USCIS re-emphasizes thoughtful and careful adjudication of applications to further the program’s purpose to promote the immigration of people who can help create jobs for U.S. workers through their investment of capital into the U.S. economy
In this environment of job scarcity, USCIS has promised to focus its resources on investment/entrepreneurial visas to beef up job creation for U.S. workers. With that purpose in mind, USCIS is rewriting its EB-5 policy memo which is now in the “draft for comment” stage.
By way of background, Congress created the EB-5 Program in 1990 to award lawful permanent residence status to immigrant investors who invest $1 million in, and engage in, the management of job-creating commercial enterprises. This new law was followed by the enactment in 1993 of the “Immigrant Investor Pilot Program” designed to encourage immigrant investment of $500,000 in a range of business opportunities within regional centers. Both types of investment are intended to lead to green card status.
The EB-5 Program initially provides for conditional permanent resident status for two years for immigrants who invest their capital in job-creating businesses or regional centers. After two years, if the immigrants have satisfied the conditions of the EB-5 Program and other criteria of eligibility, the conditions are removed and the immigrants become unconditional permanent residents of the U.S.
In a future series of blogs we will outline some of the details of the new policy guidance.