New Rules for the Future US Resident Investors: Green Card

In the light of recent events, the President of the United States of America made an announcement about the suspension of the issuance of visas to foreigners. But this does not apply to all. EB-5 visas will continue to work, however, with some changes:

1) the minimum amount of investment increases;

2) the target designations of the employment zone will be reformed;

3) under certain circumstances, investors will retain the priority date of the previously approved EB-5 petition;

4) USCIS procedures for removing conditions of permanent residence will be clarified and changes will be made.

Now let’s look at a little bit more.

The immigrant investor program EB-5 was created in accordance with the Immigration Act in 1990. The goal of this program is to create jobs for US workers and develop underserved areas known as “targeted employment areas” (TEAs).

EB-5 is considered one of the five possible programs, based on employment and the possibility of obtaining an immigrant visa (green card).

The Ministry of Homeland Security decided to introduce new rules to modernize the program:

1. Increase the minimum amount of investment.

Previously, the investor had to invest $1 million in projects not related to TEA. Now, this amount is $1.8 million. If an investor considers investments directly in the target employment zone, then now they will ask him/her for $900,000 instead of $500,000, which was the previous amount.

2. Targeted employment areas are determined by the Department of Homeland Security.

This is done for a more efficient redirection of capital, in an area where foreign investment is needed. Previously, these zones were determined by state and local authorities.

3. Immigrants may retain the priority date of the previously approved EB-5 petition.

This change offers more flexibility to the people who wrote an EB-5 petition. That is, immigrants will be able to keep their place in the queue on the date on which the USCIS will consider their application. Since the waiting time can be several years, this change is an advantage for investors.

4. Clarification of USCIS procedures to remove permanent residency.

This means that the USCIS procedures for removing the conditions of permanent residence will be clarified, and technical and related changes will be made. That is, conditional permanent residents who receive a green card valid for two years must submit a request to cancel the condition within 90 days before the green card expires. If the conditions are not removed, the person will lose his/her permanent place of residence.

Follow us:

Instagram | Facebook | LinkedIn | Twitter | Telegram | YouTube