ITHACA, N.Y., Nov. 8, 2019 /PRNewswire/ -- Senator Mike Rounds (R-ND), Chairman Lindsey Graham (R-SC) and Senator John Cornyn (R-Tx) introduced a comprehensive
EB-5 bill on 11/5/2019 marked S.2778
and called "Immigrant Investor Program Reform Act." The bill would
overhaul the entire EB-5 regional center program with a 6-year
program reauthorization to September 30,
Attorney Carolyn Lee, Principal
of the firm Carolyn Lee PLLC and Chair of American
Immigration Lawyers (AILA) national EB-5 Committee provides an
advance section-by-section bill summary.
Section 1. Short title; table of contents.
Section 2. Invest in American job creation. This is the
meat of the bill covering 70 of its 87 pages reshaping the EB-5
regional center program. Below are 10 highlights:
- $1 million for Targeted
Employment Area (TEA) investment
- $1.1 million for non-TEA
- 30% visa set aside (approximately 3,000) annually for TEAs,
half for rural TEAs
- New TEA definitions replace high unemployment with opportunity
- Full-scale integrity reform including Intensified regional
center reporting, certification, sanctions
- New lawful source of investor funds requirements including gift
and loan restrictions
- New DHS fees including $50,00 per
- New limitations on judicial review
- Limited relief for investors in terminated regional
- New limited relief for visa-backlogged investors and
Section 3. Transparency. This section delineates
permitted communication between USCIS officials and
Section 4. Treatment of period for purposes of
naturalization. This section clarifies that investors'
time in conditional residency counts toward the time requirement
Section 5. Concurrent filing of EB-5 petitions and
applications for adjustment of status. This section would bring
EB-5 in line with other employment-based visa petitions that allow
for concurrent in-U.S. residency processing.
Section 6. Parole status for petitioners and
dependents awaiting availability of an immigrant visa. This is
entirely new and provides relief for investors stuck in the visa
backlog. Investor and family members waiting at least 3 years since
petition filing would qualify for parole (entry) into the U.S. and
work authorization while awaiting visa availability.
This bill, if enacted, would supersede the EB-5 modernization
regulations set to go into effect November
21, 2019. A significant wave of new statutory requirements
would follow for regional centers, investors, promoters, and
Carolyn Lee has been advising
clients and industry stakeholders on EB-5 legislation since 2012.
Media contact: Carolyn Lee PLLC at (607) 200-3758.
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SOURCE Carolyn Lee PLLC