EB-5 Program History

History of EB-5

The EB-5 Immigrant Investor Program has evolved significantly since its inception, reflecting changes in economic priorities and immigration policy. Here’s a timeline outlining the key milestones in the history of the EB-5 program:

1990

Establishment of the EB-5 Program

Congress creates the EB-5 program as part of the Immigration Act of 1990, aiming to stimulate the U.S. economy through job creation and capital investment by foreign investors.
1992

Introduction of the Regional Center Program

The Immigrant Investor Pilot Program, including the EB-5 Regional Center Program, is established to allow investments through designated entities that promote economic growth in specific areas.
1993-2003

Initial Challenges and Low Interest

The program experiences minimal interest and faces challenges due to complex regulations and high financial risk, resulting in many visas going unissued.
2005

Revitalization Efforts by USCIS

USCIS begins efforts to revitalize the EB-5 program, streamlining the application process and improving adjudication efficiency, slowly increasing the program's popularity.
2008-2009

Renewed Interest During Financial Crisis

The global financial crisis leads to renewed interest in the EB-5 program as developers seek alternative funding sources, boosting the program's utilization.
2011

Clarification of Program Rules

USCIS implements the EB-5 Adjudications Policy Memo, providing clearer guidance on program requirements and procedures, enhancing its appeal to investors.
2012

Reaching the Visa Cap

For the first time, the program hits its cap of 10,000 visas issued, indicating significant momentum and continued interest in subsequent years, especially from investors in China.
2015

Proposals for Enhanced Integrity and Efficiency

USCIS proposes changes to improve the integrity and efficiency of the program, including more rigorous vetting procedures and enhanced fund source verification.
2019

Modernization Rule Implementation

The Modernization Rule for the EB-5 Immigrant Investor Program increases the minimum investment amounts and reforms TEA designations to foster investment in rural and high-unemployment areas.
2022

Reauthorization and Reform

Congress reauthorizes the Regional Center program as part of the EB-5 Reform and Integrity Act of 2022, incorporating new integrity measures, increased oversight, and adjusted investment thresholds.