Today, U.S. Citizenship & Immigration Services (USCIS) announced it made several updates the the EB-5 Policy Manual. According to USCIS, “The guidance contained in the Policy Manual is controlling and supersedes any related prior guidance.”
- Provides guidance on immigrant investor petition filing procedures, previous determinations and amendments, material changes, approvals, denials, and revocations.
- Clarifies guidance for good faith investors following program noncompliance by a regional center, new commercial enterprise, or job-creating entity.
- Explains the designation eligibility, documentation and evidence, adjudication, and amendment procedure for regional centers.
- Addresses the requirements for recordkeeping, audits, annual statements, and payments into the integrity fund, as well as consequences for failure to fulfill those requirements for existing regional centers.
- Clarifies the procedure, required evidence, adjudication, and amendment procedure for project applications, including site visit requirements and potential sanctions for noncompliance by a new commercial enterprise or job-creating entity.
- Addresses the new statutory requirements for direct and third-party promoters, including registration.
IIUSA is working on a more detailed overview of what these changes are and how they affect the EB-5 industry moving forward. Stay tuned to the blog for additional information.
We are updating the USCIS Policy Manual with new guidance on the EB-5 Regional Center Program and new content on regional center designation and obligations, project applications, and direct and third-party promoters.
This update incorporates changes from the EB-5 Reform and Integrity Act of 2022 into the Policy Manual, building on the initial update that incorporated such changes on Oct. 6, 2022.
This update reorganizes Part G, Volume 6 of the Policy Manual, and includes a few revisions to the content published in October 2022 to reflect the new organization. It also updates the chapter on adjudication of investor petitions for classification and adds new content on regional center designations and obligations, project applications, and direct and third-party promoters, including registration.
Further updates to EB-5 guidance in the Policy Manual are forthcoming, and will include revisions to Chapter 5, Removal of Conditions.
The new guidance is effective immediately and is controlling, and supersedes any related prior guidance.