‘‘(aa) foreign business reg-
istration records; 
‘‘(bb) corporate or partner-
ship tax returns (or tax returns 
of any other entity in any form 
filed in any country or subdivi-
sion of such country), and per-
sonal tax returns, including in-
come, franchise, property (wheth-
er real, personal, or intangible), 
or any other tax returns of any 
kind, filed during the past 7 
years (or another period to be de-
termined by the Secretary to en-
sure that the investment is ob-
tained from a lawful source of 
funds) with any taxing jurisdic-
tion within or outside the United 
States by or on behalf of the 
alien investor; and 
‘‘(cc) any other evidence 
identifying any other source of 
capital or administrative fees; 
‘‘(II) evidence related to mone-
tary judgments against the alien in-
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vestor, including certified copies of 
any judgments, and evidence of all 
pending governmental civil or criminal 
actions, governmental administrative 
proceedings, and any private civil ac-
tions (pending or otherwise) involving 
possible monetary judgments against 
the alien investor from any court 
within or outside the United States; 
and 
‘‘(III) the identity of all persons 
who transfer into the United States, 
on behalf of the investor, any funds 
that are used to meet the capital re-
quirement under subparagraph (A). 
‘‘(iii) GIFT
AND
LOAN
RESTRIC-
TIONS.— 
‘‘(I) IN
GENERAL.—Gifted and 
borrowed funds may not be counted 
toward the minimum capital invest-
ment requirement under subpara-
graph (C) unless such funds— 
‘‘(aa) were gifted or loaned 
to the alien investor in good 
faith; and 
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‘‘(bb) were not gifted or 
loaned to circumvent any limita-
tions imposed on permissible 
sources of capital under this sub-
paragraph, including but not lim-
ited to proceeds from illegal ac-
tivity. 
‘‘(II) RECORDS REQUIREMENT.— 
If funds invested under subparagraph 
(A) are gifted or loaned to the alien 
investor, the Secretary shall require 
that the alien investor’s petition under 
this paragraph includes the records 
described in subclauses (I) and (II) of 
clause (ii) from the donor or, if other 
than a bank, the lender. 
‘‘(M) TREATMENT OF GOOD FAITH INVES-
TORS
FOLLOWING
PROGRAM
NONCOMPLI-
ANCE.— 
‘‘(i) TERMINATION
OR
DEBARMENT 
OF EB–5 ENTITY.—Except as provided in 
clause (vi), upon the termination or debar-
ment, as applicable, from the program 
under this paragraph of a regional center, 
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a new commercial enterprise, or a job-cre-
ating entity— 
‘‘(I) an otherwise qualified peti-
tion under section 204(a)(1)(H) or 
the conditional permanent residence of 
an alien who has been admitted to the 
United States pursuant to section 
216A(a)(1) based on an investment in 
a terminated regional center, new 
commercial enterprise, or job-creating 
entity shall remain valid or continue 
to be authorized, as applicable, con-
sistent with this subparagraph; and 
‘‘(II) the Secretary of Homeland 
Security shall notify the alien bene-
ficiaries of such petitions of such ter-
mination or debarment. 
‘‘(ii) NEW REGIONAL CENTER OR IN-
VESTMENT.—The petition under section 
204(a)(1)(H) of an alien described in 
clause (i) and the conditional permanent 
resident status of an alien described in 
clause (i) shall be terminated 180 days 
after notification of the termination from 
the program under this paragraph of a re-
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gional center, a new commercial enterprise, 
or a job creating entity (but not sooner 
than 180 days after the date of the enact-
ment of the EB–5 Reform and Integrity 
Act of 2021) unless— 
‘‘(I) in the case of the termi-
nation of a regional center— 
‘‘(aa) the new commercial 
enterprise associates with an ap-
proved regional center, regardless 
of the approved geographical 
boundaries of such regional cen-
ter’s designation; or 
‘‘(bb) such alien makes a 
qualifying investment in another 
new commercial enterprise; or 
‘‘(II) in the case of the debar-
ment of a new commercial enterprise 
or job-creating entity, such alien— 
‘‘(aa) associates with a new 
commercial enterprise in good 
standing; and 
‘‘(bb) invests additional in-
vestment capital solely to the ex-
tent necessary to satisfy remain-
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ing job creation requirements 
under subparagraph (A)(ii). 
‘‘(iii) AMENDMENTS.— 
‘‘(I) 
FILING
REQUIREMENT.— 
The Secretary shall permit a petition 
described in clause (i)(I) to be amend-
ed to allow such petition to meet the 
applicable 
eligibility 
requirements 
under clause (ii), or to notify the Sec-
retary that a pending or approved pe-
tition continues to meet the eligibility 
requirements described in clause (ii) 
notwithstanding termination or debar-
ment described in clause (i) if such 
amendment is filed not later than 180 
days after the Secretary provides noti-
fication of termination or debarment 
of a regional center, a new commercial 
enterprise, or a job-creating entity, as 
applicable. 
‘‘(II) DETERMINATION OF ELIGI-
BILITY.—For purposes of determining 
eligibility under subclause (I)— 
‘‘(aa) the Secretary shall 
permit amendments to the busi-
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ness plan, without such facts un-
derlying the amendment being 
deemed a material change; and 
‘‘(bb) may deem any funds 
obtained or recovered by an alien 
investor, directly or indirectly, 
from claims against third parties, 
including insurance proceeds, or 
any additional investment capital 
provided by the alien, to be such 
alien’s investment capital for the 
purposes of subparagraph (A) if 
such investment otherwise com-
plies with the requirements under 
this paragraph and section 216A. 
‘‘(iv) REMOVAL
OF
CONDITIONS.— 
Aliens described in subclauses (I)(bb) and 
(II) of clause (ii) shall be eligible to have 
their conditions removed pursuant to sec-
tion 216A beginning on the date that is 2 
years after the date of the subsequent in-
vestment. 
‘‘(v) REMEDIES.—For petitions ap-
proved under clause (ii), including fol-
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lowing an amendment filed under clause 
(iii), the Secretary— 
‘‘(I) shall retain the immigrant 
visa priority date related to the origi-
nal petition and prevent age-out of de-
rivative beneficiaries; and 
‘‘(II) may hold such petition in 
abeyance and extend any applicable 
deadlines under this paragraph. 
‘‘(vi) EXCEPTION.—If the Secretary 
has reason to believe that an alien was a 
knowing participant in the conduct that led 
to the termination of a regional center, 
new commercial enterprise, or job-creating 
entity described in clause (i)— 
‘‘(I) the alien shall not be ac-
corded any benefit under this sub-
paragraph; and 
‘‘(II) the Secretary shall— 
‘‘(aa) notify the alien of 
such belief; and 
‘‘(bb) 
subject 
to 
section 
216A(b)(2), shall deny or initiate 
proceedings to revoke the ap-
proval of such alien’s petition, 
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application, or benefit (and that 
of any spouse or child, if applica-
ble) described in this paragraph. 
‘‘(N) THREATS TO THE NATIONAL INTER-
EST.— 
‘‘(i) DENIAL
OR
REVOCATION.—The 
Secretary of Homeland Security shall deny 
or revoke the approval of a petition, appli-
cation, or benefit described in this para-
graph, including the documents described 
in clause (ii), if the Secretary determines, 
in the Secretary’s discretion, that the ap-
proval of such petition, application, or ben-
efit is contrary to the national interest of 
the United States for reasons relating to 
threats to public safety or national secu-
rity. 
‘‘(ii) DOCUMENTS.—The documents 
described in this clause are— 
‘‘(I) a certification, designation, 
or amendment to the designation of a 
regional center; 
‘‘(II) a petition seeking classifica-
tion of an alien as an alien investor 
under this paragraph; 
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‘‘(III) a petition to remove condi-
tions under section 216A; 
‘‘(IV) an application for approval 
of a business plan in a new commer-
cial enterprise under subparagraph 
(F); or 
‘‘(V) a document evidencing con-
ditional permanent resident status 
that was issued to an alien pursuant 
to section 216A. 
‘‘(iii) DEBARMENT.—If a regional 
center, new commercial enterprise, or job- 
creating entity has its designation or par-
ticipation in the program under this para-
graph terminated for reasons relating to 
public safety or national security, any per-
son associated with such regional center, 
new commercial enterprise, or job-creating 
entity, including an alien investor, shall be 
permanently barred from future participa-
tion in the program under this paragraph 
if the Secretary of Homeland Security, in 
the Secretary’s discretion, determines, by a 
preponderance of the evidence, that such 
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person was a knowing participant in the 
conduct that led to the termination. 
‘‘(iv) NOTICE.—If the Secretary of 
Homeland Security determines that the ap-
proval of a petition, application, or benefit 
described in this paragraph should be de-
nied or revoked pursuant to clause (i), the 
Secretary shall— 
‘‘(I) notify the relevant indi-
vidual, regional center, or commercial 
entity of such determination; 
‘‘(II) deny or revoke such peti-
tion, application, or benefit or termi-
nate the permanent resident status of 
the alien (and the alien spouse and 
alien children of such immigrant), as 
of the date of such determination; and 
‘‘(III) provide any United States- 
owned regional center, new commer-
cial enterprise, or job creating entity 
an explanation for such determination 
unless the relevant information is 
classified or disclosure is otherwise 
prohibited under law. 
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‘‘(v) 
JUDICIAL
REVIEW.—Notwith-
standing any other provision of law (statu-
tory or nonstatutory), including section 
2241 of title 28, United States Code, or 
any other habeas corpus provision, and 
sections 1361 and 1651 of such title, no 
court shall have jurisdiction to review a de-
nial or revocation under this subparagraph. 
Nothing in this clause may be construed as 
precluding review of constitutional claims 
or questions of law raised upon a petition 
for review filed with an appropriate court 
of appeals in accordance with section 242. 
‘‘(O) FRAUD, MISREPRESENTATION, AND 
CRIMINAL MISUSE.— 
‘‘(i) DENIAL OR REVOCATION.—Sub-
ject to subparagraph (M), the Secretary of 
Homeland Security shall deny or revoke 
the approval of a petition, application, or 
benefit described in this paragraph, includ-
ing the documents described in subpara-
graph (N)(ii), if the Secretary determines, 
in the Secretary’s discretion, that such pe-
tition, application, or benefit was predi-
cated on or involved fraud, deceit, inten-
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tional material misrepresentation, or crimi-
nal misuse. 
‘‘(ii) DEBARMENT.—If a regional cen-
ter, new commercial enterprise, or job-cre-
ating entity has its designation or partici-
pation in the program under this para-
graph terminated for reasons relating to 
fraud, intentional material misrepresenta-
tion, or criminal misuse, any person associ-
ated with such regional center, new com-
mercial enterprise, or job-creating entity, 
including an alien investor, shall be perma-
nently barred from future participation in 
the program if the Secretary determines, 
in the Secretary’s discretion, by a prepon-
derance of the evidence, that such person 
was a knowing participant in the conduct 
that led to the termination. 
‘‘(iii) NOTICE.—If the Secretary de-
termines that the approval of a petition, 
application, or benefit described in this 
paragraph should be denied or revoked 
pursuant to clause (i), the Secretary 
shall— 
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‘‘(I) notify the relevant indi-
vidual, regional center, or commercial 
entity of such determination; and 
‘‘(II) deny or revoke such peti-
tion, application, or benefit or termi-
nate the permanent resident status of 
the alien (and the alien spouse and 
alien children of such immigrant), in 
accordance with clause (i), as of the 
date of such determination. 
‘‘(P) ADMINISTRATIVE
APPELLATE
RE-
VIEW.— 
‘‘(i) IN
GENERAL.—The Director of 
U.S. Citizenship and Immigration Services 
shall provide an opportunity for an admin-
istrative appellate review by the Adminis-
trative Appeals Office of U.S. Citizenship 
and Immigration Services of any deter-
mination made under this paragraph, in-
cluding— 
‘‘(I) an application for regional 
center designation or regional center 
amendment; 
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‘‘(II) an application for approval 
of a business plan filed under sub-
paragraph (F); 
‘‘(III) a petition by an alien in-
vestor for status as an immigrant 
under this paragraph; 
‘‘(IV) the termination or suspen-
sion of any benefit accorded under 
this paragraph; and 
‘‘(V) any sanction imposed by the 
Secretary under this paragraph. 
‘‘(ii) JUDICIAL
REVIEW.—Subject to 
subparagraph 
(N)(v) 
and 
section 
242(a)(2), and notwithstanding any other 
provision of law (statutory or nonstatu-
tory), including section 2241 of title 28, 
United States Code, or any other habeas 
corpus provision, and sections 1361 and 
1651 of such title, no court shall have ju-
risdiction to review a determination under 
this paragraph until the regional center, its 
associated entities, or the alien investor 
has exhausted all administrative appeals. 
‘‘(Q) FUND ADMINISTRATION.— 
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‘‘(i) IN
GENERAL.—Each new com-
mercial enterprise shall deposit and main-
tain the capital investment of each alien 
investor in a separate account, including 
amounts held in escrow. 
‘‘(ii) USE OF FUNDS.—Amounts in a 
separate account may only— 
‘‘(I) be transferred to another 
separate account or a job creating en-
tity; 
‘‘(II) otherwise be deployed into 
the capital investment project for 
which the funds were intended; or 
‘‘(III) be transferred to the alien 
investor who contributed the funds as 
a refund of that investor’s capital in-
vestment, 
if 
otherwise 
permitted 
under this paragraph. 
‘‘(iii) DEPLOYMENT OF FUNDS INTO 
AN AFFILIATED JOB-CREATING ENTITY.— 
If amounts are transferred to an affiliated 
job-creating entity pursuant to clause 
(ii)(I)— 
‘‘(I) the affiliated job-creating 
entity shall maintain such amounts in 
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a separate account until they are de-
ployed into the capital investment 
project for which they were intended; 
and 
‘‘(II) not later than 30 days after 
such amounts are deployed pursuant 
to subclause (I), the affiliated job-cre-
ating entity shall provide written no-
tice to the fund administrator re-
tained pursuant to clause (iv) that a 
construction consultant or other indi-
vidual authorized by the Secretary has 
verified that such amounts have been 
deployed into the project. 
‘‘(iv) FUND ADMINISTRATOR.—Except 
as provided in clause (v), the new commer-
cial enterprise shall retain a fund adminis-
trator to fulfill the requirements under this 
subparagraph. The fund administrator— 
‘‘(I) shall be independent of, and 
not directly related to, the new com-
mercial enterprise, the regional center 
associated with the new commercial 
enterprise, the job creating entity, or 
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any of the principals or managers of 
such entities; 
‘‘(II) shall be licensed, active, 
and in good standing as— 
‘‘(aa) a certified public ac-
countant; 
‘‘(bb) an attorney; 
‘‘(cc) a broker-dealer or in-
vestment adviser registered with 
the 
Securities 
and 
Exchange 
Commission; or 
‘‘(dd) an individual or com-
pany that otherwise meets such 
requirements as may be estab-
lished by the Secretary; 
‘‘(III) shall monitor and track 
any transfer of amounts from the sep-
arate account; 
‘‘(IV) shall serve as a cosignatory 
on all separate accounts; 
‘‘(V) before any transfer of 
amounts from a separate account, 
shall— 
‘‘(aa) verify that the trans-
fer complies with all governing 
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documents, including organiza-
tional, operational, and invest-
ment documents; and 
‘‘(bb) approve such transfer 
with a written or electronic sig-
nature; 
‘‘(VI) shall periodically provide 
each alien investor with information 
about the activity of the account in 
which the investor’s capital invest-
ment is held, including— 
‘‘(aa) the name and location 
of the bank or financial institu-
tion at which the account is 
maintained; 
‘‘(bb) the history of the ac-
count; and 
‘‘(cc) any additional infor-
mation required by the Secretary; 
and 
‘‘(VII) shall make and preserve, 
during the 5-year period beginning on 
the last day of the Federal fiscal year 
in which any transactions occurred, 
books, ledgers, records, and other doc-
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umentation necessary to comply with 
this clause, which shall be provided to 
the Secretary upon request. 
‘‘(v) WAIVER.— 
‘‘(I) WAIVER
PERMITTED.—The 
Secretary of Homeland Security, after 
consultation with the Securities and 
Exchange Commission, may waive the 
requirements under clause (iv) for any 
new commercial enterprise or affili-
ated job-creating entity that is con-
trolled by or under common control of 
an investment adviser or broker-dealer 
that is registered with the Securities 
and Exchange Commission if the Sec-
retary, in the Secretary’s discretion, 
determines that the Securities and 
Exchange Commission provides com-
parable protections and transparency 
for alien investors as the protections 
and 
transparency 
provided 
under 
clause (iv). 
‘‘(II) WAIVER
REQUIRED.—The 
Secretary of Homeland Security shall 
waive the requirements under clause 
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(iv) for any new commercial enterprise 
that commissions an annual inde-
pendent financial audit of such new 
commercial enterprise or job creating 
entity conducted in accordance with 
Generally Accepted Auditing Stand-
ards, which audit shall be provided to 
the Secretary and all investors in the 
new commercial enterprise. 
‘‘(vi) DEFINED TERM.—In this sub-
paragraph, the term ‘separate account’ 
means an account that— 
‘‘(I) is maintained in the United 
States by a new commercial enterprise 
or job creating entity at a Federally 
regulated bank or at another financial 
institution (as defined in section 20 of 
title 18, United States Code) in the 
United States; 
‘‘(II) is insured; and 
‘‘(III) contains only the pooled 
investment funds of alien investors in 
a new commercial enterprise with re-
spect to a single capital investment 
project.’’. 
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(c) EFFECTIVE DATE.—Unless otherwise provided in 
this section, the amendments made by this section shall 
take effect on the date that is 90 days after the date of 
the enactment of this Act. 
SEC. 3. CONDITIONAL PERMANENT RESIDENT STATUS FOR 
ALIEN INVESTORS, SPOUSES, AND CHILDREN. 
(a) IN GENERAL.—Section 216A of the Immigration 
and Nationality Act (8 U.S.C. 1186b) is amended— 
(1) by striking ‘‘Attorney General’’ each place 
such term appears (except in subsection (d)(2)(C)) 
and inserting ‘‘Secretary of Homeland Security’’; 
(2) by striking ‘‘entrepreneur’’ each place such 
term appears and inserting ‘‘investor’’; 
(3) in subsection (a), by amending paragraph 
(1) to read as follows: 
‘‘(1) CONDITIONAL
BASIS
FOR
STATUS.—An 
alien investor, alien spouse, and alien child shall be 
considered, at the time of obtaining status as an 
alien lawfully admitted for permanent residence, to 
have obtained such status on a conditional basis sub-
ject to the provisions of this section.’’; 
(4) in subsection (b)— 
(A) in the subsection heading, by striking 
‘‘ENTREPRENEURSHIP’’ and inserting ‘‘INVEST-
MENT’’; and 
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(B) by amending paragraph (1)(B) to read 
as follows: 
‘‘(B) the alien did not invest the requisite 
capital; or’’; 
(5) in subsection (c)— 
(A) in the subsection heading, by striking 
‘‘OF TIMELY PETITION AND INTERVIEW’’; 
(B) in paragraph (1)— 
(i) in the matter preceding subpara-
graph (A), by striking ‘‘In order’’ and in-
serting ‘‘Except as provided in paragraph 
(3)(D), in order’’; 
(ii) in subparagraph (A)— 
(I) by striking ‘‘must’’ and in-
serting ‘‘shall’’; and 
(II) by striking ‘‘, and’’ and in-
serting a semicolon; 
(iii) in subparagraph (B)— 
(I) by striking ‘‘must’’ and in-
serting ‘‘shall’’; 
(II) by striking ‘‘Service’’ and in-
serting ‘‘Department of Homeland Se-
curity’’; and 
(III) by striking the period at the 
end and inserting ‘‘; and’’; and 
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(iv) by adding at the end the fol-
lowing: 
‘‘(C) the Secretary shall have performed a 
site visit to the relevant corporate office or busi-
ness 
location 
described 
in 
section 
203(b)(5)(F)(iv).’’; and 
(C) in paragraph (3)— 
(i) in subparagraph (A), in the undes-
ignated matter following clause (ii), by 
striking ‘‘the’’ before ‘‘such filing’’; and 
(ii) by amending subparagraph (B) to 
read as follows: 
‘‘(B) REMOVAL OR EXTENSION OF CONDI-
TIONAL BASIS.— 
‘‘(i) IN
GENERAL.—Except as pro-
vided in clause (ii), if the Secretary deter-
mines that the facts and information con-
tained in a petition submitted under para-
graph (1)(A) are true, including dem-
onstrating that the alien complied with 
subsection 
(d)(1)(B)(i), 
the 
Secretary 
shall— 
‘‘(I) notify the alien involved of 
such determination; and 
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‘‘(II) 
remove 
the 
conditional 
basis of the alien’s status effective as 
of the second anniversary of the 
alien’s lawful admission for permanent 
residence. 
‘‘(ii) EXCEPTION.—If the petition 
demonstrates that the facts and informa-
tion are true and that the alien is in com-
pliance with subsection (d)(1)(B)(ii)— 
‘‘(I) the Secretary, in the Sec-
retary’s discretion, may provide a 1- 
year extension of the alien’s condi-
tional status; and 
‘‘(II)(aa) if the alien files a peti-
tion not later than 30 days after the 
third anniversary of the alien’s lawful 
admission for permanent residence 
demonstrating that the alien complied 
with subsection (d)(1)(B)(i), the Sec-
retary shall remove the conditional 
basis of the alien’s status effective as 
of such third anniversary; or 
‘‘(bb) if the alien does not file the 
petition described in item (aa), the 
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conditional status shall terminate at 
the end of such additional year.’’; 
(6) in subsection (d)— 
(A) in paragraph (1)— 
(i) by amending subparagraph (A) to 
read as follows: 
‘‘(A) invested the requisite capital;’’; 
(ii) by redesignating subparagraph 
(B) as subparagraph (C); and 
(iii) by inserting after subparagraph 
(A) the following: 
‘‘(B)(i) created the employment required 
under section 203(b)(5)(A)(ii); or 
‘‘(ii) is actively in the process of creating 
the 
employment 
required 
under 
section 
203(b)(5)(A)(ii) and will create such employ-
ment before the third anniversary of the alien’s 
lawful admission for permanent residence, pro-
vided that such alien’s capital will remain in-
vested during such time; and’’; 
(B) in paragraph (2), by amending sub-
paragraph (A) to read as follows: 
‘‘(A) NINETY-DAY
PERIOD
BEFORE
SEC-
OND ANNIVERSARY.— 
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section (c)(1)(B) or the requirement for such 
an interview according to criteria developed by 
U.S. Citizenship and Immigration Services, in 
consultation with its Fraud Detection and Na-
tional Security Directorate and U.S. Immigra-
tion and Customs Enforcement, provided that 
such criteria do not include a reduction of case 
processing times or the allocation of adjudica-
tory resources. A waiver may not be granted 
under this subparagraph if the alien to be inter-
viewed— 
‘‘(i) invested in a regional center, new 
commercial enterprise, or job-creating enti-
ty that was sanctioned under section 
203(b)(5); or 
‘‘(ii) is in a class of aliens determined 
by the Secretary to be threats to public 
safety or national security.’’; and 
(7) in subsection (f)(3), by striking ‘‘a limited 
partnership’’ and inserting ‘‘any entity formed for 
the purpose of doing for-profit business’’. 
(b) EFFECTIVE DATES.— 
(1) IN GENERAL.—Except as provided in para-
graph (2), the amendments made by subsection (a) 
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shall take effect on the date of the enactment of this 
Act. 
(2) EXCEPTIONS.— 
(A) SITE VISITS.—The amendment made 
by subsection (a)(5)(B)(iv) shall take effect on 
the date that is 2 years after the date of the 
enactment of this Act. 
(B) 
PETITION
BENEFICIARIES.—The 
amendments made by subsection (a) shall not 
apply to the beneficiary of a petition that is 
filed under section 216A of the Immigration 
and Nationality Act (8 U.S.C. 1186b) if the un-
derlying petition was filed under section 
203(b)(5) of such Act (8 U.S.C. 1153(b)(5)) 
before the date of the enactment of this Act. 
SEC. 4. EB–5 VISA REFORMS. 
(a) DEFINITIONS.—Section 203(b)(5)(D) of the Im-
migration and Nationality Act (8 U.S.C. 1153(b)(5)(D)) 
is amended to read as follows: 
‘‘(D) DEFINITIONS.—In this paragraph: 
‘‘(i) AFFILIATED JOB-CREATING ENTI-
TY.—The term ‘affiliated job-creating enti-
ty’ means any job-creating entity that is 
controlled, managed, or owned by any of 
the people involved with the regional center 
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or new commercial enterprise under section 
203(b)(5)(H)(v). 
‘‘(ii) CAPITAL.—The term ‘capital’— 
‘‘(I) means cash and all real, per-
sonal, or mixed tangible assets owned 
and controlled by the alien investor, 
or held in trust for the benefit of the 
alien and to which the alien has unre-
stricted access; 
‘‘(II) shall be valued at fair mar-
ket value in United States dollars, in 
accordance with Generally Accepted 
Accounting Principles or other stand-
ard accounting practice adopted by 
the Securities and Exchange Commis-
sion, at the time it is invested under 
this paragraph; 
‘‘(III) does not include— 
‘‘(aa) assets directly or indi-
rectly 
acquired 
by 
unlawful 
means, including any cash pro-
ceeds of indebtedness secured by 
such assets; 
‘‘(bb) capital invested in ex-
change for a note, bond, convert-
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ible debt, obligation, or any other 
debt arrangement between the 
alien investor and the new com-
mercial enterprise; 
‘‘(cc) capital invested with a 
guaranteed rate of return on the 
amount invested by the alien in-
vestor; or 
‘‘(dd) except as provided in 
subclause (IV), capital invested 
that is subject to any agreement 
between the alien investor and 
the new commercial enterprise 
that provides the investor with a 
contractual right to repayment, 
such as a mandatory redemption 
at a certain time or upon the oc-
currence of a certain event, or a 
put or sell-back option held by 
the alien investor, even if such 
contractual right is contingent on 
the success of the new commer-
cial enterprise, such as having 
sufficient available cash flow; and 
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‘‘(IV) includes capital invested 
that— 
‘‘(aa) is subject to a buy 
back option that may be exer-
cised solely at the discretion of 
the new commercial enterprise; 
and 
‘‘(bb) results in the alien in-
vestor withdrawing his or her pe-
tition unless the alien investor 
has 
fulfilled 
his 
or 
her 
sustainment period and other re-
quirements under this paragraph. 
‘‘(iii) CERTIFIER.—The term ‘cer-
tifier’ means a person in a position of sub-
stantive authority for the management or 
operations of a regional center, new com-
mercial enterprise, affiliated job-creating 
entity, or issuer of securities, such as a 
principal executive officer or principal fi-
nancial officer, with knowledge of such en-
tities’ policies and procedures related to 
compliance with the requirements under 
this paragraph. 
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‘‘(iv) JOB-CREATING
ENTITY.—The 
term ‘job-creating entity’ means any orga-
nization formed in the United States for 
the ongoing conduct of lawful business, in-
cluding sole proprietorship, partnership 
(whether limited or general), corporation, 
limited liability company, business trust, or 
other entity, which may be publicly or pri-
vately owned, including an entity con-
sisting of a holding company and its whol-
ly-owned subsidiaries or affiliates (provided 
that each subsidiary or affiliate is engaged 
in an activity formed for the ongoing con-
duct of a lawful business) that receives, or 
is established to receive, capital investment 
from alien investors or a new commercial 
enterprise under the regional center pro-
gram described in subparagraph (E) and 
which is responsible for creating jobs to 
satisfy the requirement under subpara-
graph (A)(ii). 
‘‘(v) 
NEW
COMMERCIAL
ENTER-
PRISE.—The term ‘new commercial enter-
prise’ means any for-profit organization 
formed in the United States for the ongo-
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ing conduct of lawful business, including 
sole proprietorship, partnership (whether 
limited or general), holding company and 
its wholly-owned subsidiaries (provided 
that each subsidiary is engaged in a for- 
profit activity formed for the ongoing con-
duct of a lawful business), joint venture, 
corporation, business trust, limited liability 
company, or other entity (which may be 
publicly or privately owned) that receives, 
or is established to receive, capital invest-
ment from investors under this para-
graph.’’. 
(b) AGE DETERMINATION FOR CHILDREN OF ALIEN 
INVESTORS.—Section 203(h) of the Immigration and Na-
tionality Act (8 U.S.C. 1153(h)) is amended by adding 
at the end the following: 
‘‘(5) AGE DETERMINATION FOR CHILDREN OF 
ALIEN INVESTORS.—An alien who has reached 21 
years of age and has been admitted under subsection 
(d) as a lawful permanent resident on a conditional 
basis as the child of an alien lawfully admitted for 
permanent residence under subsection (b)(5), whose 
lawful permanent resident status on a conditional 
basis is terminated under section 216A or subsection 
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(b)(5)(M), shall continue to be considered a child of 
the principal alien for the purpose of a subsequent 
immigrant petition by such alien under subsection 
(b)(5) if the alien remains unmarried and the subse-
quent petition is filed by the principal alien not later 
than 1 year after the termination of conditional law-
ful permanent resident status. No alien shall be con-
sidered a child under this paragraph with respect to 
more than 1 petition filed after the alien reaches 21 
years of age.’’. 
(c) ENHANCED PAY SCALE FOR CERTAIN FEDERAL 
EMPLOYEES ADMINISTERING
THE EMPLOYMENT CRE-
ATION PROGRAM.—The Secretary of Homeland Security 
may establish, fix the compensation of, and appoint indi-
viduals to designated critical, technical, and professional 
positions needed to administer sections 203(b)(5) and 
216A of the Immigration and Nationality Act (8 U.S.C. 
1153(b)(5) and 1186b). 
(d) CONCURRENT FILING OF EB–5 PETITIONS AND 
APPLICATIONS FOR ADJUSTMENT OF STATUS.—Section 
245 of the Immigration and Nationality Act (8 U.S.C. 
1255) is amended— 
(1) in subsection (k), in the matter preceding 
paragraph (1), by striking ‘‘or (3)’’ and inserting 
‘‘(3), or (5)’’; and 
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(2) by adding at the end the following: 
‘‘(n) If the approval of a petition for classification 
under section 203(b)(5) would make a visa immediately 
available to the alien beneficiary, the alien beneficiary’s 
application for adjustment of status under this section 
shall be considered to be properly filed whether the appli-
cation is submitted concurrently with, or subsequent to, 
the visa petition.’’. 
(e) TYPE OF INVESTMENT.—Section 203(b)(5)(A) of 
the 
Immigration 
and 
Nationality 
Act 
(8 
U.S.C. 
1153(b)(5)(A)), as amended by subsection (a)(2), is fur-
ther amended— 
(1) in clause (i), by striking ‘‘(C), and’’ and in-
serting ‘‘(C) and which is expected to remain in-
vested for not less than 2 years; and’’; and 
(2) in clause (ii)— 
(A) by striking ‘‘and create’’ and inserting 
‘‘by creating’’; and 
(B) by inserting ‘‘, United States nation-
als,’’ after ‘‘citizens’’. 
(f) REQUIRED CHECKS.—Section 203(b)(5) of the 
Immigration and Nationality Act, as amended by this sec-
tion and section 2, is further amended by adding at the 
end the following: 
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‘‘(R) REQUIRED
CHECKS.—Any petition 
filed by an alien under section 204(a)(1)(H) 
may not be approved under this paragraph un-
less the Secretary of Homeland Security has 
searched for the alien and any associated em-
ployer of such alien on the Specially Designated 
Nationals List of the Department of Treasury 
Office of Foreign Assets Control.’’. 
(g) EFFECTIVE DATE.—The amendments made by 
this section shall take effect on the date of the enactment 
of this Act. 
SEC. 5. PROCEDURE FOR GRANTING IMMIGRANT STATUS. 
(a) FILING
ORDER
AND
ELIGIBILITY.—Section 
204(a)(1)(H) of the Immigration and Nationality Act (8 
U.S.C. 1154(a)(1)(H)) is amended to read as follows: 
‘‘(H)(i) Any alien seeking classification under section 
203(b)(5) may file a petition for such classification with 
the Secretary of Homeland Security. An alien seeking to 
pool his or her investment with 1 or more additional aliens 
seeking classification under section 203(b)(5) shall file for 
such 
classification 
in 
accordance 
with 
section 
203(b)(5)(E), or before the date of the enactment of the 
EB–5 Reform and Integrity Act of 2021, in accordance 
with section 203(b)(5). An alien petitioning for classifica-
tion under section 203(b)(5)(E) may file a petition with 
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the Secretary after a regional center has filed an applica-
tion for approval of an investment under section 
203(b)(5)(F). 
‘‘(ii) A petitioner described in clause (i) shall estab-
lish eligibility at the time he or she files a petition for 
classification under section 203(b)(5). A petitioner who 
was eligible for such classification at the time of such fil-
ing shall be deemed eligible for such classification at the 
time such petition is adjudicated, subject to the approval 
of the petitioner’s associated application under section 
203(b)(5)(F).’’. 
(b) EFFECTIVE DATES.— 
(1) IN
GENERAL.—The amendment made by 
subsection (a) shall take effect on the date of the en-
actment of this Act. 
(2) APPLICABILITY
TO
PETITIONS.—Section 
204(a)(1)(H)(i) of the Immigration and Nationality 
Act, as added by subsection (a), shall apply to any 
petition for classification pursuant to section 
203(b)(5)(E) of such Act (8 U.S.C. 1153(b)(5)(E)) 
that is filed with the Secretary of Homeland Secu-
rity on or after the date of the enactment of this 
Act. 
(c) ADJUDICATION OF PETITIONS.—The Secretary of 
Homeland Security shall continue to adjudicate petitions 
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and benefits under sections 203(b)(5) and 216A of the 
Immigration and Nationality Act (8 U.S.C. 1153(b)(5) 
and 1186b) during the implementation of this Act and the 
amendments made by this Act. 
SEC. 6. TIMELY PROCESSING. 
(a) FEE STUDY.—Not later than 1 year after the 
date of the enactment of this Act, the Director of U.S. 
Citizenship and Immigration Services shall complete a 
study of fees charged in the administration of the program 
described in sections 203(b)(5) and 216A of the Immigra-
tion and Nationality Act (8 U.S.C. 1153(b)(5) and 
1186b). 
(b) ADJUSTMENT OF FEES TO ACHIEVE EFFICIENT 
PROCESSING.—Notwithstanding section 286(m) of the 
Immigration and Nationality Act (8 U.S.C. 1356(m)), and 
except as provided under subsection (c), the Director, not 
later than 60 days after the completion of the study under 
subsection (a), shall set fees for services provided under 
sections 203(b)(5) and 216A of such Act (8 U.S.C. 
1153(b)(5) and 1186b) at a level sufficient to ensure the 
full recovery only of the costs of providing such services, 
including the cost of attaining the goal of completing adju-
dications, on average, not later than— 
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(1) in an amount that is equal to the amount 
paid by all other classes of fee-paying applicants for 
immigration-related benefits, to contribute to the 
coverage or reduction of the costs of processing or 
adjudicating classes of immigration benefit applica-
tions that Congress, or the Secretary of Homeland 
Security in the case of asylum applications, has au-
thorized to be processed or adjudicated at no cost or 
at a reduced cost to the applicant; and 
(2) in an amount that is not greater than 1 
percent of the fee for filing a petition under section 
203(b)(5) of the Immigration and Nationality Act (8 
U.S.C. 1153(b)(5)), to make improvements to the 
information technology systems used by the Sec-
retary of Homeland Security to process, adjudicate, 
and archive applications and petitions under such 
section, including the conversion to electronic format 
of documents filed by petitioners and applicants for 
benefits under such section. 
(d) EXEMPTION
FROM
PAPERWORK
REDUCTION 
ACT.—During the 1-year period beginning on the date of 
the enactment of this Act, the requirements under chapter 
35 of title 44, United States Code, shall not apply to any 
collection of information required under this subtitle, any 
amendment made by this subtitle, or any rule promulgated 
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by the Secretary of Homeland Security to implement this 
subtitle or the amendments made by this subtitle, to the 
extent that the Secretary determines that compliance with 
such requirements would impede the expeditious imple-
mentation of this subtitle or the amendments made by this 
subtitle. 
(e) RULE OF CONSTRUCTION REGARDING ADJUDICA-
TION DELAYS.—Nothing in this subtitle may be construed 
to limit the authority of the Secretary of Homeland Secu-
rity to suspend the adjudication of any application or peti-
tion under section 203(b)(5) or 216A of the Immigration 
and Nationality Act (8 U.S.C. 1153(b)(5) and 1186b) 
pending the completion of a national security or law en-
forcement investigation relating to such application or pe-
tition. 
(f) RULE OF CONSTRUCTION REGARDING MODIFICA-
TION OF FEES.—Nothing in this section may be construed 
to require any modification of fees before the completion 
of— 
(1) the fee study described in subsection (a); or 
(2) regulations promulgated by the Secretary of 
Homeland Security, in accordance with subchapter 
II of chapter 5 and chapter 7 of title 5, United 
States Code (commonly known as the ‘‘Administra-
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tive Procedure Act’’), to carry out subsections (b) 
and (c). 
SEC. 7. TRANSPARENCY. 
(a) IN GENERAL.—Employees of the Department of 
Homeland Security, including the Secretary of Homeland 
Security, the Secretary’s counselors, the Assistant Sec-
retary for the Private Sector, the Director of U.S. Citizen-
ship and Immigration Services, counselors to such Direc-
tor, and the Chief of the Immigrant Investor Programs 
Office (or any successor to such Office) at U.S. Citizen-
ship and Immigration Services, shall act impartially and 
may not give preferential treatment to any entity, organi-
zation, or individual in connection with any aspect of the 
immigrant visa program described in section 203(b)(5) of 
the 
Immigration 
and 
Nationality 
Act 
(8 
U.S.C. 
1153(b)(5)). 
(b) IMPROPER
ACTIVITIES.—Activities that con-
stitute preferential treatment under subsection (a) shall 
include— 
(1) working on, or in any way attempting to in-
fluence, in a manner not available to or accorded to 
all other petitioners, applicants, and seekers of bene-
fits under the immigrant visa program referred to in 
subsection (a), the standard processing of an appli-
cation, petition, or benefit for— 
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(A) a regional center; 
(B) a new commercial enterprise; 
(C) a job-creating entity; or 
(D) any person or entity associated with 
such regional center, new commercial enter-
prise, or job-creating entity; and 
(2) meeting or communicating with persons as-
sociated with the entities listed in paragraph (1), at 
the request of such persons, in a manner not avail-
able to or accorded to all other petitioners, appli-
cants, and seekers of benefits under such immigrant 
visa program. 
(c) REPORTING OF COMMUNICATIONS.— 
(1) WRITTEN COMMUNICATION.—Employees of 
the Department of Homeland Security, including the 
officials listed in subsection (a), shall include, in the 
record of proceeding for a case under section 
203(b)(5) of the Immigration and Nationality Act (8 
U.S.C. 1153(b)(5)), actual or electronic copies of all 
case-specific written communication, including e- 
mails from government and private accounts, with 
non-Department persons or entities advocating for 
regional center applications or individual petitions 
under such section that are pending on or after the 
date of the enactment of this Act (other than rou-
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tine communications with other agencies of the Fed-
eral Government regarding the case, including com-
munications involving background checks and litiga-
tion defense). 
(2) ORAL COMMUNICATION.—If substantive oral 
communication, including telephonic communication, 
virtual communication, or in-person meetings, takes 
place between officials of the Department of Home-
land Security and non-Department persons or enti-
ties advocating for regional center applications or in-
dividual petitions under section 203(b)(5) of such 
Act that are pending on or after the date of the en-
actment of this Act (except communications exempt-
ed under paragraph (1))— 
(A) the conversation shall be recorded; or 
(B) detailed minutes of the session shall be 
taken and included in the record of proceeding. 
(3) NOTIFICATION.— 
(A) IN GENERAL.—If the Secretary, in the 
course of written or oral communication de-
scribed in this subsection, receives evidence 
about a specific case from anyone other than an 
affected party or his or her representative (ex-
cluding Federal Government or law enforcement 
sources), such information may not be made 
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part of the record of proceeding and may not 
be considered in adjudicative proceedings un-
less— 
(i) the affected party has been given 
notice of such evidence; and 
(ii) if such evidence is derogatory, the 
affected party has been given an oppor-
tunity to respond to the evidence. 
(B) INFORMATION
FROM
LAW
ENFORCE-
MENT, 
INTELLIGENCE
AGENCIES, 
OR
CON-
FIDENTIAL SOURCES.— 
(i) LAW
ENFORCEMENT
OR
INTEL-
LIGENCE
AGENCIES.—Evidence received 
from law enforcement or intelligence agen-
cies may not be made part of the record of 
proceeding without the consent of the rel-
evant agency or law enforcement entity. 
(ii) WHISTLEBLOWERS, 
CONFIDEN-
TIAL SOURCES, OR INTELLIGENCE AGEN-
CIES.—Evidence received from whistle-
blowers, other confidential sources, or the 
intelligence community that is included in 
the record of proceeding and considered in 
adjudicative proceedings shall be handled 
in a manner that does not reveal the iden-
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tity of the whistleblower or confidential 
source, or reveal classified information. 
(d) CONSIDERATION OF EVIDENCE.— 
(1) IN GENERAL.—No case-specific communica-
tion with persons or entities that are not part of the 
Department of Homeland Security may be consid-
ered in the adjudication of an application or petition 
under section 203(b)(5) of the Immigration and Na-
tionality Act (8 U.S.C. 1153(b)(5)) unless the com-
munication is included in the record of proceeding of 
the case. 
(2) WAIVER.—The Secretary of Homeland Se-
curity may waive the requirement under paragraph 
(1) only in the interests of national security or for 
investigative or law enforcement purposes. 
(e) CHANNELS OF COMMUNICATION.— 
(1) E-MAIL
ADDRESS
OR
EQUIVALENT.—The 
Director of U.S. Citizenship and Immigration Serv-
ices shall maintain an e-mail account (or equivalent 
means of communication) for persons or entities— 
(A) with inquiries regarding specific peti-
tions or applications under the immigrant visa 
program described in section 203(b)(5) of the 
Immigration and Nationality Act (8 U.S.C. 
1153(b)(5)); or 
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(B) seeking information that is not case- 
specific about the immigrant visa program de-
scribed in such section 203(b)(5). 
(2) COMMUNICATION ONLY THROUGH APPRO-
PRIATE CHANNELS OR OFFICES.— 
(A) ANNOUNCEMENT
OF
APPROPRIATE 
CHANNELS
OF
COMMUNICATION.—Not later 
than 40 days after the date of the enactment of 
this Act, the Director of U.S. Citizenship and 
Immigration Services shall announce that the 
only channels or offices by which industry 
stakeholders, petitioners, applicants, and seek-
ers of benefits under the immigrant visa pro-
gram described in section 203(b)(5) of the Im-
migration and Nationality Act (8 U.S.C. 
1153(b)(5)) may communicate with the Depart-
ment of Homeland Security regarding specific 
cases under such section (except for commu-
nication made by applicants and petitioners 
pursuant to regular adjudicatory procedures), 
or information that is not case-specific about 
the visa program applicable to certain cases 
under such section, are through— 
(i) the e-mail address or equivalent 
channel described in paragraph (1); 
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(ii) the National Customer Service 
Center, or any successor to such Center; or 
(iii) the Office of Public Engagement, 
Immigrant Investor Program Office, in-
cluding 
the 
Stakeholder 
Engagement 
Branch, or any successors to those Offices 
or that Branch. 
(B) DIRECTION OF INCOMING COMMUNICA-
TIONS.— 
(i) IN GENERAL.—Employees of the 
Department of Homeland Security shall di-
rect communications described in subpara-
graph (A) to the channels of communica-
tion or offices listed in clauses (i) through 
(iii) of subparagraph (A). 
(ii) RULE OF CONSTRUCTION.—Noth-
ing in this subparagraph may be construed 
to prevent— 
(I) any person from commu-
nicating with the Ombudsman of U.S. 
Citizenship and Immigration Services 
regarding the immigrant investor pro-
gram under section 203(b)(5) of the 
Immigration and Nationality Act (8 
U.S.C. 1153(b)(5)); or 
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(II) the Ombudsman from resolv-
ing problems regarding such immi-
grant investor program pursuant to 
the authority granted under section 
452 of the Homeland Security Act of 
2002 (6 U.S.C. 272). 
(C) LOG.— 
(i) IN
GENERAL.—The Director of 
U.S. Citizenship and Immigration Services 
shall maintain a written or electronic log 
of— 
(I) all communications described 
in subparagraph (A) and communica-
tions from members of Congress, 
which shall reference the date, time, 
and subject of the communication, 
and the identity of the Department of-
ficial, if any, to whom the inquiry was 
forwarded; 
(II) with respect to written com-
munications described in subsection 
(c)(1), the date on which the commu-
nication was received, the identities of 
the sender and addressee, and the 
subject of the communication; and 
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(III) with respect to oral commu-
nications 
described 
in 
subsection 
(c)(2), the date on which the commu-
nication occurred, the participants in 
the conversation or meeting, and the 
subject of the communication. 
(ii) TRANSPARENCY.—The log of com-
munications described in clause (i) shall be 
made publicly available in accordance with 
section 552 of title 5, United States Code 
(commonly known as the ‘‘Freedom of In-
formation Act’’). 
(3) PUBLICATION OF INFORMATION.—Not later 
than 30 days after a person or entity inquiring 
about a specific case or generally about the immi-
grant visa program described in section 203(b)(5) of 
the Immigration and Nationality Act (8 U.S.C. 
1153(b)(5)) receives, as a result of a communication 
with an official of the Department of Homeland Se-
curity, generally applicable and information that is 
not case-specific about program requirements or ad-
ministration that has not been made publicly avail-
able by the Department, the Director of U.S. Citi-
zenship and Immigration Services shall publish such 
information on the U.S. Citizenship and Immigra-
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tion Services website as an update to the relevant 
Frequently Asked Questions page or by some other 
comparable mechanism. 
(f) PENALTY.— 
(1) IN
GENERAL.—Any person who inten-
tionally violates the prohibition on preferential treat-
ment under this section or intentionally violates the 
reporting requirements under subsection (c) shall be 
disciplined in accordance with paragraph (2). 
(2) SANCTIONS.—Not later than 90 days after 
the date of the enactment of this Act, the Secretary 
of Homeland Security shall establish a graduated set 
of sanctions based on the severity of the violation re-
ferred to in paragraph (1), which may include, in 
addition to any criminal or civil penalties that may 
be imposed, written reprimand, suspension, demo-
tion, or removal. 
(g) RULE OF CONSTRUCTION REGARDING CLASSI-
FIED INFORMATION.—Nothing in this section may be con-
strued to modify any law, regulation, or policy regarding 
the handling or disclosure of classified information. 
(h) RULE OF CONSTRUCTION REGARDING PRIVATE 
RIGHT OF ACTION.—Nothing in this section may be con-
strued to create or authorize a private right of action to 
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challenge a decision of an employee of the Department of 
Homeland Security. 
(i) EFFECTIVE DATE.—This section, and the amend-
ments made by this section, shall take effect on the date 
of the enactment of this Act. 
Æ 
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