Information contained in this publication is intended for informational purposes only and does not constitute legal advice or opinion, nor is it a substitute for the professional judgment of an attorney.
The Immigrant Investor Program (“EB-5 Program”) makes available 10,000 visas annually to immigrant investors who invest in commercial enterprises creating at least 10 full-time jobs for U.S. workers. However, the annual cap has never been met in the two decades since the program’s creation.
In a move designed to maximize utilization of the Immigrant Investor Program and respond to President Obama’s call to promote immigrants’ entrepreneurial spirit, U.S. Citizenship and Immigration Services (USCIS) has announced proposed enhancements to EB-5 visa processing, consisting of three main elements (pdf):
- USCIS will accelerate processing for applications involving job-creating projects that are fully developed and ready to be implemented. Applicants and petitioners will have the option to request Premium Processing Service, which, for an additional fee, guarantees processing within 15 calendar days.
- USCIS will create new intake teams with expertise in economic analysis and EB-5 Program requirements. Moreover, applicants submitting Form I-924 (i.e., applying to participate under a USCIS-designated Regional Center) will be able to directly communicate via email with the team to streamline issue resolution and rapidly address applicants’ questions or needs.
- USCIS will convene an expert Decision Board, composed of an economist and adjudicators supported by legal counsel, to render an enhanced decision process concerning Form I-924 applications. For example, interviews will be available in instances where the Board’s preliminary recommendation is to request further information or to deny the application.
USCIS will accept public comment on the proposals until June 17, 2011.
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