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USCIS Vows To Improve EB-5 Immigrant Investor Program

Bender's Immigration Bulletin - February 15, 2005

The U.S. Citizenship and Immigration Services (USCIS) has made several changes to the employment-based fifth preference (EB-5) immigrant investor category. The changes are intended to provide better oversight of this important but underused green card category.

This EB-5 category is reserved for immigrant investors who will create or save 10 full-time jobs by investing at least $ 500,000 in a U.S. company.

The new changes were announced in a January 19, 2005 memorandum from William R. Yates, USCIS Associate Director for Operations. Among other things the memo establishes a new Investor and Regional Center Unit (IRCU) at USCIS headquarters. The IRCU will provide oversight for EB-5 policy and regulatory development, field guidance, and training. According to the memo, establishing the IRCU will "strengthen and protect the integrity of the [EB-5] program while promoting the intent of Congress to encourage investment and increase employment within the United States."

The January 19 memo is on the USCIS web site at http://uscis.gov/graphics/lawsregs/handbook/EB5Unit011905Pub.pdf. A mission statement describing the IRCU is at http://uscis.gov/graphics/lawsregs/handbook/EB5UnitMission.pdf.

The memo follows up on a September 17, 2004 meeting in Washington, DC held by the USCIS to discuss the EB-5 category. Over 100 people attended the meeting.

The USCIS held the meeting to allow concerned parties to express their comments and concerns about the EB-5 visa category. Paramount among the issues discussed was lengthy processing times, which can cause businesses to back out of deals or a foreign national's financial status to change. Attendees urged the USCIS to decide EB-5 petitions within sixty to ninety days. Attendees said they would be willing to pay a premium processing fee for faster adjudication of EB-5 petitions.

Attendees also urged the USCIS to consider concurrent filing of adjustment of status applications with EB-5 petitions, just as the agency already allows for other employment-based green card petitions. The agency agreed to consider the idea.

Attendees also expressed concern about ambiguities in USCIS EB-5 regulations. Questions ranged from how long money needs to stay invested to receiving samples of successful EB-5 petitions. Although the USCIS officials had answers to most of these questions, it was clear that attendees sought a ready guide through the labyrinthine of EB-5 regulations.

The new USCIS memo and the September 17 meeting may mark a major leap forward in USCIS policy toward the EB-5 visa category. The possible changes hold the promise of making the EB-5 process more user-friendly in terms of processing times and responsiveness to investors' concerns. The USCIS officials repeatedly said that they want to meet the needs of the business community so that the EB-5 category can be more effectively used.