The US immigrant investor program known as EB5 Visa awards green cards to foreigners who wish to invest in American businesses and acquire permanent residency. To be eligible for a conditional green card, an investor must invest a specific amount of capital, often Rs 8.6 crore or Rs 6.4 crore, in a targeted employment area (TEA) and create or preserve a set number of jobs in the United States.
The United States Citizenship and Immigration Services (USCIS) application process necessitates the submission of Forms I-526, DS-260 or Form I-485, and Form I-829 before giving the final Green Card. Each of these forms are be completed at various phases of your EB5 application process.
USCIS Form I-526E is used by an investor who has pooled their investment with one or more qualified immigrants participating in the Regional Center Program to petition USCIS for immigrant status in the United States under section 203(b)(5) of the Immigration and Nationality Act (INA).
Beginning Sept. 1, 2022, if a petitioner or applicant submits a single, combined fee payment for Forms I-526 or I-526E and the other forms, USCIS will reject the forms for improper fee payment and return the fee. Essentially, the USCIS will reject all Forms I-526 when it indicates that the petitioner’s investment is associated with a regional center. Petitions for classification under INA 203(b)(5)(E) should be submitted on Form I-526E.
“Enacted in March 2022, this new legislation introduced significant changes to the EB-5 program, most notably the introduction of visa-set-aside categories catering to foreign investors. These special categories target investments in rural Targeted Employment Areas (TEAs), infrastructure projects, and areas facing high levels of unemployment.
Under the provisions of the new bill, 32% of the annual visa allocation is now designated for investors who invest in projects falling within these categories. More specifically, the annual reserve of visas set aside for TEA projects is distributed as follows: 20% of visas are exclusively reserved for foreign investors who invest in rural areas, while 10% are allocated for investors targeting high unemployment areas, and the remaining 2% are designated for investors participating in infrastructure projects,” says Vivek Tandon, EB5 BRICS, a firm offering foreign investors the opportunity and expertise to gain permanent residency in the United States.
“EB5 BRICS proudly celebrates the exceptional accomplishment of one of its clients who obtained USCIS Form I-526E approval in a record time of 11 months. EB5 BRICS’s client invested in a rural area project and received the benefit of priority processing and access to the 20% visa set aside of the global quota,” adds Tandon.
Form I-526E is used by an investor who has pooled their investment with one or more qualified immigrants participating in the Regional Center Program to petition USCIS for immigrant status in the United States. If a regional center, new commercial enterprise, or job-creating entity in which the investor has invested is terminated or barred from participation in the Regional Center Program, the investor may use Form I-526E to report any amendments required to establish ongoing eligibility.
“New EB-5 investors who file their I-526E petitions after March 15th, 2022, and choose to invest in rural projects, not only gain access to the 20% annual visa set-aside but also enjoy the added advantage of priority processing, as stipulated by the new legislation. The exact timelines for approval have not been stipulated by the USCIS but commentators in the EB-5 industry estimate an I-526E approval of 12 to 18 months, as opposed to the traditional I-526E approval times of 24 to 56 months,” says Tandon.