Nearly all U.S. broker-dealers are members of the Financial Industry Regulatory Authority (FINRA). FINRA regulates, and provides oversight and guidance for its member firms. When a broker-dealer becomes a FINRA
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April 2016
Permanent Residency Through the EB-3 Program: What’s Lawful and What’s Not
I recently returned from a month in Vietnam meeting with clients and potential immigrants to the United States. Over the course of the past five years and in my travels to Vietnam, I have watched the EB-5 program grow in popularity as a tool for Vietnamese nationals to self-sponsor for a U.S. green card. In fact, Vietnam now ranks second in EB-5 visa usage worldwide.
The growing interest in immigration to the U.S. has also spurned in Vietnam a new trend, with some immigration agents promoting the EB-3 visa program, to target clients that cannot afford the EB-5 program or wish to spend less money to immigrate to the U.S. This development is alarming, as in many cases, the way the EB-3 program is being described and offered to the Vietnamese public is inconsistent with the U.S. Citizenship and Immigration Service (USCIS) and U.S. Department of Labor Regulations (DOL) laws and regulations. In the most egregious cases, these EB-3 for sale programs intentionally circumvent the legal requirements and are fraudulent.
By way of background, EB-3 stands for Employment-Based Third preference category – a concept long existent in U.S. immigration law and a valid means to a green card when properly used. Employment-based sponsorship in U.S. immigration is divided into several preference categories, with the Employment-Based Third category being reserved for sponsorship for positions requiring:
- Less than two years’ training or experience (unskilled workers). This is predominately the focus of the Vietnamese EB-3 for sale programs; or
- At least two years of experience in the field of expertise (skilled workers); or
- A Bachelor’s degree.
The process of employment-based sponsorship in the EB-3 category entails a three step process:
1. A PERM application is processed and filed by the employer with the DOL. The process involves the U.S. employer engaging in various methods of recruitment to find U.S. workers for the position. This is because the DOL’s main purpose is to ensure that U.S. workers get preference for jobs. The DOL determines the prevailing wage rate for the position that the employer is required to pay. Only after recruitment is completed, and if the employer can show that it was not able to find minimally qualified, able, or willing U.S. workers for the position, would the DOL certify and approve a PERM application. If the sponsoring organization receives applications from interested individuals in the U.S. in response to the ads but does not review and interview the applicants or disclose receiving the applications to the DOL, the sponsoring company and all persons involved in the process can be subject to enforcement action.Continue Reading Permanent Residency Through the EB-3 Program: What’s Lawful and What’s Not
The EB-5 Investment Coalition Will Host a Legislative Workshop in Washington, D.C. from April 12 through April 14, 2016
The EB-5 Investment Coalition will be hosting a legislative workshop in Washington, D.C. from April 12 to April 14, 2016, in order to continue the Coalition’s efforts to build the…
Continue Reading The EB-5 Investment Coalition Will Host a Legislative Workshop in Washington, D.C. from April 12 through April 14, 2016
Greenberg Traurig’s Kate Kalmykov Appears on China Business Network Television
Greenberg Traurig attorney Kate Kalmykov recently appeared on China Business Network (CBN), China’s largest financial and business informational TV channel with an audience of 600 million viewers within China, Hong…
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Greenberg Traurig Kate Kalmykov and Laura Reiff Receive Summit Ambassador Award
Greenberg Traurig Attorneys, Kate Kalmykov and Laura Reiff, were honored to again receive the “Summit Ambassador Award” awarded by Invest in America during the summit in Shanghai on March 11-13.
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Greenberg Traurig Attends The 2016 Invest in America Summit
Greenberg Traurig’s EB-5 team attended the 2016 Invest in America Summit events in Shanghai from March 11-13 to kick off the largest U.S.-themed investment conference and exhibition in China. Once again, the Summit was held in three Chinese cities: Shanghai, Shenzhen and Beijing.
Invest in America welcomed U.S. investment projects, regional centers, real estate brokerage firms, franchises, private equity and venture capital companies, financial services, attorneys, CPAs, international trade agencies, government officials, and colleges to participate in exhibitions and presentations. The Summit provided information to investors and business executives who were eager to learn more about investment and business opportunities in the United States.Continue Reading Greenberg Traurig Attends The 2016 Invest in America Summit