Immigration
Jun. 24, 2021
Foreign investment rule supported by Trump, Biden administrations is voided
The rule, issued under President Donald Trump’s administration, increased the minimum investment to apply for EB-5 visas from $1 million to $1.8 million and from $500,000 to $900,000 in certain high unemployment areas, while making it more difficult for development projects in densely populated cities and towns to qualify for investment.
A federal magistrate has voided a rule issued by the Department of Homeland Security that led to a decline in development projects financed by foreign investors seeking visas through an immigrant investor program.
The reversion back to the old rule will be short-lived, however. A critical piece of the program, which designates projects that receive foreign investment, is scheduled to expire at the end of the month.
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