Jul 09 2021 4 mins
So today we wanted to just discuss a brief nugget regarding the recent change in the EB-5 employment based fifth preference category program.
Lately, there was a case that just passed through the federal court where a regional center by the name of Bearing LLC filed a lawsuit challenging the raise of the investment amount from five hundred thousand dollars for EB-5 investment program to nine hundred thousand dollars.
This was challenged in federal court and basically what the regional center was Bearing, LLC argued was that the former acting secretary, who was director McKeyla McLennon of Department of Homeland Security, wasn't really properly serving under that position. So therefore, that increase should be set aside and the amount to invest should stay at five hundred thousand dollars rather than the nine hundred thousand dollars.
So on June 22nd of twenty twenty one of this year, Federal Judge Jacqueline Scott Coralee actually sided with the plaintiffs, sided with that regional center Bearing LLC, and granted that motion for summary judgement, which ultimately invalidated the rule that increased the amount from five hundred thousand dollars and nine hundred thousand dollars.
Read more about at: https://trip-law.com/blog/