Deco Landmark EB-5 News

Last Friday, June 28, 2019, the US government revealed that it had sent the final EB-5 rule to the US Citizenship & Immigration Services for publication in the Federal Register. This means that from the date of publication, the new rule will go into effect within 30, 45, or 60 days. For interested investors, this new rule will increase the minimum investment from the current $500,000 USD (since 1992) to either $1,000,000 USD or $1,350,000 USD.  All petitions at the current level of $500,000 USD should be received by USCIS prior to the effective date of the new rule. If received prior to the effective date of the new rule, the $500,000 USD investment will still be considered as valid since the new rule is not retroactive.

Some further details per the US government:

1. OMB has concluded its review of the long awaited EB-5 rule (increasing investment amounts and changing TEA definition). Here is the link to the official announcement at OIRA/OMB: https://www.reginfo.gov/public/do/eoDetails?rrid=128858.
2. The review was completed on June 27, and USCIS has the rule as of June 28 with instructions to publish it in the Federal Register as a Final Regulation.
3. Highlights:
   • OMB decided that this was not a major rule.
   • OMB decided that regulatory flexibility analysis was required – OMB also decided that small business impact analysis was required. Both these analyses have now been completed.
   • OMB has sent the rule to the agency with the action “Consistent with Change”, see meaning of which below.
   • The rule has been sent to the USCIS to be published in the Federal Register.
4. OMB made changes to the rule as sent by USCIS to OMB (USCIS likely made changes to the proposed regulation in response to the hundreds of comments received a couple of years ago). It is unknown if the changes (by USCIS and/or OMB) were merely editorial or substantive–they could be either or both. However, it is known that the rule has been sent to the Federal Register for publication as a final rule.
5. Upon publication, the effective date of the rule will include a grace period of 30, 45, or 60 days.