USCIS updating EB-5 immigrant investor program

The EB-5 immigrant investor program is being enhanced by transforming the intake and review process. In May, US Citizenship and Immigration Services proposed fundamental enhancements to streamline the EB-5 process which include: extending the availability of premium processing for certain EB-5 applications and petitions, implementing direct lines of communication between the applicants and USCIS, and providing applicants with the opportunity for an interview before a USCIS panel of experts to resolve outstanding issues in an application. After reviewing stakeholder feedback on the proposal, USCIS is developing a phased plan to roll out these enhancements and is poised to begin implementing the first of these enhancements within 30 days.
‘When U.S. Citizenship and Immigration Services first proposed positive steps to improve the EB-5 Regional Center Program in May, I commended Director Mayorkas and the Obama administration for recognizing the positive impact of the EB-5 Regional Center Program as an important economic engine for communities across the country," US Senator Patrick Leahy, D-VT, said in a statement. "Now, after reviewing feedback and comments from across the spectrum, USCIS is developing a plan to implement these enhancements in the coming weeks.
‘The EB-5 Regional Center Program has drawn millions of dollars in foreign investment into Vermont’s economy. But the potential of the program, including the positive steps taken by USCIS, is threatened because it does not have permanent authorization from Congress. That is why I have proposed legislation to make the program permanent, and, this fall, I intend to introduce legislation to make additional improvements to increase the program’s efficiency and bolster congressional oversight Vermont’s successful regional center is just one example of how this immigrant investor program plays an important role in our efforts to reinvigorate our economy and create American jobs.’
Created by Congress in 1990, the program stimulates the U.S. economy through capital investment and resulting job creation by immigrant investors. As of June 30, 2011, it is estimated that the program has resulted in more than $1.5 billion in capital investments and created at least 34,000 jobs.
For more information from the Department of Homeland Security and USCIS, click here.
Sources: USCIS, Leahy's office.