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EB-5 Insights

Where Government Policies and Business Realities Converge

Posted in General

Greenberg Traurig attorneys Kate Kalmykov and Jennifer Hermansky served as editors for the recently released What Every Lawyer Needs to Know About Immigration Law reference book. The publication highlights the primary areas of immigration law encountered by attorneys of varying disciplines and the impact immigration law has on each, including complex mix of statutes, regulations, and federal and administrative courts and agencies. The book summarizes immigration principles in varying areas of the law, including family immigration, employment-based immigration, naturalization and removal defense, and serves as a reference for attorneys who may encounter non-citizen clients in their practice of law. The book can be purchased from the American Bar Association through this link.

Posted in EB-5 Program, Immigrant Investor

Last week, Greenberg Traurig EB-5 attorneys Laura Reiff and Steve Anapoell spoke at the first of many monthly informational sessions hosted by the city of Miami’s Office of International Business Development.

The event began with a press conference with the mayor of Miami in City Hall and was followed by a widely attended informational session focusing on the EB-5 Immigrant Investor Program. Reiff and Anapoell discussed the nuances of the EB-5 program, challenges faced by entrepreneurs seeking EB-5 funding and federal securities regulations compliance.

The city of Miami received EB-5 designation earlier this year, and is the only regional center owned, managed and supervised by a municipality. By utilizing the EB-5 investment program, the city expects to increase foreign investment in Miami, which will translate into the creation of thousands of new jobs and economic growth for both the city and the entire South Florida region.

 

Posted in Events

Pictured are Greenberg Traurig attorneys Kate Kalmykov, left, and Jennifer Hermansky, right.

Greenberg Traurig EB-5 attorneys Kate Kalmykov, Jennifer Hermansky and Ali Brodie served as moderators and panelists at the Third Annual Southern California EB-5 Conference hosted by EB5 Investors Magazine this past Monday. EB-5 team members Steve Anapoell, Dillon Colucci, William Mack, Cory Richards, Carrie Risatti and Catharine Yenalso attended among fellow EB-5 industry leaders with Kalmykov serving as conference co-host.

The conference drew more than 350 attendees, including Congressional speakers, immigration and securities attorneys, real estate developers, regional center representatives, economists and more. Discussions included the latest information about the EB-5 visa program, including topics covering legislative developments, securities law, regional center partnerships, immigration, marketing to investors and more.

Posted in I-526, I-829, I-924, USCIS

On July 17, 2014, USCIS released updated processing times for EB-5 related petitions. The following chart provides the average processing times for cases being adjudicated by the Immigrant Investor Program Office (IPO), as May 31, 2014:


Form
Processing Timeframe
as of May 31, 2014
I-526, Immigrant Petition by Alien Entrepreneur 13.2 months
I-829, Petition by Entrepreneur to Remove Conditions 7.9 months
I-924, Application for Regional Center 5.4 months

 

USCIS reminds I-526 applicants that case status can be checked online at www.uscis.gov or through an email to USCIS.ImmigrantInvestorProgram@uscis.dhs.gov.

 

Posted in EB-5 Program, I-526, I-829, USCIS

On May 13, 2014, USCIS updated the data for I-526 petitions and I-829 petitions for the second quarter of the 2014 fiscal year (January – March). This newly released data includes data up to March 31, 2014.  The original USCIS data for the I-526 petitions and I-829 petitions can be found on the USCIS website.

Data on I-526 Petitions

For the I-526 petitions, there have been a few changes between the second quarter and first quarter of fiscal year 2014. Overall, there has been an increase in number of filed I-526 petitions. There is likely an increase in the number of filed petitions because investors are concerned of the possible visa retrogression that may occur before October 1, 2014. Most notably, Chinese investors comprise approximately 80 percent of the I-526 filings, so they are hurriedly filing their I-526 petitions before visa retrogression hits.

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Posted in Immigrant Visa

Background

Under the Immigration Nationality Act (INA), a person is defined as a “child” when he/she is unmarried and under the age of 21. The Child Status Protection Act (CSPA) allows principal applicants and their derivative beneficiaries to remain eligible for immigration benefits when the beneficiary has aged-out by turning 21. The CSPA was enacted to protect the applicants who aged out due to the delay in the adjudication of the petition or application.

Additionally, in order for an applicant to be protected under the CSPA, the applicant must “seek to acquire” the status of an alien lawfully admitted for permanent residence within one year of the visa availability [see INA Section 203(h)(1)(A)]. Under previous USCIS Policy, there are three ways to meet the “seek to acquire” requirement:

  1. Filing Form I-485, Application to Register Permanent Residence or Adjust Status;
  2. Submitting Form DS-230, Application for Immigrant Visa and Alien Registration; or
  3. Having Form I-824, Application for Action on an Approved Application or Petition, filed on the Alien’s behalf.

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Posted in EB-5 Investment, EB-5 Program, Events

Greenberg Traurig’s EB-5 group will sponsor and co-chair the third annual Southern California EB-5 Conference at the Balboa Bay Club & Resort in Newport Beach, California. The all-day conference will take place on July 21, 2014, from 8:30 a.m. to 5:00 p.m. The conference will feature several panels addressing the latest developments of the EB-5 Program lead by industry leaders from regional centers, immigration and securities law firms, and leading EB-5 economists, among others. U.S. Congressman Bob Goodlatte, Chairman of the House Judiciary Committee with legislative oversight on the EB-5 visa program, will serve as keynote speaker. U.S. Congressman Darrell Issa will additionally discuss the EB-5 program and his proposed SKILLS Visa Act. The conference is designed in a manner to equally provide a wide-range of EB-5 related topics to those who are new to the industry or well-versed.

EB-5 attorneys Laura Reiff, Kate Kalmykov, Ali Brodie and Jennifer Hermansky will serve as moderators and/or panelists on various panels, including:

  • EB-5 Reform: Impacts of Proposed Legislation
  • EB-5 Financing for Hotel Developers
  • Introduction to EB-5 Marketing Overseas
  • International Differences in Source of Funds
  • EB-5 Securities Compliance & Broker Dealers: Commonly Overlooked Securities Issues

For more information about the conference, please click here.

 

Posted in Events
New York Private Equity Network Real Estate Seminar

Pictured are Sylvia Sobczyk, left, and Kate Kalmykov, right.

Greenberg Traurig EB-5 Immigration shareholder Kate Kalmykov and Real Estate shareholder Kristen Lonergan recently presented at the New York Private Equity Network – Real Estate “EB-5 Funding for Real Estate Development” seminar and networking reception hosted in the Greenberg Traurig New York office. More than 70 attendees represented companies from the private equity, real estate, accounting and insurance industries, among others. Kate and Kristen discussed trends and issues that are currently impacting EB-5 and real estate, including:

  • EB-5 funding as a replacement for traditional debt or private equity
  • Pooled EB-5 investments for small, medium and large real estate developments
  • Requirements of the EB-5 Program and considerations for developers
  • Best construction practices to ensure a successful EB-5 raise
  • Structuring EB-5 funding vehicles and EB-5 loans
  • Recent experiences in EB-5 projects and an EB-5 market outlook

Continue to monitor EB-5 Insights for EB-5 industry events and webinars.