USCIS Adjudication Times Post-RIA
Last year, our Founder, President and CEO, Tom Rosenfeld, sat down with Nima Korpivaara, Partner at KLD, LLP for a webinar, “Looking Under the Hood of the RIA- A One-Year Check-Up on EB-5 Reform”. You can watch the full video here: https://vimeo.com/940872960
They discussed the current state of the EB-5 program, with a particular focus on processing times and adjudication practices by the U.S. Citizenship and Immigration Services (USCIS). The conversation provided valuable insights into the challenges and improvements in the EB-5 program since the Reform and Integrity Act (RIA) was passed in 2022.
Improved Processing Times and Increased Confidence in the EB-5 Program
One of the central themes of the discussion was the significant impact of processing times on the EB-5 program. Historically, lengthy processing times has been a major concern for investors and stakeholders. For individuals planning to relocate their families, including considerations for their children’s education and business operations, uncertainty in processing times can be a major hindrance.
Post-RIA, USCIS continues to make notable progress on processing times, which is adding credibility to USCIS’s management of the EB-5 program. This credibility is crucial for regional centers, attorneys, and investors alike. With a more predictable timeline, investors can make informed decisions and plan their lives accordingly. Consistency builds confidence among investors, who can now expect a reasonable timeline for their adjudications.
CanAm’s Track Record of Success Post-RIA
We recently took another look “Under the Hood of the RIA”, and CanAm is thrilled to see that processing times continue to improve:
Since the RIA was signed in March 2022, USCIS approved the Form I-956F (Application for Approval of an Investment in a Commercial Enterprise) for 4 CanAm High Unemployment Targeted Employment Area (TEA) projects and 2 Rural Area EB-5 projects.
Our EB-5 investors received 135 I526/E Approvals in 2023. 101 of these approvals were for pre-RIA projects; 34 of these approvals were for post-RIA high-unemployment TEA projects. The average approval time for our post-RIA projects in 2023 was approximately 12 months. In 2023, our EB-5 investors received 70 I-829 approvals.
So far in 2024, our EB-5 investors received 107 I526/E Approvals. 83 of these approvals were for pre-RIA projects; 24 of these approvals were for post-RIA projects: 14 for rural projects and 10 for high unemployment TEA projects. The average approval time for our rural projects was approximately 10 months; the average approval time for our high unemployment TEA projects was approximately 15 months. Our EB-5 investors have received 127 I-829 approvals so far in 2024.
We look forward to many more approvals in the coming months.
It is a very good time to be an EB-5 investor!