New EB-5 Reform and Integrity Act Enables EB-5 Investors to Live and Work in the US Faster Through Concurrent Filing 

March 15th, 2022 Colin Behring

Today, March 15, 2022, President Biden signed the FY 2022 omnibus appropriations bill, which includes the EB-5 Reform and Integrity Act of 2022 (“EB-5 Reform Act”), which reinstates the EB-5 Regional Center Program through 2027.  

Read a summary of new EB-5 law here. 

One of the key exciting features of the EB-5 Reform Act is the option for concurrent filing, i.e., filing the Form I-485 Application to Adjust Status with the Form I-526 EB-5 Immigrant Petition at the same time. EB-5 investors who are already living in the US on nonimmigrant visa status (e.g., H-1B workers, E-2 investors, F-1 students) now can apply for adjustment of status when they file the I-526 petition.  

NOTE: This is limited to those whose visa would be available if the I-526 were approved, i.e., those investors who are experiencing visa retrogression are ineligible. Investors outside the U.S. requiring consular processing are also ineligible for concurrent filing.  

Key Benefits to EB-5 Concurrent Filing: Worth Authorization and Travel Permit While I-526 Is Pending 

Many of Behring’s investors are already in the U.S. on nonimmigrant visas such as H-1B and E-2  visas. Concurrent filing enables these EB-5 investors to file their applications to adjust status while their EB-5 petition is pending. As a result, they can apply for work authorization without having to be tied to their sponsoring employer or business. This gives EB-5 investors more flexibility to pursue other work and business opportunities while they wait for the EB-5 petition to be approved. Such EB-5 investors may also apply for advance parole, so that they may obtain travel permits, allowing EB-5 investors to travel outside and reenter the United States. 

While the I-485 Application is not approved faster – EB-5 investors must still wait for their I-526 Petition to be approved – it may compress the overall processing time to get the conditional green card.  

Key Considerations for EB-5 Concurrent Filing: Consult Your Immigration Attorney to Learn if You Are Eligible for Concurrent Filing 

According to the statute, EB-5 concurrent filing technically takes effect now, but many other provisions, particularly reauthorization of the EB-5 Regional Center Program take effect only after 60 days. We expect the benefit of EB-5 concurrent filing will be able to current as well as new EB-5 investors. USCIS will likely clarify various points of the new law over the next couple months. 

There are many important technical details, and thus, EB-5 investors are encouraged to consult their immigration attorneys to learn if they may be eligible for concurrent filing.  

EB-5 concurrent filing essentially enables US-based EB-5 investors to enjoy the benefits of having a green card while they wait for their EB-5 investment petitions to be approved. This is an exciting new tool that can enable foreign nations to pursue their own opportunities without the restrictions often imposed on non-immigrant visas.  

If you would like to learn more about the EB-5 Reform Law, sign up for our webinar replay for a deep dive of the EB-5 Reform and Integrity Act of 2022, featuring top EB-5 attorneys from KLD LLP 

EB-5 Reform and Integrity Webinar

Download Our EB-5 Reform and Integrity Act of 2022 White Paper