02 Jul OMB Finalizes Review of EB-5 Immigrant Investor Program: Changes Imminent
On June 27, The Office of Management and Budget’s (OMB) Office of Information and Regulatory Affairs (OIRA) finished its review regarding the EB-5 Immigrant Investor Program Modernization. This past February, The US Citizenship and Immigration Services (USCIS) submitted proposed EB-5 Program updates to OMB after waiting over two years for Congress to take steps to update the EB-5 program.
Review by OMB is usually the last step of the rulemaking process before the Federal Register publishes the final decision. As of now, there is no indication what is in the final rule until it is formally released. USCIS is expected to publish the final EB-5 regulations as soon as the final rule is required to be published in the Federal Register typically at least 30 days before the identified effective date. Until this publication, the EB-5 program will continue to operate according to existing regulations.
There is a great deal of speculation as to what the updates to the EB-5 Program will be, however, until the Federal Register publishes the final regulations, the content of the final rule is unknown. U.S. Immigration Fund (USIF) will continue to monitor these updates and provide coverage when the final rule is announced.
To apply for the EB-5 program while current regulations are still in effect, please visit our eligibility page to determine if you qualify for the EB-5 Program.