USCIS Proposes Changes to I-924 Processing in EB-5 Program Applications

The EB-5 Immigrant Investor program was created in 1990 to help create jobs and international investment in the United States. Interested investors may petition to participate on their own or as part of a Regional Center, designated as such by USCIS. Investors can petition for the EB-5 visa on Form I-526 or for Regional Center designation on Form I-924. The proposal process is, however, quite complex, and involves a series of documents, including business plans supported by expert analyses and other key information. This process can be arduous and, according to many stakeholders and petitioners, is not ideal.

In response to concerns voiced by stakeholders and petitioners, USCIS has submitted a series of proposed changes to the processing of EB-5 immigration cases. These changes will change the ways in which EB-5 program applications are processed.

Applications for Regional Center status are submitted via Form I-924 in one of two ways:

First, an actual application presents a “shovel-ready” business project that is adequately developed to support the immediate filing of I-526 petitions by interested foreign investors. These applications include business plans, economic analyses, information about capital-investment structures, information about the anticipated regional economic impact of such a center, as well as other detailed information.

A second application type, the exemplar application, proposes a feasible project that is not yet shovel-ready, along with an exemplar I-526 petition, to allow USCIS to determine if the project is EB-5 compliant. This application type enables USCIS to approve a new project in principle before the business project is actually underway.

USCIS has published the following proposed changes to EB-5 processing; public comments will be accepted until June 17, 2011.

1 – Enabling accelerated and premium processing for shovel-ready cases: USCIS proposes to prioritize actually I-924 applications so that projects that are ready for implementation can be approved in the timeliest fashion. USCIS will offer accelerated target processing times for actual Regional Center petitions and will additionally allow petitioners to request premium processing of their I-924 applications. Additionally, accelerated target processing times will also apply to subsequent filings of I-526 petitions; these petitioners will also be allowed to request premium processing of their petitions.

2 – Creation of special intake teams for I-924 petitions: USCIS proposes to create special intake teams, who will handle the initial intake and review of all I-924 applications. These teams will be made up of experts in economic development and analysis and in EB-5 program requirements, and will include economists, business analysts and adjudicators.

3 – An enhanced decision process for I-924 petitions: USCIS also proposes to empower an expert I-924 Decision Board to make decisions regarding the EB-5 compliancy of I-924 petitions. This board will include a USCIS economist and two USCIS adjudicators and will be assisted by a legal support team. This board will be able to approve the I-924 petition, request additional information or issue a Notice of Intent to Deny. In the latter case, the applicant will have the opportunity to schedule an in-person or telephone interview to discuss this final decision.