No Visa Backlog in EB-5 Rural Category as New Regulations Boost Processing Speeds

No Visa Backlog in EB-5 Rural Category as New Regulations Boost Processing Speeds

In a recent interview with Financial Express Online, Carel van der Merwe, Director of Sales at EB5 Coast to Coast, sheds light on the current landscape of the EB-5 visa program. The EB-5 Reform and Integrity Act of 2022, implemented in March, prioritized rural projects, constituting 20% of the annual EB-5 visas. This strategic move has resulted in a notable absence of visa backlog under the EB-5 rural category as of February 2024.

Furthermore, rural petitions are enjoying expedited processing, significantly reducing the adjudication period to 56.5 months. To address funding needs and contribute to national interest, projects like addiction treatment centers (ATCs) are gaining prominence. EB5 Coast to Coast focuses on identifying projects falling under the national interest category, ensuring rigorous scrutiny and extensive documentation to meet USCIS standards.
Notably, the filing fee for I-526/E is set to increase in April 2024 from $3,675 to $11,160, aiming to expedite processing times. With over 20,000 carryover visas from previous years, EB-5 beneficiaries can anticipate faster processing times.

The demand for EB-5 visas is influenced by global economic trends, with countries like India, South Korea, and China leveraging the program for its educational benefits and lack of multiple nationality restrictions. Additionally, countries facing economic downturns due to COVID-19 are turning to EB-5 investments.

Investors are urged to conduct thorough due diligence before committing to EB-5 projects, considering factors such as project viability, potential returns, immigration outcomes, and the importance of understanding the three-step process involving I-526/E, investment commitment, and I-829 removal of conditions. Due diligence is emphasized for both business and immigration viability, ensuring investors make informed decisions in this dynamic landscape.

Source: Financial Express