After almost eight months, Congress passed the EB-5 Reform and Integrity Act of 2022 in early March. The new legislation reauthorizes EB-5 and the Regional Center Program through Sept. 30, 2027. In an attempt to address the program's criticisms, the new law also implements significant changes to the program.

Below is a discussion of some of the most significant changes implemented by the EB-5 Reform and Integrity Act of 2022.

Investment Amounts Increased. Under the old law, applicants were required to invest at least $1 million, or the Attorney General could designate an amount as low as half that ($500,000) for investments made in Targeted Employment Areas (TEAs), which are generally rural or high unemployment areas. Under the new law, investments must be at least $1,050,000, or $800,000 in TEAs. However, investments frequently include fees of approximately 10% of the amount invested, further increasing the upfront costs to investors. In recent years, most EB-5 investments have been made through regional centers, and nearly all regional center projects have been in TEAs. It remains to be seen whether the large increase in upfront costs for investors—from about $550,000 to $880,000—will reduce the demand for EB-5 investments.