Multiple EB-5 regional centers - plaintiffs in two pending lawsuits, have entered into a settlement with the US Citizenship and Immigration Services (USCIS), thus signaling an end to the ongoing litigation, over a new requirement for fresh registrations by the centers.
This is good news for those aspiring for an investment-linked green card under the EB-5 program via the regional center route. Over the years, this program has gained popularity among high-net-worth individuals based in India and Indian nationals holding H-1B visas. Against an investment of ( $800,000 in designated areas and $ 1,050,000 in other regions), it offers a comparatively quicker route to a green card – say ten odd years as opposed to a decades-long backlog faced by H-1B workers aspiring for a green card.
Nearly 90% of investments are routed via regional centers (RC), rather than under the direct route – as the latter requires investors to carry on their own business and hire American workers.
The EB-5 Regional Center program, which had lapsed on June 30, 2021, was given a fresh lease of life as the US Congress enacted the Reform and Integrity Act (RIA) in March 2022, reauthorizing the same, but with higher investment limits and added safeguards for investments. Soon after that, USCIS introduced a requirement for existing regional centers to redesignate themselves (obtain a new registration) – with this previous registrations of approximately 900 RCs were void. This requirement which was time-consuming and would derail the program was challenged in two separate lawsuits.