EB-5 REGIONAL CENTER ALERT

April 12, 2022

USCIS ANNOUNCES THAT EXISTING REGIONAL CENTERS MUST SEEK RE-DESIGNATION UNDER EB-5 RIA

USCIS posted on its website that “regional centers previously designated . . . are no longer authorized.” USCIS further advised: “The EB-5 Reform and Integrity Act of 2022 requires that all entities seeking regional center designation provide a proposal in compliance with the new program requirements.”

The announcement cites May 14, 2022, the effective date applicable to RIA’s regional center provisions. The announcement also indicates that Form I-924 will not be accepted for this purpose.

The full announcement is here. The relevant portion is below:

Congress repealed Section 610 of the Departments of Commerce, Justice, and State, the Judiciary, and Related Agencies Appropriations Act, 1993, in the EB-5 Reform and Integrity Act of 2022, Div. BB of the Consolidated Appropriations Act, 2022 (Pub. L. No. 117-103) (Sec. 101 and 102). Therefore, regional centers previously designated under section 610 are no longer authorized. The EB-5 Reform and Integrity Act of 2022 requires all entities seeking regional center designation to provide a proposal in compliance with the new program requirements, which will be effective on May 14, 2022. We will provide further guidance to entities desiring to be designated as regional centers under the new program. We are not accepting Form I-924, Application For Regional C The enter Designation Under the Immigrant Investor Program, for this purpose.

We at Carolyn Lee PLLC have been a part of industry advocacy to interpret RIA as continuing existing regional center designations. Alternatives minimizing disruption have also been proposed. Although an interpretation requiring re-designation is not what we’d hoped or believe is the best interpretation of RIA, we are prepared.

Regional centers, particularly those hosting investors, should prepare a new designation proposal under RIA to be filed on May 14, 2022 or as soon as possible thereafter.

Please stay tuned for further details or contact us at the button below.

Connecting with Carolyn Lee PLLC

***