On December 7, 2016, the United States Citizenship and Immigration Services (USCIS) issued a reminder regarding the new fees for the Form I-924A, Annual Certification of Regional Center [news release].
Under 8 C.F.R. 204.6(m)(6), EB5 regional centers are required to submit the Form I-924A annually to demonstrate eligibility for the regional center designation. In accordance with the regulations, all EB5 regional centers with a designation letter dated on or before September 30, 2016, are required to file the Form I-924A for FY-2016 “no later than December 29, 2016.”
The new USCIS fee schedule [see article] that takes effect on December 23, 2016, establishes a new filing fee for the Form I-924A. Any Forms I-924A filed or postmarked on or after December 23, 2016, must be filed with a $3,035 filing fee. There is no exception from or waiver of this new filing fee. The new fee schedule is significant for the Form I-924A, which previously had no filing fee at all. Those filing the Form I-924A on or after December 23, 2016, must be aware of the new fee in order to properly file the Form I-924A in advance of the deadline.
The news release explains that an EB5 regional center may lose its regional center designation for:
- The failure to provide the USCIS with the required information, including annual Form I-924A submissions; or
- The failure to promote economic growth.
If an EB5 regional center is terminated, it may not “solicit, generate or promote investors or investments, or otherwise participate as a designated regional center.” For this reason, it is imperative that EB5 regional centers complete the Form I-924A requirement along with the other requirements for demonstrating continued eligibility for the EB5 regional center designation. Individuals and entities involved in the EB5 program should always consult with an experienced immigration attorney.
Please see our category on Investment Immigration to learn more about the EB5 program and other immigrant and nonimmigrant options for investors [see category].