An EB-5 regional center filed a lawsuit against the US administration to question the validity of changes made to the EB-5 Investor Visa Program in November 2019 to increase the minimum investment. The current Biden administration has moved to quash this lawsuit clearing any remaining speculation that the minimum investment level for this program would be returned back to the original $50,000 minimum investment from the current $90,000.
What Is the EB-5 Investor Visa?
The EB-5 Investor Visa is for international entrepreneurs and investors who want to immigrate to the US. It is an easier and faster way to obtain lawful permanent residence in the US except for people in Mainland China due to strong historic demand. This program requires applicants to have a legally acquired source of capital and high net worth.
What Was the Lawsuit Filed by an EB-5 Regional Center?
The lawsuit primarily argued that the then head of the Department for Homeland Security (DHS), Kevin McAleean had not been properly appointed after he assumed the position following the departure of Kirstjen Nielson in early 2019.
The Government Accountability Office (GAO) released a statement last summer stating that McAleean was not in the line of succession and his leadership was therefore invalid. By ratifying the changes, the Secretary of DHS, Alejandro Mayorkas tried to ward off any uncertainty regarding the future of this program.