, submitted a new "EB-5 Modernization Reform Act," also known as the "Investment Immigration Relief Act" (Bill S.2778) to Congress.
Although the new bill draft does not include the provision of "excluding spouses and children from the annual visa quota," it offers an alternative solution to the EB-5 visa backlog issue troubling investors. The details are as follows:
1. Protection Clause for Overaged Children
Bill S. 2778 allows the age of children to be locked in from the submission of the I-526 application until the removal of the conditions on the green card. This provision ensures that all dependent children who are under 21 at the time of the I-526 application can immigrate to the United States with their parents without worrying about aging out.
2. Early Entry and Work Authorization
Bill S. 2778 allows applicants whose I-526 applications are approved and are waiting for a visa, after three years of application submission, to choose to pay a certain fee (visa backlog fee) to enable the primary applicant and dependents to enter the United States early and obtain work authorization.
3. Other Notable Changes in Bill S.2778
1. Extension of the Immigrant Investor Program: Extended for 6 years, until September 30, 2025.
2. Revision of TEA Definition: The new TEA areas will include rural areas, single demographic areas designated as "Opportunity Investment Zones" by the U.S. Department of the Treasury, and closed military zones.
3. Adjustment of Investment Amounts: The investment amount difference between TEA and non-TEA projects is only $100,000. The specifics are as follows:
TEA: USD 1,000,000; Non-TEA: USD 1,100,000.
Note: The investment amount will also be automatically adjusted every three years based on the inflation index.
4. Reserved Visa Allocation: TEA areas will receive 30% of the annual visa allocation. Half of the visa quota is designated for applicants investing in rural area projects.
Note: I. Unused reserved visas will enter the visa pool and be allocated globally in the next fiscal year.
II. Reserved visas only apply to new I-526 applications submitted after the bill takes effect and are not retroactive.
5. Expedited Processing Requests: Investors and projects can pay $50,000 to guarantee expedited processing within 120 days. If the investment project is located in a TEA, the expedited application fee can be waived.
It is evident that Bill S.2778 is the result of a compromise between rural and urban factions, and it has reportedly gained broad support from various stakeholders in the EB-5 program. The leadership of the new Senate Judiciary Committee Chairman has heightened industry expectations for the passage of the bill draft.
As November 21 approaches, it is anticipated that Congress will not have enough time to discuss the new bill draft. We look forward to the discussion and even voting progress on this bill after a brief extension of the EB-5 program. WorldWay Immigration Group will continue to monitor the latest developments of this bill draft and provide timely updates.
Of course, for investors with a rigid demand for immigration to the United States, regardless of whether this bill draft passes, it is essential to act early: "Prepare early, apply early, queue early, and benefit early" is an unchanging truth! For investors who have locked in the Dallas No. 1 EB-5 project, we remind you once again to complete your subscription, payment, and I-526 application submission as soon as possible to take advantage of the $500,000 low-cost immigration to the United States. Project hotline: 400-138-2929.
Advantages of the Dallas No. 1 EB-5 Project:
● Dual approval of project I-526 sample and investor's actual case.
● Located in a prime area of economic growth in the United States, with excellent geographical advantages.
● Billionaires personally involved and contracted.
● Total repayment guarantees amounting to 3.8 times the EB-5 funds.
● Project construction is progressing smoothly, with employment requirements already exceeded.
● Developers provide refund guarantees to ensure investors receive refunds if their I-526 is denied.
● Independent third-party institutions review EB-5 loan disbursements.
● Innovative "Buyer’s Attorney" to protect EB-5 investors' rights.
● Dual independent supervision mechanisms.
● Strong EB-5 professional team ensuring quality control.
● Strong market demand and broad development prospects.
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