The EB-5 Reform and Integrity Act of 2022 brought many changes to the EB-5 program. For the latest information, please click here.
Two important developments that will have a significant impact on the future of EB-5 will be occurring within the next month.
We expect that USCIS will begin phased implementation of the proposal to make the EB-5 process more expeditious and user friendly no later than September. The phases are expected to include premium processing for regional centers and investors in “shovel ready” projects and changing the adversarial process to a consultative process, with regional center developers being afforded the right to a hearing with expert economists and business analysts to resolve any issues.
The second development is the scheduling on September 8 of an EB-5 hearing by the Chairman of the House of Representatives Judiciary Committee, Congressman Lamar Smith. Congressman Smith will be a key figure in the attempts to convert the EB-5 regional center program from a pilot program to a permanent program. Some indications of the Congressman’s position on this issue may be gleaned from the September hearing.
By mid-September, there may well be progress on both of these important developments in EB-5 practice.