On April 23, 2014, U.S. Citizenship and Immigration Services (USCIS) conducted an EB-5 Stakeholder Engagement teleconference to discuss potential revisions to the EB-5 regulations. Nicholas Colucci, Chief of the Immigrant Investor Program, announced on the call that updating the current EB-5 regulations is “[o]ne of the top priorities” for the EB-5 program. “We consider this to be an essential step in improving the program and ensuring predictability, consistency, and efficiency in the processing of EB-5 applications and petitions,” he said.
For years, many in the EB-5 community have pointed out the need for updated EB-5 regulations that better reflect business realities and provide clearer guidance in I-526 and I-829 adjudications. USCIS came one step closer to providing updated regulations yesterday by soliciting ideas from the public that it will consider as it drafts proposed regulatory changes. In addition to yesterday’s teleconference, USCIS announced email and web tools that will be used to gather further ongoing input from the public. Input regarding EB-5 regulatory changes may be emailed to public.engagement@uscis.dsh.gov, or posted to the USCIS Idea Community at www.uscisconnect.ideascale.com.
Before any EB-5 regulatory changes become final, USCIS must draft and publish its proposed new regulations in the Federal Register and provide the public with an opportunity to submit comments. Thereafter, USCIS must review the comments and take them into consideration before publishing the final regulations (also called “final rule”). USCIS did not provide a specific timeframe for when it intends to publish its proposed regulatory revisions. USCIS reminded everyone that the current EB- 5 regulations will remain in effect until the effective date of a final rule.
