EB-5 Visa Bulletin Update
The Department of State has released its June 2015 visa bulletin and the China EB-5 cut-off date of May 1, 2013 did not change. The quota for other countries remains current. The following processing times have been updated by the USCIS:
● I-526s moved from 14.2 months to 14 months
● I-829s moved from 12.3 months to 12.7 months
● I-924s moved from 11.7 months to 12.1 months
In addition, the state of California has released its new Targeted Employment Area (“TEA”) data. A TEA is either a “high unemployment area” in an urban setting (being part of a metropolitan statistical area) that has experienced a critically high unemployment rate. This data is used to determine eligibility in an EB-5 investor visa application. If the EB-5 investment in a new commercial enterprise is made in a Targeted Employment Area (TEA), the required investment is decreased to the $500,000 investment level from the original $1 million requirement.
New TEA’s must now have an average unemployment rate of 9.3% or greater (150% above the national average) to qualify investors for a $500,000 investment instead of $1 million. Some areas that were designated as TEAs last year no longer qualify. At the same time, projects located in areas that did not have high unemployment based on the old numbers may be eligible for TEA designation today.
The team here at Buda Law Group has completed many successful EB-5 applications with the USCIS. Let us know if you need help understanding the EB-5 visa bulletin, or in determining whether your project is now located in a TEA, or for any of your immigration needs.
John B. Buda, Esq.
1201 W. Huntington Dr. Suite 209
Arcadia, CA 91007