The changes affect EB-5 applicants who are waiting to file their I-485 adjustment of status application.
By Blake Harrison, Senior Counsel, Investor Visa Practice
On March 15, 2022, President Biden signed long-anticipated EB-5 reform measures into law. One of the most significant changes under the new law is the ability to file Form I-526 and Form I-485 at the same time, which is commonly referred to as “concurrent filing.” Before the EB-5 Reform Bill was enacted, EB-5 investors had to wait for their I-526 petitions to be approved before filing for adjustment of status. Under the EB-5 Reform Bill, concurrent filing allows investors living in the United States on non-immigrant visas to apply for adjustment of status when filing their I-526 petitions. We expect that investors who filed their I-526 petitions before the EB-5 Reform Bill was enacted may also apply for adjustment of status prior to the adjudication of Form I-526.
Blake will be hosting a client workshop for clients who are impacted by this change next Wednesday 20 April at 11 am Eastern time. If you are not a Davies & Associates client, but think you might be affected by the changes to concurrent filing rules, you are also welcome to attend. Click here to sign up or contact us to discuss.
The EB-5 Visa Program is a route to US Permanent Residency by investment. The minimum required investment is either $800,000 or $1,050 million depending upon where the investment is made. The investment must create ten jobs and the source of funds must be legitimate and clearly documented. A single investment can include the applicant’s spouse and children under the age of 21.
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