IMPORTANT EB-5 POLICY UPDATE
USCIS released today a policy update regarding redeployment of repaid EB-5 proceeds. You can access the Policy Alert here.
Here are some initial important observations:
- Further deployment “must be within the geographic area of the same regional center”
- “[P]urchase of financial instruments on the secondary market will generally not satisfy” “applicable requirements” for initial EB-5 funds deployment
- The effective date is unclear. It may be today, July 24, 2020 as the Policy Alert states: “These clarifications apply to all Form I-526 and I-829 petitions pending on or after [date of publication].” The “publication” may refer to the Policy Alert, but this language is bracketed.
Until there is further clarification, it is assumed that the effective date is today. This means that there would be retroactive application of the policy update on petitions filed and pending under prior redeployment guidance.
See the communication from USCIS announcing this update below.
From: U.S. Citizenship and Immigration Services
Sent: Friday, July 24, 2020 10:10 AM
Subject: USCIS Clarifies Guidance on Initial and Further Deployment of Investment Capital
USCIS has updated the USCIS Policy Manual with clarifying guidance on the deployment of investment capital under the EB-5 Immigrant Investor Program. It addresses the deployment of capital by a new commercial enterprise before jobs have been created. It also further explains the deployment of capital after an immigrant investor meets the program’s job creation requirements.More information about the EB-5 visa program is available on the EB-5 Immigrant Investment Program webpage.