【ARCFE News】 USCIS RESTARTS I-526 PROCESSING & NEW RC REQUIREMENTS
04/12/2022 by ARCFE U.S.
USCIS announced on Monday April 11th that it will restart its I-526 processing for investors who submitted their petitions prior to July 1st, 2021. All I-526 petitions filed before March 15th are applicable to be included into the grandfathering clause of the new EB-5 regulations. “We will continue to process Form I-526 petitions under the visa availability approach, prioritizing those Form I-526 petitions for investors with an available visa or a visa that will be available soon” the immigration agency said in their statement.
USCIS is also requiring all EB-5 Regional Centers to file a recertification application prior to any new EB-5 RC investors filing their I-526 petitions. Due to the repeal of Section 610 of Departments of Commerce, Justice, and State, the Judiciary, and Related Agencies Appropriation Acts, Regional Centers previously designated under this section are no longer authorized. EB-5 Reform and Integrity Act of 2022 requires all Regional Centers to provide a proposal in compliance with the new program requirements, which will be effective on May 14th. USCIS will need to provide further guidance on the requirements to be a regional center under the new program. The agency is currently not accepting Form I-924 (Application for Regional Center Designation Under the Immigrant Investor Program) for this purpose. ARCFE is currently working closely with our attorney to monitor USCIS’ guidance, and preparing required documents to get recertified as soon as possible.
USCIS will not begin to process new I-526 petitions until May 14th. In the meantime, the agency will continue to analyze the language of the new regulations and release more detailed information on how USCIS will apply them in processing future applications. This doesn’t mean that investors should wait until then to make a decision. May 14th will come with many changes that will immediately go into effect. Investors need to be ready-to-go to take advantage of the timing and benefits from these changes early on.
ARCFE is currently recruiting 25 EB-5 investors for the Jackson Project (Group 12 LLC). Our project qualifies for TEA under the new regulations passed on March 15th, which allows the investment amount to be placed at $800k per investor. It also qualifies for the 10% high unemployment area reserved EB-5 visas. Investors can choose to invest in installment amounts starting at $300k(*). This project is located in the heart of Long Island City – the fastest growing neighborhood in New York.
(*) The EB-5 regulations allow investors to invest in installment amounts (e.g. invest $300k first, then invest the other $500k few months later). However, investors must be able to show the source of funds for the full $800k when they submit their I-526 petitions. We recommend investors to speak to an immigration attorney prior to making a decision.
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