The reauthorization of the EB-5 Regional Center Program has brought with it long awaited regulation changes. One of the major changes introduced is concurrent filing. Essentially meaning that investors can move to the United States immediately after filing their EB-5 application. Under the new rules an investor can submit their initial EB-5 application (I-526 application) at the same time as their application for adjustment of status (I-485 application), so long as at the time of filing the investor has legal standing to be in the U.S.
This new addition is a game changer for investors and the EB-5 industry. This means that investors who are on L1, H1-B, E-2, F1 student visas, or any other nonimmigrant visas can start their migration journey without waiting for I-526 approval or embassy interview dates. Furthermore, the investors’ immigration attorney can apply for work and travel authorization to allow the investor to continue to legally reside and work in the U.S.
Concurrent filing aims to eliminate long approval wait times for investors that are already based in the U.S. However, while the eligible investor can concurrently file, it does not mean that approval of the adjustment of status application will be granted prior to the approval of the I-526 application. The United States Citizenship and Immigration Services (USCIS) is still required to thoroughly review the applicant’s I-526 and ensure that the application meets the program requirements. It is thus very important for investors to choose the right immigration attorney to work with when filing their applications, especially if concurrent filing is the reason for filing. Since the applicants I-526 and I-485 will be filed concurrently the immigration attorney must be fully versed in the guidelines to ensure that the file is completed correctly and is not in danger of being rejected.
In the weeks to follow the industry will start seeing the various changes being implemented by the relevant authorities. Regional Centers have started amending their project offerings to align with the new regulations, and USCIS has 60 days from the date of reauthorization to provide the industry with distinct guidelines on how all these new changes will be implemented.
The team of U.S. licensed lawyers at the American Legal Center will be hosting a seminar on Sunday 27 March, 2022, at the Westin Hotel Dubai Marina. The team will be discussing in detail concurrent filing and other EB-5 program changes such as the required capital investment amount, visa allocation, and program extension. To RSVP for the seminar contact +971 50 938 6092, limited seats are available.
Also published on Medium.
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