Good News for EB-5 Investment Immigration: No Visa Retrogression for New Policy Applicants Within Two Years!
Good News for EB-5 Investment Immigration: No Visa Retrogression for New Policy Applicants Within Two Years!
Attorneys:Attorney Jeff Zhengquan Xie,Attorney Jiarui Yin,Attorney Qian Zhao,Attorney Haochun Ling, Xiao Xiang
Since we published the article “EB-5 Investment Immigration: How Long Will the Concurrent Filing Window Remain Open?” on November 14, 2023, we have been discussing when the concurrent filing window would close, and we ventured to predict that it was highly likely to stay open throughout the first half of 2024. Now it seems our speculation back then was correct! However, our prediction was still overly conservative. Why?
Because we were constantly worried that visa retrogression would also occur under the new EB-5 Investment Immigration Program. Once visa retrogression sets in, new EB-5 applicants will no longer be eligible to file concurrent applications while in the U.S.
But now it appears that we do not need to worry about EB-5 visa retrogression for the next one to two years!
The annual EB-5 industry conference organized by the Invest In the USA (IIUSA), a prominent EB-5 industry association, was held in Atlanta from May 20 to May 22, 2024.
The conference invited Mr. Michael Hanley, a data analyst from the U.S. Department of State responsible for visa allocation, to deliver a keynote speech. Mr. Hanley presented a wealth of data and statistics related to visa allocation to the attendees. The most valuable insight we gained regarding the concurrent filing window was the U.S. Department of State’s approval figures and calculation methodology for EB-5 visa quotas under the new policy:
To date, only 15 investors who filed EB-5 applications under the reserved-quota projects of the new policy have obtained green cards through concurrent filing of EB-5 petitions and Form I-485 adjustment of status applications within the U.S. Among these 15 investors, 12 invested in rural projects and 3 invested in Targeted Employment Area (TEA) projects.
Beyond these 15 investors who secured green cards in the U.S., the National Visa Center (NVC) is currently processing 299 EB-5 applications for immigrant visa interviews at U.S. consulates abroad. The NVC has just finalized processing on one visa application and is preparing to forward it to the U.S. Consulate General in Guangzhou for the immigrant visa interview. Notably, the applicant of this case was born in Mainland China and opted to invest in a rural project. Please refer to the figure below.
We also learned that the method adopted by the U.S. Department of State to calculate visa quotas is to determine the remaining immigrant visa numbers based on the number of approved immigrant visas. Given that only a little over 300 applications under the new EB-5 policy have been approved so far, officials from the U.S. Department of State stated that visa retrogression will not occur for new-policy EB-5 applications in 2024, or even in 2025. This is great news for new EB-5 applicants!
As long as there is no visa retrogression for the new-policy EB-5 program, new EB-5 investors currently in the U.S. can take advantage of concurrent filing to finalize their immigration status in the U.S. in one go. New EB-5 investors outside the U.S. can also file Form I-526E applications early to obtain immigrant visas sooner and immigrate to the United States.
Although we have been informed that visa retrogression for new-policy EB-5 applications will not happen anytime soon, we should take into account that USCIS is now imposing stricter scrutiny on the source of investment funds, coupled with tighter foreign exchange control for overseas remittance, which may lengthen the application preparation cycle. We therefore recommend that eligible EB-5 readers initiate and prepare their application documents as soon as possible, and strive to submit their applications via concurrent filing or obtain immigrant status through consular visa interviews before visa retrogression begins for the new-policy program.
The above overview is prepared by XIE LAW OFFICES,LLC. to provide legal information to the Chinese community. It is primarily for academic discussion purposes and does not constitute legal advice on specific cases. If you already have legal representation, please consult your own attorney, who is familiar with the details of your case. Clients of Xie & Associates Law Firm, as well as readers who have not yet retained legal counsel, may contact Attorney Xie for specific legal questions. If you wish to reprint this document, please do so in full without any deletions, and clearly indicate the source.
Free Consultation Email: attorney@xielaw.com
Phone: (678) 380-0698
Website:
www.xielaw.com
WeChat ID: xielaw88
WeChat Official Account: U.S. Immigration Insights (xielaw8888)
Address: 1770 Indian Trail Lilburn Road, Suite 450, Norcross (Atlanta), Georgia 30093
1770 Indian Trail Lilburn Rd, Suite 450, Norcross, GA 30093 USA
(678) 380-0698 