Winners and Losers Under Recent Regulations, Administrative Tweaks, and Visa Bulletin Advances efforts and the rapid spread of the novel coronavirus, at least four potentially significant recent changes could affect EB-5 regional centers and investors, including:
CLETUS M. WEBER FOUNDER & PARTNER, PENG & WEBER, PLLC
• USCIS allowing EB-5 investors currently in the United States in nonimmigrant status, such as F-1 students or H-1B specialty workers, to file their green card applications much earlier than otherwise possible • USCIS’s new regulations going live, including the $900,000 minimum investment requirement • USCIS changing the order it adjudicates I-526 petitions • March 2020 Visa Bulletin jumping forward about half a year for China-born investors
ELIZABETH PENG FOUNDER & PARTNER, PENG & WEBER, PLLC
R
ecent changes in the EB-5 industry will substantially affect EB-5 regional centers as well as existing and potential investors. This article reviews the most important of these changes, both individually and cumulatively, to determine who is most likely to benefit or be harmed at the end of the day—and by how much.
Action Dates (FAD) and Dates for Filing (DFF). One could think of FAD as being the “official” date and DFF as merely a “preliminary” date. FAD determines when a particular EB-5 investor can file a green card application and also when the government can approve it. DFF is a more favorable date for EB-5 investors currently in the United States in lawful nonimmigrant status to at least file their green card applications early—but its usage has an on/off switch. Specifically, although the Department of State publishes the monthly Visa Bulletin listing both FAD and DFF, it is the USCIS that determines whether green card applicants already temporarily in the United States can use DFF to file their “adjustment of status” green card applications in any particular month. After leaving it off for so long, USCIS Continued On Page 11
Each change is discussed individually below. October 2019: USCIS Starts Allowing Use of Dates for Filing Chart for EB-5 The Visa Bulletin includes two separate charts for EB-5 and other employmentbased categories: Final
Recent Changes One by One Aside from ongoing legislative
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VOL. 9, ISSUE #1, APRIL 2020
