Min. Investment for Green Card now $1.8 Million
Immigrant investors will now need to spend much more to secure a green card.
A new rule will now require an investment of at least $1.8 million to get a green card under the EB-5 program. This is a big leap. Since 1990 the standard minimum was $1 million. In addition, those who spend their funds in an economically distressed area will now have to spend at least $900,000 vs the previous $500,000 minimum.
The new rule is also making changes to address the gerrymandering of high-unemployment areas. The Department of Homeland Security will be eliminating a state’s ability to designate certain areas as high-unemployment areas. Instead, DHS will begin making such designations directly.
Under the EB-5 program, individuals are eligible for a green card if they make the necessary investment in a US company and create or, in some circumstances, preserve 10 full-time jobs for qualified US workers. There has been criticism of the EB-5 program from legislators in the past who believed the program was too susceptible to fraud.
Ken Cuccinelli, the acting director of U.S. Citizenship and Immigration Services, stated that “Our reforms increase the investment level to account for inflation over the past three decades and substantially restrict the possibility of gerrymandering to ensure that the reduced investment amount is reserved for rural and high-unemployment areas most in need.”
The new rule will take effect November 21, 2019 and it is expected that there will be a rush of application submitted before that date.