U.S. Citizenship and Immigration Services (USCIS) is making a number of significant changes to its EB-5 Immigrant Investor Program, marking the first significant revision of the program's regulations since its establishment in the year 1993.
New developments under the final rule, which will become effective on Nov. 21, 2019, include a significant increase in the minimum required investment amount to a whopping US$900,000 from US$500,000 for TEA investments and $1 million to $1.8 million for non-TEA investments, revising the standards for certain targeted employment area (TEA) designations, giving the agency responsibility for directly managing TEA designations, clarifying USCIS procedures for the removal of conditions on permanent residence, and allowing EB-5 petitioners to retain their priority date under certain circumstances.
The EB-5 visa program - one of the fast-track options to get US Green Card and permanent residency through investment enables foreigners who make a significant investment in an approved real-estate project to obtain a green card and become lawful permanent residents, which allow them the right to permanently live and work in the United States with their spouse and dependents (under the age of 21).
Under current rules, foreign investors are typically required to make either a US$500,000 or $1 million capital investment amount into a US commercial enterprise and must create at least 10 full-time US jobs for two years.
All the applicants who are considering investing under current EB-5 regulations need to lodge their application at least 2 months prior to the implementation of new rule, i.e., November 21, 2019, which means they have only 45-60 Days to invest and file their case with minimum investment of $ 500,000.
WWICS - world's largest immigration groups, with over 30 offices all around the globe and more than 25 years of experience in the field of Immigration provides comprehensive Resettlement Solutions and Immigration Programs. WWICS has an expert team which will ensure smooth processing of applicant's EB-5 application with the concerned authorities.
If you are planning to invest under EB-5 Program, WWICS can work to file your petition ahead of the deadline, as long as funds are in and documents are completed in the given time frame.
This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)