On June 24, a US judge issued a injunction , halting the immigration policy that regional centers must reauthorize in accordance with the new EB-5 bill:
Let us first briefly review the background and progress of the case.
Background review
According to the requirements of the Immigration Bureau, since the new EB-5 bill overturned the old law, the regional centers authorized by the old law must obtain new authorization before they can recruit new investors.
The implementation of this policy will greatly delay the pace of regional centers to immediately start recruiting new investors. And according to the immigration bureau’s usual procrastination style, the reauthorization approval process may take at least half a year or even more than 2 years. Therefore, regional centers Totally unacceptable.
In response to this policy of the Immigration Bureau, the regional centers launched a lawsuit to oppose it. On June 24, in the first lawsuit, the case of EB-5IC - Behring Regional Center v. USCIS, the judge issued an injunction halting the USCIS’s reauthorization policy.
The following reasons made the judge believe that an injunction should be issued:
1. The plaintiff has a strong cause of action and is very likely to win the lawsuit;
2. The reauthorization process will delay and affect the plaintiff's business of recruiting new investors, giving It causes damage.
The judge did not specify in the injunction what the immigration office should do next. Do regional centers need to continue to submit the I-956 regional center authorization application form while they can operate normally and recruit new investors? Or can they continue to operate normally and do not need to apply for reauthorization and only need to meet the requirements under the new law? Regional center compliance requirements are sufficient. It will be up to the Immigration Department to formulate appropriate policies next.
However, the judge made it clear in the injunction:
1. The authorizations of all more than 600 original regional centers continue to be valid;
2. Under the original regional centers, new I-526 applications are valid and must be approved.
Theoretically speaking, from the moment the injunction is issued, the EB-5 investment application has been restarted.
Currently, has received the latest news from the project party:
1. After the investor has completed the transfer of management fees and investment funds, it is now possible to submit I-526.
2. The Immigration Bureau will not conduct the I-526 review immediately. It will wait until the I-956 is approved, that is, the I-526 review will be conducted after the regional center review is approved.
3. Submit early and queue up early for review and approval, so investors are also requested to prepare their investment funds as soon as possible.
We will continue to pay attention to the latest information about EB-5!
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