Are EB-5 “Fast Track” Approvals Really Here?
September 12, 2023
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By: Rahul Soni
When Congress re-authorized the EB-5 “Regional Center” Program in March 2022, it announced three “set-aside” designations to allow for expedited processing for its initial EB-5 petition to the U.S. Citizenship and Immigration Services (USCIS). The “set-aside” categories included rural projects, high unemployment area projects and infrastructure projects.
Since the Program’s re-authorization, interested foreign investors have been heavily focused on seeking to invest in one of these three expedited categories, in hopes of receiving quicker processing of their EB-5 applications.
During the COVID-19 pandemic and beyond, we saw a drastic slowdown for I-526 processing, which is the initial stage of an EB-5 application in pursuit of United States permanent residency. In some cases, it took USCIS upwards of five years to approve an initial petition. This made future-state “permanent residency insurance” planning more challenging for foreign investors. Naturally, when the government announced expedited options, investors jumped all over them. The catch? USCIS did not say how quickly they would process these applications. In fact, we were completely in the dark about the expedited processing time frame for months.
Program Effects
Since the Program’s re-authorization in 2022, we have waited with bated breath to find out how quickly I-526E petitions filed under a set-aside category would be adjudicated. The good news: there seems to be light at the end of the long tunnel. Fragomen professionals note recently filed I-526E petitions, submitted under the “rural” set-aside category with certain Regional Centers are being approved within a 10–12-month period. This is an enormous improvement from what we have become used to, and great news for potential foreign investors.
Further, investors and their immediate family members who are physically within the United States at the time of filing their I-526E petition and are otherwise eligible, can concurrently file their Adjustment of Status applications to receive their green cards in approximately one-third of the time than we have previously experienced.
Looking Ahead
We are hopeful that this fast-track trend continues, and we are continuing to closely monitor USCIS processing times. Further, while these quick processing times appear to be limited to specific regional centers, and while we do not have economic relationships or financial agreements with any United States regional centers, we are always happy to introduce prospective investors to regional centers that our clients prefer to work with upon engagement.
Need to know more?
For further information on the EB-5 Regional Center Program, please contact Partner Rahul Soni at [email protected].
This blog was published on September 12, 2023, and due to the circumstances, there are frequent changes. To keep up to date with all the latest updates on global immigration, please subscribe to our alerts and follow us on LinkedIn, X, Facebook and Instagram.
