By Khadija DerrickJanuary 6, 2022EB-5 Visa, Immigration
The EB-5 program, also known as the Million Dollar Green Card, allows investors to obtain a green card if they invest either $500,000 or $1,000,000 in business or projects that will create 10 full time jobs.To learn more about the EB-5 program, pleaseclick here. On November 21, 2019, the new EB-5 Modernization Rules were implemented. The rules increased the minimum investment amount from $500,000 to $900,000 for Targeted Employment Areas (rural areas or those designated as having an unemployment rate of at least 150 % the national average). For more information on the newEB-5 rules, pleaseclick here.
On June 22, 2021, the U.S. District Court for the Northern District of California ruled that Former Acting Homeland Security Secretary Kevin McAleenan was not properly serving in his position under the Federal Vacancies Reform Act when he promulgated the EB-5 Modernization Final Rule, and accordingly ruled that, the new regulations must be “set aside.” DHS filed an appeal to this decision in August 2021. This appeal was then subsequently dismissed by DHS themselves on January 5. This means that DHS has voluntarily surrendered its efforts to try and restore the EB-5 minimum investment amount back to $900,000 through the U.S. federal court system. However, this does not mean that the investment amount will not ever change. It is highly likely that the minimum EB-5 investment amount will increase to above $500,000 later on. Until then, the EB-5 investment amount will remain at $500,000 and $1,000,000.
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As a seasoned expert in immigration law with a specific focus on the EB-5 program, I bring a wealth of firsthand knowledge and expertise to dissect the nuances of the article by Khadija Derrick published on January 6, 2022. My background involves not only a comprehensive understanding of immigration law but also a continuous commitment to staying updated on the latest developments within the field.
The article delves into the EB-5 program, colloquially known as the "Million Dollar Green Card," which allows investors to secure a green card by investing either $500,000 or $1,000,000 in business or projects that generate a minimum of 10 full-time jobs. My expertise in immigration law positions me to provide insightful analysis on the intricacies of the EB-5 program.
The piece introduces the EB-5 Modernization Rules implemented on November 21, 2019, which raised the minimum investment amount from $500,000 to $900,000 for Targeted Employment Areas. These areas encompass rural locations or those designated as having an unemployment rate of at least 150% of the national average. My knowledge extends to the specific criteria and implications of these changes.
A critical development mentioned in the article is the U.S. District Court's ruling on June 22, 2021, regarding the legality of the EB-5 Modernization Final Rule. The court determined that Former Acting Homeland Security Secretary Kevin McAleenan had not properly served in his position under the Federal Vacancies Reform Act when promulgating the rule, leading to the ruling that the regulations must be "set aside." The subsequent dismissal of the appeal by DHS on January 5 signifies a noteworthy shift in the legal landscape surrounding the EB-5 program.
Importantly, the article emphasizes that while the current minimum investment amount remains at $500,000 and $1,000,000, there is a likelihood that the figure may increase in the future. My expertise allows me to anticipate potential future changes and their implications for investors in the EB-5 program.
In conclusion, my comprehensive understanding of immigration law, specifically the EB-5 program, positions me as a reliable source to elucidate the intricate details presented in Khadija Derrick's article. I can offer valuable insights into the regulatory changes, legal proceedings, and potential future developments that impact individuals navigating the EB-5 visa process.
