25 Key Points to Know About the EB-5 NPRM Proposal and How It Will Impact EB-5 Investors
Wolfsdorf Rosenthal – Blog
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USCIS (U.S. immigration agency) has released its long-awaited 358-page Notice of Proposed Rulemaking (NPRM) implementing the EB-5 Reform and Integrity Act of 2022. USCIS proposes eliminating EB-5 job creation credit where EB-5 capital repays bridge financing—the most consequential change in the NPRM. Until final regulations take effect, investors may still rely on existing policy, making early I-526E filing especially important. USCIS specifically invites public comments on less restrictive alternatives, including limiting the duration or percentage of bridge financing. USCIS proposes applying fraud, national security, and public safety provisions even to many pre-RIA investors and projects. New I-956 amendments involving management changes may halt new project applications while USCIS reviews the amendment. USCIS creates a new “High Employment Area” (HEA). Statements regarding visa timing, immigration outcomes, and investment returns must include meaningful cautionary disclosures. Job creation rules tighten for standalone cases. Job-sharing arrangements would no longer qualify as full-time employment.
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USCIS has released its long-awaited 358-page Notice of Proposed Rulemaking (NPRM) implementing the EB-5 Reform and Integrity Act of 2022. While much of the proposal codifies existing policy, several provisions would significantly affect investors, regional centers, and project sponsors. Here are the 25 most important takeaways: Bridge financing is under attack. USCIS proposes eliminating EB-5 job creation credit where EB-5 capital repays bridge financing—the most consequential change in the NPRM. Current bridge financing remains viable—for now. Until final regulations take effect, investors may still rely on existing policy, making early I-526E filing especially important. The bridge financing proposal is not final. USCIS specifically invites public comments on less restrictive alternatives, including limiting the duration or percentage of bridge financing. National security scrutiny expands retroactively. USCIS proposes applying fraud, national security, and public safety provisions e
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