EB 5 Visa News - 2020 Year End Updates September 21, 2020
What’s Coming Up in the World of EB-5?
The end of the U.S. fiscal year is fast approaching and is always a busy time in the world of EB-5. Although many things have slowed down due to the pandemic and increases to the required EB-5 investment amounts, the EB-5 industry is still busily moving forward. CMB has seen this firsthand as we are nearing the full subscription of our first two $900,000 EB-5 investment opportunities.
The EB-5 Program is anticipated to see some additional changes over the coming months, from new processing fees that will take effect in October, to a necessary reauthorization of the EB-5 regional center program that is otherwise set to expire September 30, 2020 and even a proposed increase in biometrics collecting.
Reauthorization of the EB-5 Regional Center Program
With time quickly dwindling before a potential sunset, the industry is hopeful that the EB-5 regional center program will see yet another short-term reauthorization as part of a continuing resolution. The continuing resolution is anticipated to offer a few months of funding to the federal government and extend expiring federal programs.
Since 2015, the federal government has failed to provide a long term reauthorization of the EB-5 regional center program for more than several months at a time, Sometimes only offering three to four weeks for the extension. CMB continues to work toward a long-term reauthorization of the EB-5 regional center program by working with EB-5 trade organizations like Invest in the USA (IIUSA). Through these organizations, we work first hand with members of Congress to hopefully move towards the long term reauthorization we all want.
Increased Biometric Collection
On September 11, USCIS published a new proposed rule in the federal register, which would allow for an increase in the collection of biometric data from participants in the EB-5 program. This proposal would increase both the type of data collected as well as the instances where such data could be required. To read the proposed rule and provide comment before October 13, visit the federal register.
Increased Fees for EB-5 Petitions
As reported by CMB in July of 2020, USCIS filing fees for nearly all EB-5 related petitions are set to increase beginning on October 2, 2020.
- I-526 fees will increase from $3,675 to $4,010
- I-829 fees will increase from $3,750 to $3,900
- I-924 fees will remain at $17,795
- I-924A fees will increase from $3,035 to $4,465
- I-485 fees will decrease from $1,140 to $1,130
Although the majority of the fees are increasing by relatively small amounts, the I-924A fee is significant with an increase of 47%; whether this connects with the proposed increase in biometric data collection remains to be seen.
What does this all mean? Well, if you are currently considering moving forward and filing an EB-5 petition there is no better time than now. Filing your petition prior to October 2, 2020 will save you money. More importantly, with the program still set to sunset on September 30, 2020 and with no concrete news on a short-term reauthorization, filing now would allow the opportunity to get your petition in prior to any short-term government shutdown, prior to the increased fees, and/or any unforeseen changes to the program.
For more information on what is discussed in this article or for more information about the EB-5 Immigrant Investor Program, please contact CMB at: +1-309-797-1500 or firstname.lastname@example.org