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EB-5 Immigrant Investor program expires

The EB-5 program was created in 1990 to stimulate the economy by utilizing foreign investors. The program administers employment-based fifth preference visas to qualified participants. Investors, along with their spouses and unmarried children under 21, are eligible to apply if they 1) make the necessary investment in a commercial enterprise in the U.S., and 2) plan to create or preserve ten permanent full-time jobs for qualified U.S. workers. The Immigrant Investor Program (AKA the Regional Center Program) was created in 1992 to set aside EB-5 visas for qualified investors who invest in commercial enterprises associated with certain regional centers. Congress allowed this program to expire on June 30, 2021.

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The program is still pending in Congress, so it may eventually be extended when they reach a decision. In the meantime, the USCIS (U.S. Citizenship and Immigration Services) appears to have stated that they will not be accepting new applications after July 1, 2021 for Form I-924, Application for Regional Center Designation Under the Immigrant Investor Program and Form I-526, Immigrant Petition by Alien Investor.  Any pending petition or applications from before the expiration date will not be acted on until further notice. USCIS will provide further guidance as necessary if circumstances change.

This information is general in nature and should not be relied upon. If you have specific questions, please contact your Henry+Horne advisor.

Haley M. Braun, CPA