EB-5 Backlog Relief Included in Budget Reconciliation Bill
Congressman Jerry Nadler (D-NY) has included EB-5 backlog relief and other proposals as part of the Democrat’s House Reconciliation Bill. Read the EB-5 backlog relief proposal language: (Download).
For EB-5 investors, the proposal includes:
1. Exempting EB-5 investors and their family members from annual visa limits and allow for adjustment of status (I-485 application for permanent residence) if:
– the EB-5 petition was filed more than 2 years ago; and
– the EB-5 investor pays a supplemental fee of $50,000.
2. Recapturing unused immigrant visa numbers from 1992 through 2021, adding these numbers to the visa quota beginning in FY 2022. According to immigration attorney, Carolyn Lee, this would bring an additional 13,000 visas on top of the 10,000 limit.
3. Allow essential workers to qualify for adjustment of status, including H-1B doctors who are EB-5 investors.
This current proposal does not apply to EB-5 investors outside the United States who must go through Consular Processing, but industry groups, such as EB-5 Investment Coalition, are advocating for similar provisions for EB-5 backlog relief for EB-5 investors that require Consular Processing.
While this language for EB-5 backlog relief is a proposal and the Reconciliation Bill is still being finalized, these are positive developments for much needed EB-5 backlog relief for EB-5 investors and their families.
Behring is anticipating reauthorization of the EB-5 Regional Center Program as part of the government’s annual budget resolutions expected to be completed in October.
Items expected to be included in an EB-5 reform bill include:
- New minimum investment amounts
- New TEA definitions
- Expedited processing options
- Child Age-out protection
- Advance Parole / Work Authorization for EB-5 investors stuck in retrogression
We are looking forward to a stronger and sustainable EB-5 Program over the long-term with reduced backlogs, robust program integrity, and attractive projects designed to create more American jobs.
UPDATE (9/20) – Senate Parliamentarian rejected Democrats’ request to add immigration provisions to budget reconciliation.
It is reported that Democrats will present alternative immigration-related proposals to the Parliamentarian later. Meanwhile, EB-5 stakeholders continue to advocate for Eb-5 Program reauthorization through the Continuing Resolution expected to be passed later this month. Many expect EB-5 policy reform and reauthorization to be included in must-pass omnibus budget bill likely to be passed in early December.
Now is a great time to complete your due diligence and be ready for when the window reopens. Have all your EB-5 questions answered by contacting a Behring EB-5 expert today.