Despite the benefits of the EB-5 Foreign Investor Visa, participating in the EB-5 program requires eligible applicants to comply with numerous criteria and handle the emotional and financial toll involved in the processing timeframe.Ā Ā
The Foreign Investor Fairness Protection Act (FIFPA) is a proposal focused on improving the conditions for EB-5 investors. Read on to understand FIFPA EB-5.
EB-5 Investor Program ā What You Need to Know
The United States Citizenship and Immigration Services (USCIS) has strict criteria to evaluate the eligibility of foreign investors to participate in the EB-5 program. Applicants must file Form I-526 (Immigrant Petition by Standalone Investor) with USCIS to petition for a visa.Ā Ā
If an applicant fails to provide the required information or does not adhere to USCIS regulations, the petition will result in a refusal. While these elements are clear for most applicants, the complex part is understanding the factors outside the application involved in the process.
The EB-5 industry is not easy to navigate as a non-expert, which leads many foreign investors to an overwhelming experience. Many investment opportunities are available, but not all of these “promising” chances to attain the American Dream are adequate for each case.
EB-5 funding regulations also restrict the way investors can meet the minimum amount of investment requirement that earned the program the nickname of “million-dollar visa.” In this complex scenario, regulatory changes only add up to the heavy burden associated with EB-5 applications.
What is FIFPA EB-5? ā A Realistic Overview
The Foreign Investor Fairness Protection Act (FIFPA) aims to “ensure that foreign investors who risk their capital to create jobs for American workers under the EB-5 Program, including temporary legislation, be protected from the expiration of any relevant legislation that occurs after they invest.”
Proposed before the enactment of the EB-5 Reform and Integrity Act of 2022, FIFPA’s essentially proposed the “grandfathering” of investors’ petitions to the EB-5 legislation pertinent to the time of their application.
Hence, if a foreign investor files with USCIS for an EB-5 visa, FIFPA proposes that such investment remains eligible despite temporary legislative changes to the program that may affect the petition.
The proposal’s terms expressly state that the standards applied to the adjudication of initial EB-5 petitions, adjustment of status, immigrant visa applications, or petitions to remove conditions must be those in effect at the time the initial petition was filed by an applicant.
FIFPA vs. EB-5 Reform and Integrity Act of 2022
Effective March 15, 2022, the EB-5 Reform and Integrity Act of 2022 has impacted existing and future investors, regional centers, and developers. The Act market the reauthorization of the Regional Center Program.Ā
The new legislation states that “immigrant visas are authorized under the Regional Center Program through September 30, 2027.” Significant changes to the Regional Center Program were also part of the Act, including a percentage of visas reserved for applicants willing to invest in TEAs (Targeted Employment Areas) and infrastructure projects.
Some of the new rules resemble IFPA’s proposal. The Act “grandfathers” I-526 petitions filed pre-enactment and preserves their eligibility according to the rules pertinent to the period they were filed.
Do You Want to Ensure a Successful EB-5 Application with USCIS? ā Immediately Seek Expert Legal Guidance
The American Dream is not over for EB-5 investors. Contact Immigration Attorney Romy B. Jurado today by calling (305) 921-0976 or emailing [email protected] to find the best EB-5 investment strategy for your case.
