Happy Monday to EB-5 Citizens. A few notes to start your EB-5 week on an informed footing.
EB-5 Modernization Regulations to OMB
On February 22, 2019, the “EB-5 Immigrant Investor Program Modernization” regulations were received for review by the Office of Information and Regulatory Affairs (OIRA), a part of the Office of Management and Budget (OMB). This is the eighth step out of nine steps in the rulemaking process. See the below figure.
As a refresher, these regulations would make large-scale changes to the current EB-5 program. They would significantly increase the investment amounts and change high unemployment TEA definitions. There were over 800 comments to the regulations, largely criticizing the proposed increased investment amounts of $1.35M and $1.8M.
There would be some industry winners under these regulations. Yet, the overall push has been for a legislative solution to expand the Program as the sounder long-term goal.
Good News
Despite all the uncertainty, there is more great EB-5 news to report. Joining the leaderboard of regional centers creating jobs and repaying principal to investors is Maryland Center for Foreign Investment (MCFI). Congratulations to the EB-5 investors and families and kudos to MCFI!
Carolyn Lee PLLC News
I will be offering a free seminar on Form I-924A Compliance depending on interest. If you are interested in learning more about completing the Form I-924A (Annual Certification of Regional Center) and its evolution, please e-mail me at carolyn@carolynleepllc.com. I will also cover my I-924A 360 service, because we simply can’t stop half circle on this increasingly important filing for projects and investors.
And for those new to EB-5 Notes, welcome to my new practice launched in January! A dynamic time in EB-5 and a great time to dig in on the ground floor. Until next time, be well.
