The EB-5 program is officially back in operation after several EB-5 industry stakeholders reached a settlement agreement with the United States Citizenship and Immigration Services ("USCIS") that safeguards EB-5 investors and re-authorizes previously approved regional centers.
This settlement affects two cases: Behring Regional Center LLC, et al. v. Mayorkas, et al., No. 3:22-cv-2487-VC (N.D. Cal.) and EB5 Capital, et al. v. DHS, et al., No. 3:22-cv-3948-VC (N.D. Cal.). Invest in the USA ("IIUSA"), a trade association, and six of the top operators of EB-5 regional centers (EB5 Capital, CanAm Enterprises, Civitas Capital Group, Golden Gate Global, Pine State Regional Center, and Behring Regional Center) are among the plaintiffs.
"This is a welcome development and we're excited to usher in a new era of the EB-5 program - one that truly creates a win-win situation for EB-5 investors and their families and the U.S. economy and job creation," said Vivek Tandon, Esq Founder of EB5 BRICS.
Here are the key points of the settlement.
Previously approved and authorized regional centers to retain their authorization; Previously authorized regional centers must submit a Form I-956 by December 29, 2022, along with the applicable filing fee, in order to keep their authorization; Previously authorized regional centers need not wait for approval of their Form I-956 to file and receive adjudications from USCIS; Previously authorized regional centers may immediately file project applications; Investors may utilize additional documentation of the I-956F filing (such as a receipt for a lock box, a cashed check, or a credit card charge;) in their I-526E petition if a regional center does not give them a formal receipt notification following the filing of a form within ten calendar days of delivery to USCIS. USCIS will not, on its own, reject an investor's I-526 or I-829 petition if a previously approved regional center fails to submit a Form I-956 application or revision; USCIS will update its website, forms, and instructions to comply with the terms of the settlement agreement.