A federal court invalidates rule raising minimum EB-5 investment from $500,00 to $900,000.
The Final EB-5 Rule, which increased the minimum investment amount from $500,000 to $900,000, was invalidated by a federal court in California on June 22, but without an injunction to prevent its reinstatement.
Judge J. Scott Corley of the U.S. District Court of the Northern District of California issued an order of summary judgment in the plaintiff’s favor in the matter of Behring Regional Center LLC V. Chad Wolf, et al. However, the court did not grant an injunction blocking Secretary of Homeland Security Alejandro Mayorkas from reinstating the Final EB-5 Rule absent compliance with the Administrative Procedure Act’s (APA) rulemaking process. It is therefore highly likely that Mayorkas will take action to reinstate the Final EB-5 Rule.
Immigration attorneys emphasize that the good news is there may be an opportunity in the coming days or weeks for a limited period to file a new EB-5 application with the reduced investment of $500,000. There is not a timeline for how long this change may be valid, but this offers EB-5 investors an opportunity to apply for the program at a reduced amount for the time being.
The Regional Center program is set to expire on the 30th of June 2021, the next 24 to 48 hours are critical as a response from USCIS is expected. This may well include filing an appeal or taking other administrative actions to close the $500,000 window.
ICC is ready to help immigrant investors take advantage of this window. We’ve worked quickly with our preferred immigration lawyers to create a fast track application process. Serious EB-5 investors who want to invest at the reduced $500,000 amount and file their I-526 petitions before June 30, 2021 can immediately join our Canopy By Hilton Minneapolis Hotel Project.
ICC has the safest EB-5 projects and partners with the top immigration lawyers – this has contributed to our 100% success rate of I-526 approvals. We only offer quality EB-5 investment projects with our custom structure that yields the safest EB-5 investments. Learn more about our approach, here.