The EB-5 Program offers a pathway to U.S. citizenship for foreign capitalists investing in job-generating ventures for a period of no less than two years; the program is administered by the United States Citizenship and Immigration Services (USCIS).
NEW GUIDELINES (BEGINNING NOVEMBER 21,2019)
On July 23, 2019, USCIS announced several new rules to the EB-5 program. These new rules increase the investment requirements and eliminate the states’ ability to designate certain geographic and political subdivisions as high unemployment areas; instead, the Dept. of Homeland Security will directly review those submissions. These new rules will go into effect November 21, 2019 and can be found in greater detail on the USCIS website. In order to leave sufficient time to review TEA verification requests before the new guidelines take effect, the City will no longer accept requests starting November 1, 2019.
Under the current guidelines and pursuant to CFR §204.6(i), the program reduces the $1 million minimum investment requirement to $500,000 if a project is located within a Targeted Employment Area (TEA), which is either an individual census tract, block group, contiguous set of census tracts, or block groups with an average unemployment rate of 150% or higher than the national average rate. The State of Texas delegated the authority to certify whether a particular geographic or political subdivision meets the unemployment rate criteria to qualify as a TEA to mayors of cities or towns with a population of 20,000 or more, or which lie within a metropolitan statistical area. In order to tailor the EB-5 verification process to the needs of San Antonio, guidelines were created to bring the process in line with the City’s economic and development priorities as laid out in the SA Tomorrow Comprehensive Plan.
All applications for an EB-5 TEA designation from the City must follow the process below. All appropriate documentation must also be submitted. If you would like to apply for this designation or have further questions, please contact the Economic Development Department.
The verification process established by the City of San Antonio for new EB-5 applications are: