Mumbai: The EB-5 regional center program has disappeared at midnight June 30.
Adopting a different holder from previous years when the gap in the program has emerged, US immigration and citizenship services (USCIS) now state that it will directly reject the application below this route, accepted on or after July 1.
It should be noted that the EB- program 5 Continues for those who make direct investment, prepare business operations and create at least ten jobs for Americans.
However, almost 90% of the EB-5 investment was carried out through regional centers, which collected investor funds and then sponsored business operations.
The EB-5 program is generally referred to as ‘cash for green card programs’, because it requires a large investment to be made, on the other hand, it guarantees relatively faster routes for permanent residencies.
At present, the stakeholder of the EB-5 regional center is involved in advocacy to urge Raintaho from this program and the presentation of the New Legislative Law.
Commenting on the record of the Guide of the USCIS, Suresh Rajan, Chair and Founder of LCR Capital Partners said, “We found his tone very positive.
We also remain positive about the reform and reahocry of this program.
Our hope is that it will occur before this fiscal end (September 30).
“USCIS states that: The form of I-526 immigrant petition (application) received on or after July 1, will be rejected if they show that the applicant’s investment is associated with an approved regional center.
However, such applications that are delayed with USCIS will be postponed until further notice.
Mitch Wexler, partnered in Fragon, a comment of global immigration law firm, “It is very interesting that submission of 1-526 petitions is treated differently, compared to the 2018 gap in the program.
Then, USCIS accepts this petition but holds them in delay until the program is convincingly .
This time they rejected such a petition on July 1, to Rea for the government.
“” This effectively ends the $ 500,000 fire drill as if and when the regional center program is mailed, it will likely reach $ 900,000, “he added.
-Baru reported the order of the US District Court, which has produced reverse investment norms.
to the previous limit.
With the effect of November 21, 2019, the investment requirement under the EB-5 program (commonly known as the Cash-for Green Card) hiking 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).
Because of court orders, the investment limit is returned to those in previous norms.
However, TOI has shown that this court victory will be short-lived because of the sunset clause in the EB-5 regional center program.
Rajan provides a snapshot, “Investors who apply and are awaiting approval must be patient because the I-526 adjudication will not be completed during the hose.
A new application that arrives on or after July 1 will be rejected.
The I-829 petition, removal of conditions on the green card, on the side Others, it will be accepted and decided normally.
“For foreign nationals who are already in the status of the Permanent Permanent EB-5, USCIS has confirmed that the form of the I-829 petition to eliminate the conditions in that status will not be affected by the expiration of the regional center program.
Under the EB-5 program, at first, investors were given a conditional permanent residence (conditional green cards given) for themselves, partners and their children below 21.
After two years, they must submit an elevator of ‘conditions’ , If approved, they get green cards and them and their families can permanently live and work in the US.
For Indians, it is needed between 7-10 years to get a green card without conditions.
USCIS clarifies that it will continue to receive the form-i-485 for status adjustment, but it will put this on endurance until further notice.
After investment approval, this form was submitted by those who already exist in the US, to change their status to become a permanent resident of US conditional.