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Category Archives: EB-5 Program

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Posted in EB-5 Program

The Bipartisan Policy Center will be hosting a panel discussion on Thursday, September 17, 2015 at its office in Washington, D.C. to discuss the EB-5 Regional Center Program, which, without congressional action, will sunset on September 30, 2015.  The panel discussion will review the successes and challenges the EB-5 program has faced as it has… Continue Reading

Posted in EB-5 Program

Yesterday, new FINRA Rule 2040 became effective.  The rule was approved by the SEC earlier this year.  Rule 2040(c) requires a broker-dealer who sells EB-5 securities disclose to investors the amount of fees paid to foreign finders.  In addition, a broker-dealer must receive written acknowledgement from an investor which shows that the investor is aware… Continue Reading

Posted in EB-5 Program

The U.S. Securities and Exchange Commission (“SEC”) filed a civil fraud suit on August 24, 2015 against a Seattle developer, who had raised $125 million under the EB-5 program.  The developer is also the Chief Executive Director of an approved Regional Center under the EB-5 program.  The Regional Center targets investments into real estate development… Continue Reading

Posted in EB-5 Program, Government Accountability Office (GAO), USCIS

In its report published on Aug. 12, 2015, the Government Accountability Office (GAO) identified three areas for improvement and provided recommendations to U.S. Citizenship and Immigration Services (USCIS) in relation to its administration of the EB-5 Immigrant Investor Program. We summarized the GAO’s report here. This article will examine the way in which three pending… Continue Reading

Posted in EB-5 Program, USCIS

On Aug. 13, 2015, USCIS held a stakeholder engagement for individuals interested in the EB-5 program in Los Angeles and via conference call. Our detailed summary of the engagement will be available on our partner site. The engagement was attended by several leaders of the Immigrant Investor Program Office (IPO) of USCIS (including its Chief,… Continue Reading

Posted in EB-5 Program, Regional Center, USCIS

As previously reported, since January 2015 USCIS has maintained a webpage listing the EB-5 Regional Centers that have had their designations terminated. As of June 4, 2015, USCIS has terminated 34 Regional Centers. A Regional Center’s participation in the EB-5 Immigrant Investor Program can be terminated by USCIS for several reasons under the regulations found… Continue Reading

Posted in EB-5 Program, Government Accountability Office (GAO), USCIS

The Government Accountability Office (GAO) recently reviewed the risks and economic benefits of the EB-5 program. The report addresses several challenges related to the EB-5 program that have been highlighted in recent years, and which are addressed in legislation currently pending in Congress. The congressional requesters asked the GAO to examine the following: The extent to which… Continue Reading

Posted in EB-5 Program, USCIS

Earlier this week, the U.S. Citizenship and Immigration Services (USCIS) released a policy memo providing clarity on what has become a long waiting period between an EB-5 project completion and an investor receiving his or her green card. This gap is partially caused by an increase of investors from China – who take roughly 80… Continue Reading

Posted in EB-5 Investment, EB-5 Program

The EB-5 Investment Coalition, co-chaired by Managing Shareholder Laura Foote Reiff, joined forces with key members of the EB-5 industry to advocate the reauthorization of the program before the September 30, 2015 expiration date. On August 5, 2015, an EB-5 Stakeholder Letter was hand-delivered to key Members of Congress of the Senate and House leadership… Continue Reading

Posted in EB-5 Program, USCIS

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.  This is the third bill introduced in 114th Congress that focuses on reauthorizing the EB-5 program. In January 2015, Representatives Mark Amodei (R-NV) and… Continue Reading

Posted in EB-5 Investment, EB-5 Program

The EB-5 Immigrant Investor Program is scheduled to expire September 30, and with Congress on recess, many attorneys want to be sure when they return it is a priority on their “to-do list.” According to Law 360, the program is popular amongst Chinese investors and real estate developers as it provides green cards to foreign… Continue Reading

Posted in EB-5 Program, Immigrant Investor

EB-5 Investors magazine hosted a conference earlier this week focusing on keeping the  EB-5 Immigrant Investor Program a priority for lawmakers before it expires on September 30. Laura Reiff, co-chair of Greenberg Traurig’s Business Immigration & Compliance Practice, is the executive director for the EB-5 Investment Coalition and was a panelist at the event. In… Continue Reading

Posted in EB-5 Program

Following is the Chinese translation of a previously published blog post: 我们曾经报道,美国移民局(USCIS)最近改变了其允许以借款作为投资人合法投资的政策。许多相关人士都提到,投资人以并非完全拥有的房产做抵押贷款的I-526申请被拒。美国移民局指出,借款可以作为投资人的资金,如果:(1)投资人对借款负有首要的和个人的偿还义务,并且(2)投资人实际拥有的抵押资产达到或超过借款的价值。

Posted in EB-5 Program, USCIS

As we previously reported, USCIS has recently changed its policy of allowing loans to be a source of an investor’s lawful capital. Many stakeholders have reported that I-526 Petitions are being denied when the investor does not wholly own the real property used to collateralize the loan. USCIS has stated that proceeds from a loan may qualify… Continue Reading

Posted in EB-5 Job Creation, EB-5 Program

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

Posted in EB-5 Program

The National Association of Counties (NACo) hosted its 80th Annual Meeting where it discussed various proposed policy resolutions and platform changes. One such resolution was one supporting the EB-5 resolution to make the EB-5 program permanent. The steering committee unanimously voted in support of the EB-5 resolution, and the Board of Directors formally adopted the… Continue Reading

Posted in EB-5 Program, Immigrant Visa, USCIS

The White House has just released a new report titled “Modernizing & Streamlining our Legal Immigration System for the 21st Century,” which builds on the President’s executive actions of Nov. 21, 2014. This report provides for plans to improve the immigration system to modernize and streamline the processes for certain visa categories and to address… Continue Reading

Posted in EB-5 Program, Regional Center

On Sept. 28, 2012, just two days shy of its expiration, the EB-5 Regional Center Program was extended for three years when President Obama signed S.3245 into law.  The bill was sponsored by Senator Patrick Leahy, and cosponsored by Senators Grassley, Kohl, Hatch, Rubio, Schumer, Lee, Conrad, and Collins.  It had no short title, listed… Continue Reading

Posted in EB-5 Investment, EB-5 Program

The American Job Creation and Investment Promotion Reform Act, S. 1501, was introduced in the Senate by Senate Judiciary Committee Chairman Charles Grassley (R- IA) and Senate Judiciary Committee Ranking Member Patrick Leahy (D-VT).  S.1501 seeks to reauthorize the program for five years and proposes a number of integrity reforms for the EB-5 program.  EB-5… Continue Reading

Posted in EB-5 Investment, EB-5 Job Creation, EB-5 Program

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

Posted in EB-5 Investment, EB-5 Program, Immigrant Investor

The United States Conference of Mayors conference hosted their 83rd Annual Meeting on June 19-22, 2015 in San Francisco, California. The EB-5 immigration investor program was included in the adopted resolutions of the organization as listed herein: EB-5 IMMIGRANT INVESTOR PROGRAM WHEREAS, EB-5 is the designation for the fifth employment-based preference immigrant visa category established… Continue Reading

Posted in EB-5 Program, Immigrant Visa, USCIS

On June 16, 2015, USCIS announced the suspension of the USCIS Electronic Immigration System (ELIS) for Form I-526, Immigrant Petition by Alien Entrepreneur. Due to challenges with ELIS and in an effort to improve it, effective June 15, 2015, USCIS will no longer accept electronically filed forms for the EB-5 category. Additionally, USCIS ELIS will… Continue Reading

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

Greenberg Traurig attorney, Kate Kalmykov, was recently featured in The Real Deal article, EB-5: Who’s after China?, discussing new EB-5 investors in other countries. Attorney Kate Kalmykov flew to China every other month last year to drum up EB-5 business. This year, her travel schedule includes new stops in countries including Vietnam, Brazil, Mexico and… Continue Reading

Posted in EB-5 Program

Breaking News: legislative update on bill S. 1501 to authorize the EB-5 program by Greenberg Traurig advocate and EB-5 Investment Coalition founder, Laura Reiff.  We encourage everyone to listen to this podcast on this analysis and what it means for: EB-5 regional centers, developers and projects Individual EB-5 investors Migration agents and broker dealers working… Continue Reading