On Thursday, November 21, 2019, a new era in EB-5 will begin, with the EB-5 Immigrant Investor Program Modernization regulations going into effect, which will likely cause ripples across the industry, as there are fewer immigrant investors who can afford the minimum $900,000 investment (if located in a newly-defined “Targeted Employment Area”). USCIS has updated its EB-5 webpage to demonstrate how it will “modernize” the EB-5 Program in accordance with the regulations.
The EB-5 Regional Center Program will likely be extended, again, on a short-term basis with a continuing resolution to December 20, 2019. Hopefully, in the meantime. we will see further action on the EB-5 Modernization legislation that was introduced earlier this month. Notably ranking Senate Democrat Charles Schmuer (D-N.Y.) has signed on as a co-sponsor to this bill being ushered in by Senate Judiciary Chair Lindsey Graham.
The good news is that we will likely see a few more EB-5 visas allocated in FY2020 and we are pleased that the Chinese Student Protection Act visa deduction will likely be paid off in full. How that impacts waiting lines for the backlogged countries China, India and Vietnam, remains to be seen, since statistics on pre-November 21, 2019 filings are not yet available.