New EB-5 Reform Act Allows Concurrent Adjustment of Status Applications

On March 11, 2022, Congress passed the EB-5 Reform and Integrity Act of 2022, officially reauthorizing the EB-5 regional center program. The program has been reauthorized for 5 years, until September 30, 2027. The new reform act brought many changes to the EB-5 program, please find additional details about the changes here.

One of the changes the new act allows is the concurrent filings of adjustment of status applications with initial Form I-526 applications. This will also apply to applicants who have pending Form I-526 applications and are in the United States on a different visa. Please click here to learn more about adjustment of status.

This is a major change to the previous rules where adjustment of status applications can only be filed after the Form I-526 application is approved. This change means that the applicant can now stay in the United States while the Form I-526 is pending. A pending adjustment of status application will give the applicant a legal status called “period of authorized stay”. This status gives the applicant the ability to apply for a work permit and a travel permit along with the adjustment of status, allowing the applicant to work in the US and travel internationally without losing abandoning their application. This change will also apply to family members of the main applicant, spouse and children dependents of the main applicant will also be able to work and travel.

The reauthorization will become effective 60 days after enactment. Investors associated with a regional center should wait 60 days after the legislation is enacted to file for an existing project. Applicants should also wait 60 days before filing adjustment of status applications on pending EB-5 applications.