Immigrant Investors seeking Green Cards will have to Spend more Money in the U.S. to Qualify, under a New Trump Administration Rule.
Investors seeking Lawful Permanent Residence in the U.S. will typically now have to Invest at least $1.8 Million under the EB-5 Program, an Increase from $1 Million, the Standard Minimum Level that has been in place since 1990.
Investors Opting to spend Money in an Economically Distressed Area will now have to Spend at least $900,000, up from $500,000, and the Definition of such an Area will also be Tightened as part of the Regulations released Tuesday by U.S. Citizenship and Immigration Services (USCIS).
The Trump Administration has sought to Tighten Rules across most Legal Immigration programs, from the Visas used by Temporary Visitors to the H1-B Visas used by Companies to bring in High-Skilled Workers from Overseas, arguing that the programs are too Open to Exploitation by Immigrants who Threaten American Workers' Jobs.
Trump Officials have Disagreed about how far to Push such Changes, however, with some White House Aides arguing that the Hiring needs of U.S. Companies, particularly in the Technology Industry, require Less Restrictive Immigration Policies.
"Since its inception, the EB-5 program has drifted away from Congress's intent," said Ken Cuccinelli, the Acting Director of USCIS, who was Installed by the Trump Administration last month over Frustrations with the Previous Director, L. Francis Cissna.
"Our reforms increase the investment level to account for inflation over the past three decades and substantially restrict the possibility of gerrymandering to ensure that the reduced investment amount is reserved for rural and high-unemployment areas most in need," Cuccinelli said in a Statement to Reporters Tuesday.
The Changes include Automatic Adjustments for Inflation every Five Years.
The Agency, which Oversees the Nation's Legal Immigration Programs, is expected to Release a Wave of New Regulations in the coming months.
Immigrant Advocacy Groups have frequently Accused the Trump Administration of Overstepping its Authority and trying to use the Regulatory Process to make Changes it can't Persuade Congress to make through Legislation.
Those Groups also say the Administration has tried to Cut Off Access to the U.S. for All but the Wealthiest Immigrants, and filed Legal Challenges in many Areas.
The EB-5 Program has drawn greater Scrutiny recently as Brooklyn Federal Prosecutors, along with the U.S. Securities and Exchange Commission, have Reviewed the use of the Program by the Real-Estate Company run by the Family of Jared Kushner, a Senior White House Adviser and the President's Son-in-Law.
A Trump Administration Official said Kushner had No Involvement in the Development of the Rule at any Stage.
Kushner Cos. has since Ceased using the EB-5 Program to Finance its Projects.
The Company has said it did nothing Improper with the Program and is Cooperating with Legal Requests for Information.
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