The EB-5 Immigration Investor Visa and Regional Center Reform Act (The "EB-5 Reform Act"), is a draft bill that Congress is considering including in the next Omnibus.
While the EB-5 Reform Act draft bill is still being revised, proposed changes were released. Here's how a proposed change in the EB-5 Reform Act affects investment categories.
The EB-5 Reform Act changes the investment categories and how visas are allocated. The general pool of annual visas available will drop from 10,000 visas to 7,000 visas. In addition, of those 7,000 available visas annually, 3,100 visas will be set-aside for incentivized projects. The benefit of choosing an incentivized project, is a slightly lower minimum investment requirement.
The new categories for projects include:1. Priority Urban InvestmentThe number of visas that may be allocated to this category: 1,450To qualify for a Priority Urban Investment, a project must show at least two of the following criteria:
- Have an unemployment rate that is at least 150% the national average employment rate
- A poverty rate that is at least 20%
- Or, a median family income 80% or less than the statewide median family income or MSA median family income.
2. Rural AreaThe number of visas that may be allocated to this category: 1,450To qualify for a Rural Area investment, a project must be one of the following:
- Located in an area outside a city or town with a population of 20,000 or more
- An areas that is outside of a MSA
- An area within a county in a MSA with a population density of less than 250 people per square mileO
- Or, it is within a consensus tract with a population density of less than 100 people per square mile and the consensus tract is larger than 100 square miles.
3. Infrastructure ProjectsThe number of visas that may be allocated to this category: 200Infrastructure project classifications are expected to be defined by the Secretary of Homeland Security during the 120 days moratorium.
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