The U.S. State Department (the “State Department”) issued good news for Chinese EB-5 investors today. The October 2014 Visa Bulletin reflected the EB-5 visa is current for mainland-born Chinese EB-5 investors. As we noted in August, the State Department made an announcement that as of August 23, 2014, EB-5 immigrant visa numbers for Chinese nationals in the EB-5 category would be unavailable through September 30, 2014. This is consistent with our prediction that new EB-5 immigrant visa numbers would become available at the beginning of the government’s next fiscal year on October 1, 2014.

However, I-526 Petition processing times may continue to increase as the Immigrant Investor Program Office (IIPO) in Washington D.C. continues to hire and train staff and the number of I-526 Petitions being filed has drastically increased. Slow processing times of I-526 Petitions may relieve the demand for EB-5 visas. After the first three quarters of the 2014 Fiscal Year, USCIS has 10,375 I-526 Petitions pending. This is an increase from 7,131 I-526 Petitions pending with USCIS at the close of the 2013 Fiscal Year.

Despite the increase in filed I-526 Petitions and the recent EB-5 immigrant visa retrogression, EB-5 investors should continue to file I-526 Petitions as soon as possible because these developments have no effect on the adjudication of I-526 Petitions. Furthermore, if the EB-5 immigrant visa category retrogresses for mainland-Chinese born EB-5 investors, the State Department will create a waiting list based on the date an I-526 Petition was filed. Accordingly, EB-5 investors who have filed their I-526 Petitions prior to other EB-5 investors will be closer to the front of the EB-5 immigrant visa line.

 

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Photo of Dillon Colucci Dillon Colucci

Dillon R. Colucci practices and handles U.S. immigration concerns and helps individuals, families, professionals, skilled workers, investors, and businesses live, work, invest, and do business in the United States. Dillon handles a wide range of immigration matters, including nonimmigrant and immigrant employment-based cases.…

Dillon R. Colucci practices and handles U.S. immigration concerns and helps individuals, families, professionals, skilled workers, investors, and businesses live, work, invest, and do business in the United States. Dillon handles a wide range of immigration matters, including nonimmigrant and immigrant employment-based cases.

Dillon provides business immigration counsel to clients, including HR managers, high-level executives, and employees to pursue a positive immigration outcome for all stakeholders involved. Dillon has focused on administrative appeals work, successfully representing several clients in their appeals of adverse decisions. He also spends time on I-9 employment verification matters as well as H-1B and LCA compliance, including internal and external audits and reviews to minimize employer liability.

Additionally, Dillon focuses on EB-5 immigrant investor matters, regularly working with developers across a variety of industries, as well as private equity funds on developing new projects that qualify for EB-5 investments. This includes the creation of new Regional Centers, having projects adopted by existing Regional Centers or through pooled individual EB-5 petitions. Dillon also counsels foreign nationals on obtaining permanent residency through individual or Regional Center EB-5 investments.