Regional Centers participating in the EB-5 Immigrant Investor Program need to meet two important deadlines for fiscal year 2024: the integrity fee payment and the filing of the I-956G form.
The first is the fee payment that allows the program and the RC to continue operating under the EB-5 Reform and Integrity Act of 2022 (RIA). The second is the date for these entities to file a form requiring critical information about their operations.
Both deadlines begin on Oct. 1. However, the window to pay the integrity fee is open until Oct. 30. Meanwhile, the period to file the I-956G form ends on Dec. 28.
By meeting these mandatory processes, regional centers operate in compliance with the regulations of the EB-5 visa program, ensuring stability, transparency, and security for their EB-5 investors’ applications.
According to Samuel Newbold, EB-5 attorney and chair of the Immigration Law Group at CSG Law, a regional center that does not pay the correct integrity fee on time or otherwise fails to maintain compliance with the EB-5 program rules “jeopardizes every project and every investor affiliated with that regional center. A regional center that is terminated as a result of noncompliance creates a catastrophic domino effect that can have irreparable consequences to stakeholders.”
Earlier this year, the USCIS notified about 100 regional centers with Notices of Intent to Terminate (NOITs) for either failing to pay both or neither FY2023 and FY2024 integrity fund fees. “Through litigation, we have learned that USCIS may reopen the pay.gov portal for those regional centers that did not pay the required fees last year. However, this remains to be seen. If not, many regional centers will be terminated due to the devastation of their investors and projects. Regional centers should be diligent in their efforts to stay informed of the rules and procedures for compliance,” Newbold adds.
What is the EB-5 integrity fee, and why is it important?
The RIA incorporated several reforms, including stricter regulation for Regional Centers. Among them is the payment of an integrity fee to finance an EB-5 Integrity Fund that the USCIS uses primarily to administer the EB-5 Regional Center Program. This year’s fee payment will cover FY2025 administration of the EB-5 program.
Immigration attorney Yuliya Veremiyenko-Campos says that last year, it was paid online directly at Pay.gov, a system managed by the U.S. Department of the Treasury. “The fee amount depends on whether the regional center had 20 or fewer investors in the preceding fiscal year. For those with 20 investors or fewer, the fee is $10,000. For those with over 20 investors, the fee is US$20,000.”
According to its website, the USCIS considers an active EB-5 investor to be any individual who has filed an I-526 or I-526E petition but has not yet filed an I-829 petition.
The USCIS will impose a penalty on an RC that does not pay the fee within 30 days after the due date and will terminate the entity if it doesn’t pay within 90 days. Although an RC can pay the integrity fee late after Oct. 30 and before Dec. 29, USCIS will review these cases individually.
“The EB-5 Integrity Fund Fee payment is an important requirement for the regional center to remain compliant with the requirements of the EB-5 program under RIA. USCIS will terminate the designation of any regional center that does not pay the required fee within 90 days after the date on which such fee is due,” Veremiyenko-Campos adds.
What is the I-956G form and how is it relevant to the EB-5 visa program?
This form is crucial for USCIS-designated regional centers to maintain their eligibility and compliance with the USCIS requirements for the EB-5 program.
Regional Centers must fill this document with information including the total amount of alien investor capital invested at the time of submission, any litigation or bankruptcy proceedings pending or resolved involving the RC and associated new commercial enterprises (NCE) and Job-Creating Entities (JCE), and information about each NCE.
The correct submission of this form ensures that the regional center’s designation status is maintained.
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