The USCIS EB-5 Final Policy Memorandum

Cleveland International Fund (c)

The USCIS EB-5 Final Policy Memorandum (or PM) published on May 30^th represents a welcome codification and clarification of the various legal statutes that have thus far been governing the program’s management. While by no means exhaustive, CiF is pleased the memo was published as it gives indication of an increasingly predictable regulatory structure.

Though there are some policy changes, the primary purpose of the PM is to serve as the de facto document that explains how the EB-5 program ought to operate. To that end, the memo clearly outlines the intent of the EB-5 program, establishes operational definitions of terms from the original legislation, and gathers together the various legal precedents that have come to dominate EB-5 petition adjudication. The resulting document is an authoritative description of the basic parameters that govern the EB-5 program and petition adjudication.

Though there are certainly areas the memo does not exhaustively address however it is nonetheless a good foundation on which to build. We at CiF are excited to see the implementation of the PM and believe that the changes USCIS intends to make will serve to further improve EB-5 program.

To read the complete Policy Memo, please click here

For a more comprehensive analysis, see the review published by Miller Mayer LLP.