The EB-5 Visa Program has long been a gateway for foreign investors to secure U.S. green cards while contributing to significant American development projects, such as New York’s Hudson Yards, Pacific Park, and Miami Worldcenter. The EB5 Reform and Integrity Act of 2022 (the “RIA”) has significantly enhanced the credibility of the EB5 program for the benefit of participants in the industry and provided safeguards against fraud and abuse. However, recent actions by USCIS, including the substantially increased costs and USCIS’s fee increases together with the unexpected notice to terminate some EB-5 Regional Centers due to non-payment of an integrity fee (the “Integrity Fee”), have created uncertainty and impediments to the Program. However, on July 30, 2024, the U.S. District Court judge in Montana issued a temporary restraining order preventing the termination of RC’s at this time due to the non-payment of the Integrity Fee. These developments could impact the cost and timetable of obtaining U.S. residency.
