The EB-5 Reform and Integrity Act of 2022 (“Act”) was passed by Congress and signed by President Biden on March 15, 2022. Most of the provisions of the Act will become effective 60 days from enactment, which will be the middle of May. The Act includes many changes to the EB-5 immigrant visa category, which we will be discussing in coming articles. Most important for current investors is that the Act reauthorizes the Regional Center Program (“Program”) and allows all those investors who have filed an I-526 Petition before the Program lapsed at the end of June 2021 to move forward with their EB-5 application process.
Investors should expect some delay in the United States Citizenship and Immigration Services (“USCIS”) and the United States Department of State (“DOS”) ramping up its processing of EB-5 cases, so action on your case may not happen immediately.
Investors are in many stages of the process. Some are still waiting for I-526 Petition approval while some investors will once again be waiting for EB-5 visa numbers to become available. The DOS Visa Bulletin will be reset and it is expected that investors from China and Vietnam will once again have to wait for visas to become available.
Some investors had interviews scheduled at their U.S. Consulate which were canceled at the end of June last year when the Program expired. These interviews should be rescheduled hopefully soon. Others are waiting for an adjustment of status interview in the United States.
It is important to note that some investors will still be affected by COVID issues, such as the continued slower processing by the USCIS and DOS, and the lower capacity of U.S. Consulates to schedule immigrant visa interviews.
It will be important to be patient a while longer. At least relief is coming for the tens of thousands of investors who have invested a considerable amount of money into the U.S. to obtain lawful permanent residence for themselves and their families.
If you are an EB-5 investor and have questions about your case, contact us at email@example.com and speak with a U.S. immigration attorney in Ho Chi Minh City, Manila, and Taipei.