Amidst the changing regulations for EB-5, what will be the impact on EB-5 visas obtained via the regional center program prior to the regulatory changes? For example, I got my conditional green card in July 2016, but if I-829 regulations change in March 2017, how will my I-829 petition be treated – based on the new regulations or based on the regulations prevailing at the time of conditional green card? The EB-5 petition was approved based on $500,000 and the TEA, the jobs are calculated based on the project expenditure AND on direct, indirect and induced jobs…is there any chance of changes to this in the new regulations?
Answers
Julia Roussinova
Schedule a Free Consultation with Top EB5 Visa AttorneysIt is most likely than not your I-829 petition will be adjudicated based on the preexisting rules and regulations, and you will not be required to comply with new laws if and when enacted.
A Olusanjo Omoniyi
Schedule a Free Consultation with Top EB5 Visa AttorneysThe changes being considered in the proposed legislation, if ever they become laws, will not affect existing any pre-existing card holders like you. Generally, a new law does not usually have any retroactive application and the same thing would apply to you and other similar cardholders.
Lynne Feldman
Schedule a Free Consultation with Top EB5 Visa AttorneysWe will not know until the final rule is published.
Abhinav Lohia
Schedule a Free Consultation with Top EB5 Visa AttorneysAt the moment, all we have are proposals and bills. No one can state with certainty whether or not the regulations will change because they are subject to vote of the Congress. However, in my opinion, it is highly unlikely that any changes will have retroactive effect.
Charles Foster
Schedule a Free Consultation with Top EB5 Visa AttorneysThe possible change in EB-5 regulations should not affect your ability to remove your conditions. In other words, when you file your I-829 petition to remove conditions, it will be judged on whether you met all of the promises made inherent in your initial EB-5 petition on Form I-526 in terms of the investment amount, job creation, etc. I should also add that I do not anticipate that the proposed regulations will be finalized. It is very possible, if not likely, that there will be legislation enacted prior to the finalization of the regulations and would therefore result in the withdrawal of the proposed regulations.
BoBi Ahn
Schedule a Free Consultation with Top EB5 Visa AttorneysYou will most likely be "grandfathered" on the old/currently existing regulations as far as minimum invested capital, TEA, job creation, etc.
Bernard P Wolfsdorf
Schedule a Free Consultation with Top EB5 Visa AttorneysWhile the proposed regulations will drastically change the program, it is unlikely you will be required to comply with a new standard that was not in existence at the time you filed. While regulations can attempt to implement regulations retroactively, there is a tendency for the couplets to prohibit such actions.
Irina A. Rostova
Schedule a Free Consultation with Top EB5 Visa AttorneysChanges in the law typically do not apply retroactively; therefore, your I-829 application will be reviewed based on the prior regulations.
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