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Technically, there is no limitation on how may times you can apply for the reentry permit. The problem is that USCIS probably will not approve your application if you continue to apply for the renewal (e.g., more than 3 times) unless it is under certian circumstances such as you work abroad for a US company, serve in the US army, etc. You need to prove that your intent to depart the US must be for a temporary period, so  if you've already received multiple reentry permits, it becomes increasingly difficult to prove that your travels and absence from the US are truly temporary in nature.