Alerts

Congress Passes 5-Year EB-5 Program Reauthorization

by Carolyn Lee

Mar 17, 2022

 

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.

We are proud to have worked closely with IIUSA, AILA, AIIA, clients and other stakeholders, both private and public, toward this law’s passage. It’s the culmination of a decade’s work.

Congratulations to us all!

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