USCIS Proposes Form for EB-5 Regional Center Applications

There is a new proposed form for submitting EB-5 regional center (RC) proposals.  A regional center is defined as an economic unit, public or private, involved in the promotion of economic growth, improved regional productivity, job creation, and increased domestic capital investment.  Regional centers  aggregate investments from foreign nationals seeking a green card in exchange for investing in the U.S. economy.

Currently, there is no specific form used for RC applications.  The USCIS has proposed the new form, Form I-924, Application for Regional Center Under the Immigrant Investor Pilot Program, in hopes to clarify the filing requirements for RC designation and alleviate inconsistencies in RC applications.  The new proposals will be sent to the California Service Center in Laguna Niguel, California.

The proposed filing fee for the Form I-924 is $6245 and a supplement (Supplement A) will be required to be submitted each year.  This supplement provides the USCIS updates about the RC and addresses reporting requirements.  RC re-designation will be required every five (5) years.  Please note that any amendments that need to be made (for example, if there are changes to the investments being made) will also be submitted via Form I-924.

Please let us know if you have any questions about this new form.  We will be posting again when there are updates to provide.

Tags: EB-5, Form I-924, investor, Regional Center, Supplement A
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