New EB-5 Investor Form I-526 for Standalone or Direct EB-5 Investors is Expanded with New Required Disclosures
On July 12, 2022, U.S. Citizenship and Immigration Services (“USCIS”) released an updated Form I-526, Immigrant Petition by Standalone Investor. This new form replaces Form I-526, Immigrant Petition by Alien Entrepreneur, which had been the prior individual EB-5 investor petition for both regional center and standalone (direct) EB-5 investors. Instructions for the new Form I-526 can be accessed on https://www.uscis.gov/sites/default/files/document/forms/i-526instr.pdf
Form I-526 form has been expanded and can now only be used for EB-5 investors who select standalone (direct) EB-5 investment projects with only a single EB-5 investor. A separate Form I-526E has already been released by USCIS for EB-5 investors who select EB-5 regional center sponsored EB-5 investment projects.
Form I-526 requires additional information about the EB-5 investor since he/she is now involved in the EB-5 program as an owner of the NCE.
Disclosures about the EB-5 investor’s net worth, sources of capital for the EB-5 investment, and a breakdown of all “administrative costs and fees” are now present in Form I-526. The EB-5 investor must also answer questions about prior work authorization and compliance with United States immigration laws.
Overall, the new Form I-526 will require EB-5 immigration attorneys to spend more time gathering information and documents in order to prepare their client’s initial EB-5 investment applications.