New update from Capitol Hill: To avoid a government shutdown, U.S. President Donald Trump has signed a Continuing Resolution (CR) to allow the government to receive short-term budget appropriations to maintain operations until December 20, 2019. Previously, the Senate and the House of Representatives had passed this temporary government budget bill with votes of 74:20 and 231:192, respectively.
With President Trump's signature, the EB-5 Regional Center Program has once again hitched a ride on the temporary budget bill, extending its validity from November 21, 2019, to December 20, 2019! Previously, because the Regional Center Program was set to expire on November 21, 2019, the December Visa Bulletin Table A released by the U.S. Department of State Visa Office showed the cutoff date for visa applications through the Regional Center Program as "U" (i.e., "Unauthorized" or "Suspended"). With the successful extension of the EB-5 Regional Center Program, the cutoff date for applying for an EB-5 visa through the Regional Center Program will automatically revert to the same cutoff date as non-Regional Center direct investment projects, which is November 15, 2014.
It is worth noting that the U.S. Citizenship and Immigration Services (USCIS) administrative reform regulations officially took effect on November 21, 2019.
In other words, EB-5 investment immigration has entered a new era. The investment amount for projects in Targeted Employment Areas (TEA) has increased from $500,000 to $900,000, and the investment amount for non-TEA projects has increased from $1 million to $1.8 million, with the investment amount to be adjusted every five years. This marks the end of the 29-year era since 1990, during which immigrating to the U.S. cost $500,000 for TEA projects and $1 million for non-TEA projects!
Since September 2015, the EB-5 investment immigration industry has experienced more than a dozen instances of rushing to catch the "last train for $500,000." For some investors, paralyzed by the "boy who cried wolf" effect, they have missed the opportunity to "immigrate to the U.S. for $500,000" this time. If they wish to immigrate to the U.S. via the EB-5 route in the future, they will need to pay an investment amount of $900,000 or $1.8 million! For investors with a rigid demand for U.S. immigration, hesitation results in more than just financial loss; it means losing an irreplaceable opportunity. "Apply early, queue early" is the guiding principle for investment immigration!
At the same time, the EB-5 industry generally believes that the significant increase in U.S. investment immigration amounts will lead to a decrease in application demand from emerging EB-5 markets such as India and Vietnam. This will have a positive impact on Chinese investors—the phenomenon of legal "queue jumping" will be significantly eliminated, the waiting time for visas will be greatly shortened, and the backlog issue that has plagued investors born in mainland China may be effectively alleviated.
How long the era of a minimum $900,000 investment for U.S. immigration will last remains unknown for now. The USCIS administrative reform regulations are based on the current EB-5 act. Once a new EB-5 act is passed by Congress, the USCIS administrative reform regulations will need to be readjusted based on the new act. Whether the U.S. Congress will pass a new draft act remains to be seen. Currently, the latest EB-5 modernization reform bill in the U.S. Congress, the draft S.2778, has been introduced. This bill proposes setting the investment amount for TEA areas at $1 million and for non-TEA areas at $1.1 million, but whether it will ultimately become law remains to be observed.
Once the Congressional S.2778 bill or other legislation is passed, the investment amount provisions of the new act will supersede the investment amount provisions of the USCIS administrative regulations. In addition, some EB-5 agencies intend to halt the already effective USCIS administrative regulations through litigation. However, the road to "halting through litigation" is long, and Worldway Group will continue to monitor the progress and provide timely updates for everyone.
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*The above information is for reference only and does not serve as a basis for investment. Investment involves risks, and choices should be made with caution.