Agency Memos & Announcements, Federal Agencies

USCIS Issues Policy Guidance on Deployment of Capital in the EB-5 Category

7/24/20 AILA Doc. No. 20072401. Business Immigration, EB-5 Investors

USCIS issued a policy alert clarifying guidance regarding deployment of investment capital, including further deployment after the job creation requirement is satisfied, in the EB-5 category. The clarifications apply to all Form I-526 and I-829 petitions pending on or after the date of publication—July 24, 2020.

Effective date of policy is July 24, 2020.

Comments are due by August 24, 2020.

Policy Highlights

  • Clarifies requirements for deployment of capital generally, including providing new language regarding the deployment of capital through any financial instrument that meets applicable requirements as well as explaining how the purchase of financial instruments on the secondary market will generally not satisfy such requirements.
  • Clarifies that capital may be further deployed into any commercial activity that is consistent with the purpose of the new commercial enterprise to engage in the ongoing conduct of lawful business. This clarification is meant to address potential confusion among stakeholders regarding prior language about the “scope” of the new commercial enterprise while remaining consistent with applicable eligibility requirements.
  • Provides that further deployment must be through the same new commercial enterprise.
  • Provides that further deployment must be within the geographic area of the same regional center, including any amendments to the regional center’s geographic area approved before the further deployment.
  • Explains that, based on an internal review and analysis of typical EB-5 capital deployment structures, USCIS generally considers 12 months as a reasonable amount of time to further deploy capital, but will consider evidence showing that a longer period was reasonable.
Cite as AILA Doc. No. 20072401.