Seven years in the making, the U.S. Congress passed the 2022 appropriations bill (the “Omnibus” or “Omni”) containing the EB-5 Reform and Integrity Act of 2022. The new EB-5 law extends the EB-5 regional center program for 5 years to September 30, 2027.
Certain key changes are effective upon enactment – that is, when President Biden signs the appropriations bill into law. These include new investment amounts of $800,000 and $1.05 million. Other regional center reform measures go into effect 60 days after enactment, including regional center administration, indirect job creation rules, and good faith actor requirements.
Importantly, the EB-5 Reform and Integrity Act of 2022 contains a new provision to grandfather existing investors and ensure their continued processing even if there is a Program lapse in the future.
Congratulations to us all!