The Department of Homeland Security (DHS) is considering substantial fee increases. This proposal, which has sent ripples across the immigrant investor community, could change the landscape for prospective EB-5 visa applicants. As of now, the DHS has extended the comment period for this proposal until March 2024, giving stakeholders more time to voice their concerns.
EB-5 Visa Program – A Lifeline for Aspiring Immigrants
The EB-5 Visa Program, officially known as the Employment-Based Immigrant Visa, Fifth Preference, offers a unique opportunity for foreign nationals and their dependents to obtain U.S. Green Cards by investing a minimum of $1,050,000 in a U.S. business.
This investment requirement is lowered to $800,000 if the investment is directed towards a targeted employment area (TEA) or an infrastructure project that can create a minimum of ten full-time jobs for qualifying employees.
The proposed fee restructuring, if implemented, will significantly alter the financial landscape for EB-5 visa applicants. Under the current fee structure, Form I-526, Immigrant Petition by Alien Entrepreneur, and Form I-526E, Immigrant Petition by Regional Center Investor, cost $3,675. The DHS has recommended increasing this fee to an astonishing $11,160, marking a staggering 204 percent increase.
Similarly, Form I-829, Petition by Investor to Remove Conditions on Permanent Resident Status, currently carries a $3,750 fee. The proposed fee is set at $9,525, a 154 percent increase of $5,775. Form I-956, Application for Regional Center Designation, will see a fee increase from $17,795 to $47,695, representing a whopping 168 percent rise.
Furthermore, Form I-956F, Application for Approval of Investment in a Commercial Enterprise, will now require a $47,695 fee due to its reclassification from an optional submission.
Even Form I-956G, Regional Center Annual Statement, will not escape the fee hikes, with a proposed fee of $4,470, a 47 percent increase from the current $3,035 fee for Form I-924A.
The Impact of Proposed Changes
The repercussions of these proposed changes are far-reaching. Aspiring immigrants and investors who had set their sights on the EB-5 visa program may now face substantially higher costs. The fee increases could lead to financial burdens that many individuals and families may find insurmountable, potentially causing a decline in the number of applicants.
The current USCIS EB-5 visa fee schedule, which came into effect over six years ago, has now been called into question by the EB-5 Reform and Integrity Act of 2022. This act has essentially reshaped the regional centre program, and as a result, new fee structures are being proposed to accommodate these changes.
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