Wednesday, June 23, 2021

EB-5 Rule, That Increased Investment Requirements, Struck Down

On November 19, 2019, a final rule went into effect raising the investment minimums for most EB-5 visas from $1 million to $1,800,000 and raising the amount needed for investment in a rural area or an area with high unemployment (referred to as targeted employment areas) from $500K to $900K.

As WaPo reports, that change has now been struck down. Yesterday, U.S. Magistrate Judge Jacqueline Scott Corley of the Northern District of California, tossed the rules on the grounds that the then-acting secretary of DHS Kevin McAleenan had been improperly appointed at the time the rules were enacted.

The changes had enjoyed bipartisan support. We'll have to see if they get re-passed.


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