Vietnam is open for business! “It is great to be back. Ho Chi Minh City seems back to its normal self; full of energy and excitement and opportunity for Vietnamese” says David Enterline, Esq., of Enterline and Partners Consulting, who returned after almost two years of COVID induced absence to speak at an EB-5 seminar in Ho Chi Minh City on April 27, 2022.
Much of the seminar was dedicated to introducing many of the changes to the EB-5 program as a result of the EB-5 Reform and Integrity Act of 2022 (“Act”), which was pass by Congress and signed by the President on March 15th this year. The Act sets new minimum investment levels of $1.05 million, or a reduction to $800,000 if the project is located in a qualified targeted employment area.
Some highlights of the Act that are for the benefit of investors include:
- Investors who have already filed I-526 Petitions under previous law and regulations may continue with their EB-5 processing, and will be protected even if the regional center program were to lapse again;
- Investors that are already in the United States in valid nonimmigrant visa status can now file their I-526 Petitions concurrently with a Form I-485 Application for Adjustment of Status;
- New integrity measures will be established that will protect investors by adding oversight to watch over investor’s capital, reporting requirements for regional centers and their operators, and requiring disclosures of all fees paid to all interested parties in the process.
While most of these new provisions of the Act are set to become effective on May 15th, filing I-526 Petitions under the Regional Center Program will not begin immediately. The Act introduced many new legal requirements which will need to be worked out by the United States Citizenship and Immigration Services through policy implementation and legal regulations.
For more information on the EB-5 immigrant investor visa, contact us at: firstname.lastname@example.org and speak with a U.S. immigration attorney in Ho Chi Minh City, Manila and Taipei.