Mumbai: US Citizenship and Immigration Services (USCIS) has appealed the decision of the District Court in the Behring Regional Center case.
This regional center has succeeded in its lawsuit.
In June this year, Judge Jacqueline Scott Corley, from the North Korean District Court California has hit the EB-5 2019 Modernization Regulation.
Because of this regulation, with the effect of November 21, 2019, the investment requirement under the EB-5 program (commonly known as Cash -For Green Card) is decorated to $ 1.8 million (compared to $ 1 million before).
For the targeted work area (tea) investment in rural areas or high unemployment areas, the investment needed is $ 900,000 (as opposed to $ 500,000 before).
In short, falling from the US district court decision was that the investment limit was returned to the previous one.
So, tea investment will need $ 500,000 and not $ 900,000.
As reported by TOI, the sunset for investment through regional centers is June 30 and for these investors, the court verdict opens a limited window to make a lower investment.
However, those who choose direct or stand alone routes where investors establish their own business, can continue to take advantage outside of this date, from the previous lower investment limit.
Following the district court orders, immigration lawyers and investment pool managers have quoted a surge that can be shown in the application received and interest shown by potential investors under direct routes.
Read also at the investment limit for ‘cash for green cards’ upside down, but the court victory may be short of LivingMumbai: Behring Regional Center, one of the many regional centers whose pool funds from EB-5 investors and sponsor business entities have succeeded in challenging the rules of modernization, which significantly increases investment limits.
However, the impact of this court order can be short-term, the Behring Regional Center case will be heard by the Federal Appeal Court, which will decide whether to rule Judge Corley apply the law correctly.
Read Alsocash for Green Cards: Is the EB-5 Regional Center Program that is popular to survive? The EB-5 program, popularly dubbed the ‘cash for green cards’ program, has received traction in India and among Indians based abroad (especially 1B workers facing a long stack over the decade for work-based green cards).
The rich Indians use it as a faster route to the US, especially if the core of the challenge in this lawsuit is that the Security Department of the US Homeland (DHS) violates the Administrative Procedure Law, when it introduces this rule – hiking investment limits.
A former acting official did not function properly in his position when he announced the latest rules in July 2019.
Interestingly, following the hearing of the court, Secretary DHS at this time, Alejandro Mayorkas ratified the latest rules.
However, Judge Jacqueline Scott Corley has held this will not have a bearing and declare the final rules to become canceled.
If the Court of Appeal does not agree with the order of the District Court, the EB-5 2019 Modernization Regulation can be re-incorporated and higher investment norms will apply.