The immigration process is often defined by one word – complicated. For many applicants, the steps necessary can be outright discouraging. Add to those obstacles a set of continually-changing laws, which only make the challenges much more significant, if not overwhelming.
Many foreign nationals come to the United States to contribute to the economy by establishing businesses. Yet, the path is anything but smooth to get to their respective opening days.
Solutions through streamlining
A possible solution comes from enacting the EB-5 Reform and Integrity Act of 2022. Pending the period for comments, it could result in a reauthorization and alteration of the EB-5 Regional Center (RC) program, which aims to promote economic growth.
Regional Centers in some regions of the country will serve as resources for hopeful participants in the Immigrant Investor Program.
Prior to the proposed change, the USCIS had a form for investors known as the Immigrant Petition by Alien Entrepreneur. This document is no longer considered applicable due to lacking critical data, an essential component for USCIS to render decisions on applicant investors.
The President’s signature divided USCIS while creating two different forms: I-526, a petition for standalone investors, and I-526E, designated for regional center investors. The objective is to simplify decisions and hopefully speed up the petition process.
As with any new changes, legal matters arose involving immigrants carrying the EB-5 visa. The USCIS has pushed back on any potential adverse effects. However, a stopgap measure is in place to revise forms to ensure it is consistent with the reform and USCIS goals. The minor streamlining can also speed up the process for those looking to establish and eventually succeed in their respective businesses.
Comments regarding the changes will be accepted up to January 23, 2023.