In February 2022, the U.S. federal government was in danger of a shutdown, as government spending was set to expire on the 18th. However, President Joe Biden signed a temporary spending bill, and a long-term spending package is now due on March 11, 2022.

The long-term spending bill had a previous deadline of December 2021, but it was pushed back, as the government has not been able to reach a bipartisan agreement on the federal budget. While these delays are likely to negatively affect the U.S. economy overall, the outcome of the omnibus spending package could affect the EB-5 investment industry in a significant way.

Potential EB-5 Investment Industry Reform

Many industry stakeholders predict that an EB-5 reform bill will be included in the omnibus spending package. A draft of the bill was leaked on February 3, 2022, and it included significant changes to the EB5 investment industry, including an increase in the minimum investment threshold. Currently, the minimum investment for an EB-5 project is $500,000. According to the leaked bill, that amount could increase to $700,000. It’s important to note that this threshold affects projects in targeted employment areas (TEAs).

However, not all of the proposed EB-5 reforms will hinder investors. In fact, the majority of the changes would lead to improvements in the EB-5 industry. These include measures to prevent fraud and the long-awaited reauthorization of the regional center program. This program, which was once the most common EB-5 investment, has been defunct since June 2021, causing many investors and their families to be left in processing limbo. United States Citizenship and Immigration Service (USCIS) has paused adjudication on all I-526 petitions from regional center investors, with no signs of if or when their processing will be able to continue. For many investors, this could mean the loss of their family’s life savings and a halt to their plans of obtaining U.S. permanent resident status.

While industry stakeholders hope that the EB-5 investment reform will be included in the upcoming omnibus spending package, there is no guarantee that this will be the case. In addition, the March 11 deadline may be pushed back once again, causing even further delays. Regardless of the decision made on the spending bill, it is important that foreign nationals who have already invested in regional center projects be allowed to continue their process and have their EB-5 visas adjudicated. This will help the EB-5 investment industry maintain its reputation as a safe route to U.S. citizenship and experience increased participation from foreign investors in the future.

The EB-5 investment process is generally a long one. Historically, United States Citizenship and Immigration Services (USCIS) has been known for slow turnaround times on EB-5 visa adjudication. To begin the EB5 investment process, foreign nationals must submit Form I-526, which is usually prepared by an immigration attorney. The form must demonstrate that the investor has made the minimum investment in a qualifying EB-5 project and that said project will create the required amount of jobs. Because Form I-526 petitions require accompanying documentation and each investor’s circumstances are different, there is no set processing time that investors can expect. Understandably, this can cause investors to become frustrated, and it also leads to major inconveniences.

Lengthy Processing Times Can Thwart Investor’s Plans

More often than not, the EB-5 investment threshold can encompass a family’s entire life savings. As of February 2022, the amount is $500,000 for targeted employment area (TEA) projects, but it has been higher in the past and is expected to increase once again in March 2022. In addition to the minimum investment, investors also need to have the funds to pay for USCIS filing fees, their attorneys, and the cost of relocating to the United States. With so much at stake, investors understandably expect USCIS to process their petitions swiftly.

More than a business investment, the EB-5 process is a pathway to permanent residency and even citizenship for foreign investors and their families. Upon completion of the EB-5 process, the investor and their immediate family—including children younger than 21—are granted permanent resident status. It is important to note that once an investor’s children turn 21, they are considered to have “aged out” of the process and are no longer eligible for permanent resident status. Thus, the sooner I-526 petitions are adjudicated, the better for investors who have children. Faster adjudication is also preferable as businesses can face challenges that cause them to make unexpected changes, which lower their chances of approval. USCIS does not allow major changes to be made to a business during processing, so approval chances are much greater if the petition is adjudicated efficiently.

Not every I-526 petition is automatically approved. Denials can happen for a number of reasons, including failure to provide required documentation or investing capital in a non-qualifying project. In the case of a denial, EB-5 investors have the option to try to recover their funds or appeal the USCIS decision. The sooner they receive their denial, the greater the chances that whichever action they take next will be successful.

There is certainly room for improvement in the EB-5 investment industry, including the processing time for I-526 petitions. In February 2022, the draft of an EB-5 reform bill was leaked, which is expected to be brought to Congress on March 11, 2022. The draft proposes significant changes, including an increase in investment thresholds and the reauthorization of the regional center program.

The direct EB-5 investment model has grown in popularity in recent months. Prior to its expiration in June 2021, the regional center model was the most common for EB5 investment projects. Historically, the regional center model had always been reauthorized and been able to continue, with the exception of a brief suspension in 2018. As of February 2022, however, the regional center program has been defunct for seven months, leaving thousands of EB-5 investors in processing limbo. Still, in the first two months of 2022, the direct EB5 investment model has raised millions of dollars and given much-needed hope to foreign nationals who dream of U.S. citizenship for themselves and their families.

The current investment threshold for direct EB-5 investments is $500,000. However, a leaked draft of an EB-5 reform bill mentioned the possibility of the investment threshold being raised to $700,000. This means that any foreign nationals who intend to pursue an EB-5 visa through a direct investment project should begin the process as soon as possible. This EB-5 reform is expected to be included in the upcoming March 11 appropriations bill, giving potential EB-5 investors only a few weeks to invest at $500,000.

When selecting an EB-5 investment project, potential investors need to keep in mind the requirements set out by United States Citizenship and Immigration Services (USCIS). In order to receive the EB-5 visa, investors must choose projects that adhere to the agency’s regulations.

Meeting USCIS Requirements

The EB-5 investment program was created in 1990 as a way for foreign nationals to pursue residency, and even U.S. citizenship, by investing in a project that creates jobs for U.S. workers. As such, the main USCIS requirement is for each EB-5 investment project to create a minimum of 10 jobs. In the direct investment model, these jobs must be continuous, full-time positions created directly by the new commercial enterprise (NCE) that last for a minimum of two years. It is important to note that there is no requirement for the jobs to be filled by the same employee during that time period, but they must be active for a full two years. In addition, job sharing agreements can be put into place to allow multiple employees to share a full-time role.

Another aspect for potential EB-5 investors to consider is the viability of the business in which they aim to invest. The business must be financially stable, with a solid business plan and proven financial viability, meaning that the business won’t be entirely dependent upon the foreign investors’ funds. Any business with previously denied I-526 petitions or with unreliable finances would not be a safe option.

Low Financial Risk

For many foreign nationals, the investment they make in an EB-5 project comprises the entirety of their family’s life savings. It is imperative, then, to invest in a project with a low financial risk. The safest investments are those that are made in businesses whose finances are not overly dependent on the EB5 investment funds. In the event of an I-526 denial, investors should also be able to quickly recover their initial investment.

The EB-5 industry has shifted to direct investment projects and has seen great success. As a result, this type of investment is now in high demand. Given the high likelihood of changes to the investment requirement after March 2022, foreign nationals who plan to begin the EB-5 investment process should secure legal representation and get started as soon as possible.

Foreign investors are navigating a challenging situation with the suspension of the EB-5 Regional Center Program, which, as of February 2022, has now gone on for over seven months. The regional center program had been the most commonly used EB-5 investment model since the financial crisis of 2008. Despite its popularity and the multitude of benefits that it has offered foreign investors and U.S. business owners alike, the program has depended on periodic reauthorization since its introduction in 1992—that is, Congress must renew the program periodically. This is what led to its brief expiration in 2018 and its longer suspension in June 2021.

In addition to putting billions of investment dollars at risk, the suspension of the regional center program has caused another, more significant challenge for EB-5 investors. Thousands of investors and their families are unable to move forward with the EB-5 visa process, as United States Citizenship and Immigration Services (USCIS) has put a pause on pending I-526 petitions from investors with regional center projects. In addition, USCIS requires EB-5 investment funds to be committed at the time of Form I-526 adjudication, so many EB-5 investors worry that their petitions and all of the work they put into them will be wasted. In support of the regional center program and its investors, EB5AN has reached out to Congress to request the program’s quick reauthorization and that investors whose applications were pending to be “grandfathered” in.

It is truly in the best interest of the EB-5 investment industry to reauthorize the program. While a decision is being made, however, investors are still left wondering if there is anything they can do.

Are Investors Able to Take Legal Action?

Regional center investors may wonder if they are able to take legal action against the U.S. government. However, this type of litigation has a very low chance of success.

EB-5 investors may also feel inclined to take legal action again their regional centers, but that would almost certainly be counterproductive. There would need to be proof that regional operators engaged in fraud or provided misleading information to investors. Moreover, if a regional center is grappling with a lawsuit and faces hardships as a result, it may be forced to shut down its projects, thus ending the EB-5 process for all investors involved. A much more effective course of action would be to continue to ask Congress to reauthorize the regional center program or to implement a grandfathering clause for investors whose EB-5 applications are still pending. The Foreign Investor Fairness Protection Act (FIFPA) is a clause that could potentially protect investors who find themselves in a situation like this, both now and in the future.

The EB5 investment industry has rallied in support of investors and other stakeholders. As of February 18, 2022, the Senate has approved a short-term funding bill to extend the U.S. government’s budget until early March 2022. Hopefully, the upcoming appropriations bill will include EB-5 reform; the industry could clearly benefit from a decision in favor of the reauthorization of the program or a grandfathering clause.

Government programs often undergo significant changes throughout the years as they adapt to the needs of stakeholders. The EB-5 visa program is no exception. Since it was created in 1990, it had changed and evolved significantly, but never as much as it has since June 2021, when the regional center program expired. Since then, industry stakeholders have had to adjust to significant changes to EB-5 regulations. Current EB-5 investment industry members and foreign nationals who aspire to apply for an EB-5 visa should review the recent industry developments. This will help them understand the state of the program, as well as anticipate future trends in 2022 and beyond.

Significant Changes to the EB-5 Program

One of the most significant changes to the EB-5 industry was the expiration of the regional center program in June 2021. Since it was created in 1992, the program has been dependent upon regular reauthorizations from Congress. That is, Congress must decide to revalidate the program before each expiration date. There was a brief expiration in 2018, but beyond that, the program has continued without any issues. Now, not only has the program been allowed to expire, but as of February 2022, it has yet to be reauthorized. As a result, approximately $15 billion investment dollars have been put at risk. Additionally, regional center investors whose I-526 petitions were pending are in processing limbo.

United States Citizenship and Immigration Services (USCIS) has suspended processing pending I-526 applications. With the regional center program’s future at stake, USCIS is dependent on action from Congress before it can move these applications forward. For many foreign nationals, their family’s life savings are tied up in these investments. The lapse in the regional center program means that they are not able to continue the EB-5 visa process. In the long run, this lapse in the program, and the lack of swift action by Congress, could severely damage the program’s reputation as a safe pathway to citizenship, discouraging others from participating in the process in the future. This is significant, as U.S. businesses also benefit tremendously from EB-5 investment projects.

Just before the expiration of the regional center program – days before, in fact – industry stakeholders had been welcoming a different kind of change with open arms. On June 22, 2021, the EB-5 Modernization Rule was found to have been improperly implemented. This was an unpopular EB-5 investment reform, as it increased the minimum investment thresholds. The U.S. court ruling on June 22 invalidated the rule immediately, bringing minimum EB5 investment thresholds back down to $500,000.

Will The Regional Center Program Be Reauthorized in 2022?

There has been some speculation among industry stakeholders that EB-5 program reform is forthcoming. This speculation was heightened on February 3, 2022, when a draft of a potential EB-5 bill was leaked. The draft proposes many changes, including the reauthorization of the regional center program, changes to investment amounts, and a redefinition of targeted employment areas (TEAs).

The most urgent issue in the EB5 investment industry is the reauthorization of the regional center program. Many suspect that if the program is not reauthorized, Congress will at least implement a grandfathering clause for current investors, allowing them to continue in the EB-5 process. If they fail to do either of those things, there could be consequences as severe as the loss of billions of investment dollars and widespread litigation.

It is important to note that, although the industry is facing turbulent times, it has continued to see success through the use of the direct EB-5 investment model. This model offers distinct advantages that allow investment projects to continue, though it may not be as attractive to foreign nationals as the regional center program. Given that it is a historically secure path to U.S. citizenship, the EB-5 investment program will likely continue to thrive and attract investments from foreign nationals in the future.

Since the expiration of the regional center investment model in June 2021, stakeholders in the EB-5 investment industry have had to make major adjustments. With the exception of a brief expiration in 2018, the regional center program had been in place without disruption since 1992. Given the many benefits it offers to foreign investors, business owners and immigration attorneys alike, the vast majority of EB-5 investments used this model. Now, the direct EB5 investment option has become the focus of the industry. The reauthorization of the regional center program is urgent, but the industry has continued to thrive without it thanks to direct projects.

Since June 2021, millions of dollars in direct EB-5 investment capital have been raised, leaving some industry stakeholders questioning whether the reauthorization of the regional center program is actually a necessity. It is clear that the industry has been able to adapt successfully and shift to the direct investment model. However, the regional center model offers advantages that are both convenient and unique.

1. Investors Should Be Able to Choose the Investment Model They Prefer

Investors should be able to choose the EB5 investment model that suits them best. For investors who are looking to make a significant profit while also obtaining permanent resident status, direct EB-5 investment could be a better option. This model has a potential for higher returns. These projects also offer EB-5 investors greater managerial responsibilities, which are perfect for anyone who wants to have more control over the course of their project.

For investors who want less to do with the business side of EB-5 investments and are more focused on a pathway to US citizenship, the regional center investment model would be a better fit.

U.S. businesses also stand to benefit from EB-5 projects, and the type of investment model has an effect on them as well. Small businesses generally take on fewer investors and need quick access to capital. For them, the direct EB-5 investment model would be preferrable, as its approach is more streamlined. Large businesses may prefer the regional center EB-5 investment model, as it typically offers a greater amount of capital. Giving foreign investors the ability to choose between the two investment models may encourage greater participation in the program, thus benefiting the investors themselves and the U.S. businesses owners they partner with.

2. The Regional Center Model Simplifies the Job Creation Criteria

One of the key criteria for the EB-5 investment program is that the new commercial enterprise (NCE) must create at least ten jobs. The direct EB-5 investment program can only count jobs in which employees are hired directly by the NCE. On the other hand, regional center-sponsored projects can count the jobs that are created as a result of the project’s overall positive economic impact on the community. These jobs—referred to as induced and indirect employment – are the ones that the NCE creates indirectly. For example, if the EB5 investment project uses local companies to obtain goods and services and those local companies experience growth, investors can count those jobs.

3. Regional Center Investment Incentivizes Greater Participation in the EB-5 Program

The financial crisis of 2008 actually led to growth in the EB-5 investment program, with the regional center investment model being the most commonly used. The billions of investment dollars that flooded into the country were due in large part to this model. With the expiration of the regional center program, billions of investment dollars are at risk—about $15 billion, in fact.

The regional center EB-5 investment model can be more attractive to foreign investors, given its flexibility in terms of job creation and minimal managerial responsibilities. As mentioned previously, the industry is able to continue to see success through the direct EB5 investment model. However, as of February 18, 2022, industry stakeholders still have hope that the regional center program will be reauthorized. There is an opportunity for reauthorization in an upcoming spending bill due on March 11, 2022. If reauthorization is granted, the benefits to the EB-5 investment program will be tremendous.

The Department of State (DOS) has released the Visa Bulletin for March 2022. Interestingly, no changes have been made to the cutoff dates for EB-5 investors since the December 2021 Visa Bulletin. Since all direct investors, including those from China, are allowed to receive their two-year EB-5 visas once they are documentarily qualified, the popularity of direct EB-5 investment projects may increase even more.

The DOS had cleared the processing backlogs for Chinese direct EB-5 investors, and there is still no indication that the agency plans on bringing back cutoff dates. Therefore, the direct EB-5 investment model has received a notable boost. This investment type now seems more stable and reliable than regional center investment; it is also possible that future processing backlogs will not apply to I-526 petitions associated with direct EB-5 businesses. Should the regional center program be reauthorized (potentially in a March 11, 2022 appropriations bill), it is unclear if the DOS will make any changes.

The Final Action Dates and Dates for Filing

Countries experiencing backlogs in EB-5 visa petition processing can be subject to two kinds of cutoff dates: a final action or a date for filing. Chart A of each Visa Bulletin shows which countries are subject to final action dates; in this case, all direct EB-5 investors enjoy current status. This means that, as soon as their I-526 petitions are approved, direct investors can receive their conditional residency visas.

Regional center investors with pending I-526 petitions are in a very different situation: due to the regional center program’s expiration on June 30, 2021, United States Citizenship and Immigration Services (USCIS) no longer adjudicates I-526 applications associated with regional centers. The regional center row is thus marked as “Unauthorized.”

Chart B of the Visa Bulletins contains the date for filing—the date at which investors from backlogged countries can apply for their two-year visas. Even though all direct investors as marked as “Current”, regional center investors from China are still shown to have a date for filing of December 15, 2015.

The March 2022 Visa Bulletin has been published at a crucial time in the EB5 investment industry’s history. In only a few days or weeks, major changes could be made to EB-5 policies. Even though it is unclear what these changes will entail for the cutoff dates, it is very likely that direct EB-5 investment offerings will remain popular.

As of February 10, 2022, the EB-5 investment industry is at a watershed period in its history. With more than seven months since the expiration of the regional center program, the industry is now looking to Congress to pass EB-5 reform in an upcoming appropriations bill. The spending bill, which was originally due in December 2021, has been postponed, and there was at first no indication that it would address the issues in the EB-5 program.

However, on February 3, 2022, a draft of a potential EB-5 bill was leaked, leading to speculation that EB-5 reform would indeed be forthcoming. The leaked draft would reauthorize the regional center program until 2027 and introduce measures to ensure integrity and transparency in EB-5 offerings. These adjustments, along with new criteria for targeted employment area (TEA) designation, would be widely well-received.

The bill also raises the minimum EB-5 investment threshold from only $500,000 to $700,000. This substantial increase would make the EB-5 visa significantly less accessible to foreign nationals. What is more, any foreign nationals planning to make an EB-5 investment at $500,000 now have to act quickly: it may be only a few more days or weeks before these changes are made in the upcoming appropriations bill.

The following is a concise overview of the EB-5 investment process meant to help interested foreign nationals get started as quickly as possible.

Preparing the EB-5 Investment Funds

The first step is to retain an immigration attorney with ample EB-5 experience. The more EB-5 investors an attorney has worked with successfully, the more reliable they will be.

One of the most important factors that foreign nationals must consider is that all EB-5 capital is examined by United States Citizenship and Immigration Services (USCIS) to ensure its legality. The agency does allow investors to use virtually any lawful source of funds, but it requires copious evidence tracing the funds back to their source. This is typically one of the most challenging aspects of the EB-5 process, and investors are thus advised to prepare the source-of-funds documentation as early as possible. Sources of funds such as salary payments and secured bank loans can be easier to document when compared to inherited or gifted capital.

USCIS also requires EB-5 funding to remain at risk—there can be no contractual rights to repayment, and EB-5 investors must acknowledge the possibility of substantial financial losses. Moreover, the reduced investment amount of $500,000 only applies to EB-5 businesses in TEAs—all other offerings require a minimum investment of $1,000,000.

Choosing the Right EB-5 Offering

It is crucial to select an EB-5 offering that fulfills all USCIS criteria. The best EB-5 projects are careful to follow USCIS guidelines and thus make it more likely for their investors to receive permanent residency. One of the foremost requirements is for each EB-5 investment to create at least 10 jobs. In the direct EB-5 model, which is currently the sole investment option, all of these positions must be W-2 jobs that are preserved for at least two years and employ authorized U.S. workers. Investors should look for projects that aim to create more than 10 jobs per EB-5 investor.

Foreign nationals also need to evaluate an EB-5 project’s chances of succeeding financially. EB-5 capital should be a relatively small portion of the total capital structure, and the project’s operator should have a reliable track record.

The $500,000 Threshold May Be Raised Soon

It remains unclear exactly when EB-5 reform will come about, and Congress may not include changes to the EB-5 program in the upcoming appropriations bill. However, the EB5 investment thresholds are still likely to rise in the near future, and foreign nationals who cannot afford to invest more than $500,000 may only have a few days or weeks left to begin the EB-5 process.

Foreign nationals who dream of relocating to the United States, U.S. business owners, immigration attorneys, and many other individuals have benefitted from the remarkable success of the EB-5 industry, especially since the 2008 financial crisis made more apparent the need for a reliable source of funding. Indeed, since EB-5 capital is frequently available at below-market rates, it has helped thousands of businesses and real estate development projects succeed. What is more, United States Citizenship and Immigration Services (USCIS) requires every EB-5 investor to create at least 10 jobs through their capital. This criterion is one of the cornerstones of the EB-5 investment industry, and it has resulted in reduced unemployment in many areas across the country.

The EB-5 process is also characterized for being relatively straightforward, and USCIS is transparent when adjudicating EB-5 visa applications. Investors who are careful to comply with the applicable regulations can be confident that they will receive USCIS approval, and thousands of foreign nationals are now enjoying U.S. permanent residency, and even citizenship.

However, the second half of 2021 and the start of 2022 has been a watershed period for the EB-5 program. For more than seven months, the regional center EB5 investment model, once the most popular investment type, has been defunct. What have been the consequences of this prolonged lapse?

Economic Funding Put on Hold

According to a report by Invest in the USA (IIUSA), a trade association for the EB-5 industry, the expiration of the regional center program has put approximately $15 billion in investment funding at risk. This is surely an unconscionable amount of capital to go to waste only because Congress failed to reach an agreement on EB-5 reform. U.S. businesses may need EB-5 funding more than ever due to the volatile economic environment caused by COVID-19.

At the same time, USCIS is no longer processing I-526 visa petitions from regional center investors. If these investors try to get their capital back from their regional center projects, all of the valuable funding may be lost. It is important to note that there is no guarantee that the regional center program will be reauthorized, even though that scenario seems increasingly possible. In addition, USCIS could choose to deny all pending I-526 petitions from regional centers, but the agency is unlikely to take such a drastic measure.

Job Creation Is At Risk

IIUSA estimates that about 487,000 jobs that would be created by regional center investors are now at risk. It is also worth noting that regional center-sponsored projects are allowed to count standard W-2 positions as well as indirect and induced employment. These last two types of jobs are a result of the EB-5 funding’s positive economic impact on the community, so entire areas may lose out on economic development and job creation.

An Unfair Situation for investors

The thousands of foreign nationals who have invested in regional center projects but now find that USCIS has placed them in processing limbo may understandably feel frustrated. In many cases, the EB-5 investment may have represented the entirety of a family’s life savings; investors who complied with USCIS regulations should be allowed to proceed with the EB-5 process. To this end, the U.S. government should enact a provision for regional center investors, enabling them to have their I-526 petitions adjudicated even if the program is still lapsed. Of course, a complete, long-term reauthorization of the regional center program would be the optimal solution, but a grandfathering clause may be even more urgent.

It is clear that Congress should address the lapse of the EB-5 Regional Center Program as quickly as possible. Foreign investors and U.S. businesses should not be deprived of their respective rights to a visa and to investment funding.

Despite the wide variety of views on the EB-5 program, most industry members would certainly agree on one point: the EB-5 investment industry needs significant reform. For example, the more than six-month-long suspension of the regional center program has been detrimental to many projects and investors. In fact, since United States Citizenship and Immigration Services (USCIS) is no longer able to adjudicate I-526 petitions from regional center investors, these foreign nationals could eventually try to get their invested capital back. Attempts to do so through litigation could be disastrous for regional center-sponsored projects and would deprive the U.S. economy of millions of dollars of funding.

In mid-2021, EB-5 policies underwent another major overhaul: a district court determined that the EB-5 Modernization Rule, a controversial set of new EB-5 regulations, had been implemented unlawfully by the Department of Homeland Security (DHS). Consequently, all the changes made by the Modernization Rule were reversed to the relief of many EB-5 industry members. Since the court ruling, EB-5 businesses in targeted employment areas (TEAs) have been authorized to accept investments of only $500,000. However, it remained unclear if the DHS or USCIS would successfully bring back these regulations—both agencies went as far as to file an appeal against the court decision.

Now, it seems that these two crucial issues in the EB-5 investment industry will finally be solved. The recent leak of a potential EB-5 bill may reveal what changes will be made by Congress in the upcoming weeks.

Potential Changes to the EB-5 Program

The new EB5 investment thresholds may become $700,000 for TEA projects and $850,000 for non-TEA offerings. Even though this minimum amount for TEA projects is not as high as the Modernization Rule-threshold of $900,000, it still represents a significant increase. For any foreign nationals planning to make an EB-5 investment of only $500,000, now may be the last opportunity to find an EB-5 offering and subscribe. All EB-5 projects must be direct for the time being, and several suitable offerings are currently available.

On the other hand, the potential EB-5 bill also reauthorizes the regional center program through 2027. This is likely the most important and urgent change to be made to EB-5 policies. Even if Congress does not pass legislation reauthorizing the regional center program, measures need to be taken to grandfather in regional center investors with pending I-526 petitions. These investors, who subscribed to EB-5 offerings in good faith and complied with the applicable regulations, should be given a chance to continue with the EB-5 process. Failure to make provisions for these individuals would reflect poorly on the EB-5 program.

The coming weeks will likely be crucial for the EB-5 industry. EB-5 stakeholders, including business owners, immigration attorneys, broker-dealers, and investors, all look forward to positive reform.