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EB-5 Reform and Integrity Act of 2022; Ensuring the Integrity of the EB-5 Program; Automatic Revocation of Petitions for Immigrant Classification
Plain English Summary
The EB-5 Reform and Integrity Act of 2022 has introduced important changes to the EB-5 visa program for foreign investors. This law, signed by the President on March 15, 2022, aims to improve the program's integrity and requires that investors create at least 10 full-time jobs for U.S. workers to qualify for permanent residency. Insurance agents should be aware of these changes as they may affect clients interested in immigration through investment and should stay informed about the new requirements.
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This proposed rule would implement the EB-5 Reform and Integrity Act of 2022 (RIA), which the President signed on March 15, 2022. The RIA substantially reforms and adds significant integrity provisions to the employment-based, fifth preference (EB-5) visa category for alien investors and the associated Regional Center Program. In general, under the EB-5 program, aliens are eligible to apply for lawful permanent resident status in the United States if they make the necessary investment in a new commercial enterprise in the United States and create 10 permanent full-time jobs for qualified U.S. workers.