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1 1 (July 26, 2023)

handle is hein.crs/govemhz0001 and id is 1 raw text is: Congressional ____ '.Research Service Legislative Changes to the EB-5 Immigrant Investor Program Updated July 26, 2023 The EB-5 immigrant investor program provides lawful permanent resident (LPR) status to foreign investors (and their spouses and unmarried children under age 21) who invest a specified amount of capital in a new commercial enterprise (NCE) in the United States that creates at least 10 jobs. The program is administered by U.S. Citizenship and Immigration Services (USCIS), a component of the Department of Homeland Security (DHS). Investors who choose a targeted employment area (TEA)-a rural area or area of high unemployment-qualify for reduced investment amounts. The law permits the admission of approximately 10,000 investors/qualifying relatives annually (7.1% of all employment- based visas). EB-5 offers two pathways. In the standard or stand-alone pathway, foreign nationals invest in a new or existing enterprise that uses the capital for direct job creation. The second and more common pathway, the Regional Center Program, allows investors to pool investments into an NCE, which are typically used to fund a separate job-creating entity (JCE). Regional center investors may count indirect jobs toward the job creation requirement. Regional centers must be designated by USCIS to be eligible for EB-5 investments; USCIS may terminate designations for those not in compliance. The Regional Center Program was initially authorized as a pilot program and has never been made permanent; it must be regularly reauthorized. On June 30, 2021, its authorization expired and the program remained lapsed for nearly nine months, during which time USCIS did not process pending applications and rejected new applications associated with regional center investments. EB-5 Reform and Integrity Act of 2022 In March 2022, Congress passed the EB-5 Reform and Integrity Act of 2022 (hereinafter, 2022 Act) as part of an omnibus funding package (P.L. 117-103). The legislation, codified in Section 203(b)(5) of the Immigration and Nationality Act (8 U.S.C. @ 1153), reauthorized the Regional Center Program, and implemented a number of changes and requirements for investors and regional centers. Congressional Research Service https://crsreports.congress.gov IN11989 CRS INSIGHT Prepared for Members and Committees of Congress