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EB-5 Investor Visa Update

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According to this article on Jackson Lewis P.C., by Zain Abidi

“While the news on the EB-5 investor visa appear promising, Congress has still failed to reauthorize the EB-5 regional center program beyond its June 30, 2021, sunset date.

Reduced Minimum Investment Amount

A federal district judge has struck down the 2019 EB-5 “modernization” regulation, finding the rule was invalid because it was enacted by DHS officials who were appointed to their posts in violation of the 1998 Federal Vacancies Reform Act (FVRA). Behring Co., the operator of Behring Regional Centers, brought suit against USCIS in 2019 in response to the modernization rule. Ultimately, Behring succeeded in showing the acting DHS secretaries succeeding Kirstjen Nielsen (including Kevin McAleenan) were not properly designated in the order of succession in accordance with the FVRA, and therefore they did not hold the authority to promulgate and ratify the 2019 modernization rule. At this moment, the minimum investment amount in a Targeted Employment Area is $500,000.”

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