As the Sept. 30, 2016, sunset date approaches for the EB-5 Regional Center program, the EB-5 industry has come together with a unified voice calling for the program to be extended with appropriate reforms. On Sept. 7, 2016, a letter was circulated to the Members of the Judiciary Committees of the U.S. Senate and House… Continue Reading
It’s often said that an EB-5 investment must create 10-full time jobs for U.S. citizens or lawful permanent residents. But that statement is only partially true, and overlooks many of the nuances of proving adequate and sufficient job creation in the two types of EB-5 filings, direct EB-5 petitions and regional center petitions. Further, critics… Continue Reading
On Feb. 2, 2016, the Senate Judiciary Committee held its first hearing of the year regarding the EB-5 Program. The Committee took testimony from Chief of the U.S. Citizenship and Immigration Services Immigrant Investor Program Office, Nicholas Colucci, and the Associate Director, Division of Enforcement of the Securities and Exchange Commission, Stephen L. Cohen. Mr…. Continue Reading
Created by Congress in 1990, the EB-5 Immigrant Investor Program was designed to stimulate the U.S. economy through job creation and capital investment by foreign investors. Since its inception, the Program has impacted thousands of foreign nationals and, in its current form, is extended through Sept. 30, 2016. Though we have previously addressed the many… Continue Reading
On July 29, Representative Zoe Lofgren, Ranking Member of the House Judiciary Committee, Subcommittee on Immigration and Border Security, and Representative Luis Gutiérrez introduced H.R.3370, the Entrepreneurial Business Creating Jobs Act of 2015 to permanently reauthorize and reform the EB-5 Regional Center Program. Representative Lofgren’s sectional summary can be found here. The legislation provides visas… Continue Reading
A June U.S. Policy Metrics/Hamilton Place Strategies report Harnessing Private Capital For Job Creation: An Analysis Of The EB-5 Visa Program demonstrates the impact of the EB-5 visa program as a net job creator and budget-neutral catalyst for bringing private investment into the U.S. The report was commissioned by the EB-5 Investment Coalition (EB-5IC), a… Continue Reading
Myth 1: Buy a Green Card – The EB-5 program was established to help high-net-worth individuals buy a green card. Fact: The EB-5 program is a highly regulated employment-based permanent residence application that takes years to complete. The initial application requires detailed proof of investment in a qualified project. It also requires evidence of an… Continue Reading
On September 9, 2014 the U.S. State Department (the State Department) issued the October 2014 Visa Bulletin which reflected the EB-5 visa category as “current” for mainland-born Chinese EB-5 investors. However, there is speculation and anticipation that the EB-5 visa for mainland-born Chinese EB-5 investors will become unavailable during the U.S. government’s 2014-2015 fiscal year… Continue Reading
In a welcome bit of news for the EB-5 industry, USCIS released updated processing times dated as of April 30, 2014 which show USCIS is processing I-924 applications in approximately 4.4 months. Earlier this year, the processing of I-924 applications was moved to the new Immigrant Investor Program Office (IIPO) in Washington D.C. The new… Continue Reading
The EB-5 program contributed $3.39 billion to the U.S. GDP and supported over 42,000 U.S. jobs during 2012. This is according to the “Economic Impacts of the EB-5 Program 2012: An Economic Development Program for the 21st Century” report released by the Association to Invest in the USA (IIUSA). These results are more than double… Continue Reading
The documents necessary for the I-829 petitions differ depending on the “inputs” for the economic report that was attached to the I-526 petition. The I-829 filing must document the foundation facts that were contained in the economic report. Depending upon the economic methodology used, the investor may need to prove some or all of the… Continue Reading
Ali Brodie recently published an article in Law Week Colorado outlining the economic benefits of regional centers. In “Foreign Investment Boosts Commercial Development, Job Growth in the State,” Brodie outlines how the EB-5 Program works, what it means for the Colorado economy and expediting the visa application process.
GT attorney Kate Kalmykov was recently quoted in Miami Today’s article “Senate pushes EB5 visa’s limits.” The article discusses the proposed changes to the EB-5 immigrant investor program which are part of the comprehensive immigration reform bill, as well as City of Miami’s EB-5 regional center application.
Congress’s stated purpose in allowing EB-5 investment in USCIS-approved regional centers was to promote “economic growth,…improved regional productivity, job creation, and increased domestic capital investment.” Regional centers have admirably risen to this objective, providing rich sources of capital investment for a variety of projects across the nation. Particularly in the current economic climate where capital… Continue Reading