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How could the proposed EB-5 regional center program comprehensive reform impact EB-5 investors?

The released draft of the EB-5 regional center program comprehensive reform act includes some significant changes on the designation of TEA as well as raising the minimum investment amount to $925,000. If the reform act gets approved, how will EB-5 investors at different stages of their application be impacted? If one has already filed the I-526, but the project site falls out of the TEA under the new act, could he be grandfathered?

Answers

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    Barbara Suri

    Immigration Attorney
    Answered on

    It will not impact I-526 applications, filed prior to its effective date. Applications filed on or after the effective date will have to conform to the new changes.

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    Daniel A Zeft

    Immigration Attorney
    Answered on

    The current law concerning EB-5 will apply to pending I-526 petitions and pending I-829 petitions. If there is a new law concerning EB-5, then the new law will apply to I-526 petitions and I-829 petitions which are filed after the new law becomes effective.

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    Julia Roussinova

    Immigration Attorney
    Answered on

    Generally, any petitions filed before the enactment date of the act should be grandfathered. It will be known for certain when the act is passed into law.

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    A Olusanjo Omoniyi

    Immigration Attorney
    Answered on

    The new regulation will not be retroactive in enforcement. Otherwise, it will likely be challenged in court by various parties whose interests are at stake. Therefore, it safe to assume that all pending I-526 petitions will be processed under the existing laws when they were filed.

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    Bernard P Wolfsdorf

    Immigration Attorney
    Answered on

    The new bill which I am sure will be passed has reasonable grandfather protections. You should be okay.

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    Fredrick W Voigtmann

    Immigration Attorney
    Answered on

    The effective date of the act, if passed, should determine which I-526 petitions are subject to the new rules and which ones are "grandfathered". Until the final language is released and the bill passes into law (after passing both houses of Congress and the President's signature), no one will know for sure.

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    Charles Foster

    Immigration Attorney
    Answered on

    Subsequent to the enactment of EB-5 Regional Center program reform legislation future EB-5 investors will definitely be subject to the terms and conditions of the new law. However, if the EB-5 petition is filed prior to the enactment of any new legislation, it will be adjudicated under the terms and conditions of the current EB-5 Regional Center legislative language. The beneficiaries of the petition will still be governed in terms of the dollar amount based upon the TEA status at the time the petition was filed.

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    BoBi Ahn

    Immigration Attorney
    Answered on

    The proposed bill ("Immigrant Investor Visa and Regional Center Program Comprehensive Reform Act") would grandfather all cases filed before the enactment date of the new law.

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    Mark AM Catam, Esq

    Immigration Attorney
    Answered on

    It is difficult to ascertain since we do not know yet whether certain provisions in the Reform Act will be stricken out and whether some provisions will be retroactive. The proposal seems to allude that pending cases will be adjudicated based on old rules.

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