REGULATION: EB-5 Reform and Integrity Act of 2022; Ensuring the Integrity of the EB-5 Program; Automatic Revocation of Petitions for Immigrant Classification
C. Summary of Proposed Regulatory Changes
1. Summary of Major Provisions of the Regulatory Action
DHS proposes the following major revisions to the EB-5 program regulations:
- Implementing sections 203(b)(5)(N) and (O) of the INA,8 U.S.C. 1153(b)(5)(N) to protect the EB-5 program from fraud and threats to national security.
- Reorganizing the regulatory provisions in a new subpart D.
- Adding new definitions.
- Implementing priority date retention.
- Clarifying eligibility requirements, including new capital investment amounts, duration of investment, job creation requirements, and evidentiary requirements.
- Eliminating the use of repaid bridge financing as a basis to demonstrate job creation in the EB-5 program.
- Determining targeted employment areas (TEAs).
- Defining infrastructure projects.
- Removing troubled businesses as an avenue to establish eligibility.
- Describing regional center program requirements, including designation of a regional center, project applications, redeployment, and bona fides of persons involved with the Regional Center Program.
- Implementing the registration process of direct and third-party promoters.
- Establishing enforcement provisions, including monetary penalties, suspensions, debarments, and terminations.
- Implementing audits.
- Creating process improvements for removal of conditions.
- Establishing procedures for amendment of the petition to remove conditions on permanent resident status for investors associated with a terminated regional center or debarred new commercial enterprise or job-creating entity.
- Explaining the processing of withdrawal requests.
- Clarifying the automatic revocation of petitions for immigrant classification.