Regional Center Program
The Immigrant Investor Pilot Program (“Pilot Program”) was created by Section 610 of Public Law 102-395 (Oct. 6, 1992), and has been extended (Recently by President Obama on Sept 28, 2012) through Sept. 30, 2015. This means that any and all pending regional center Forms I-526, I-924 and/or regional center-based I-485 previously filed with the USCIS will continue to be processed according to the regional center requirements with no lapse in the program. The U.S. congress showed overwhelming support for the extension of this profitable immigration program (not a single U.S. Senator objected to the extension and only 3 of 435 U.S. Representatives voted against it). This massive support and swift action shows how important the U.S. government considers the investor pilot program in particular and the EB-5 category in general. Even though this extension is not permanent, the near unanimous government support for the EB-5 regional center program bodes well for future extensions.
EB-5 requirements for an investor under the Pilot Program are essentially the same as in the standard EB-5 investor program, except the Pilot Program provides for investments that are affiliated with an economic unit known as a “Regional Center.” Investments made through regional centers can take advantage of a more expansive concept of job creation including both “indirect” and “direct” jobs.
A Regional Center is defined as any economic entity, public or private, which is involved with the promotion of economic growth, improved regional productivity, job creation and increased domestic capital investment. The organizers of a regional center seeking the “Regional Center” designation from USCIS must submit a proposal, supported by economically or statistically valid forecasting tools, showing:
- How the regional center plans to focus on a geographical region within the United States. The proposal must explain how the regional center will promote economic growth in that region.
- How, in verifiable detail (using economic models in some instances), jobs will be created directly or indirectly through capital investments made in accordance with the regional center’s business plan.
- The amount and source of capital committed to the regional center and the promotional efforts made and planned for the business project.
- How the regional center will have a positive impact on the regional or national economy.
Forms
- Use Form I-924, Application for Regional Center Under the Immigrant Investor Pilot Program, to apply. The filing fee is $6,230 for all regional center proposals (new designation requests or amended designation requests).
- Form I-924A, Supplement to Form I-924, is used to demonstrate an approved regional center’s continued eligibility for the Regional Center designation.
Processing times for Form I-924
| Data as of May 31, 2012 | ||
| Processing Time Summary |
Target Case Processing Time |
Actual Case Processing Time |
| I-924 Initial Application | 4 months |
9 months |
| I-924 Amendment Application | 4 months | 10 months |
Note: Each regional center entity must file the Form I-924A each fiscal year (Oct. 1 through Sept. 30) within 90 days after the end of the fiscal year (on or before Dec. 29). There is no fee.
Regional Center Approval
The approval of a regional center means USCIS recognizes the economic entity as a designated participant in the EB-5 Pilot Program. When we approve a regional center, we acknowledge that the econometric models and business plans appear to be feasible and that jobs should be directly or indirectly created through investment in the approved industry categories.
Consumer/Investor Protection
The Regional Center designation does not mean that the regional center’s capital investment projects are backed or guaranteed by the government. Further, there are no guarantees that an investor may ultimately be granted unconditional permanent resident status through an EB-5 investment. For example, if it is determined that the investor’s money is not truly at risk or that insufficient jobs were created through the investment, then the investor’s petition may be denied. Investors should exercise due diligence when making an EB-5 investment.