11/21 Welcome to the New EB-5

The EB-5 Modernization Regulation takes effect today, November 21, 2019. As a reminder, the USCIS EB-5 Page summarizes what’s new, the full text of the final rule gives all the detail and background of the new regs, and the USCIS Policy Manual EB-5 section contains current policy as updated by the regs. It’s possible that … Read more11/21 Welcome to the New EB-5

EB-5 Legislation? (S.2778, S.2540)

Since 2015, when the last three-year regional center program authorization expired, there’s been much effort to get EB-5 legislation passed. At minimum, we need Congress to put the regional center program on a stable footing by giving it a long-term authorization. (Since 2015, the program has been extended 17 times, each time for just a … Read moreEB-5 Legislation? (S.2778, S.2540)

October 2019 Oppenheim EB-5 wait time estimates

Department of State Visa Control Office Chief Charles Oppenheim presented about EB-5 visa availability at the IIUSA conference on October 29, 2019. Here are his presentation slides and my recording. The October 2019 presentation suggested encouraging headlines: shorter wait times and faster-moving visa bulletin dates than previously predicted. Behind the headlines lies a vexed story … Read moreOctober 2019 Oppenheim EB-5 wait time estimates

FY2019 Q3 EB-5 Forms Processing Data

In her talking points for the EB-5 Modernization Stakeholder Call (September 9, 2019), Investor Program Office Chief Sarah Kendall made the following statement regarding processing times. IPO UPDATES AND PROCESSING TIMES USCIS continues to process applications from regional centers and petitions from immigrant investors in a manner that strives to ensure timely adjudication while maintaining … Read moreFY2019 Q3 EB-5 Forms Processing Data

200 Asian investors victims of California’s largest EB-5 fraud ever?

A prominent Oakland businessman and two others are accused of committing a massive EB-5 fraud that could be the largest of its kind in state history. The trio took in $110 million from over 200 investors, and promised to create 2,000 jobs but are accused of using the money for their own real estate purchases.  The San Francisco … Read more200 Asian investors victims of California’s largest EB-5 fraud ever?

Chinese EB-5 investors sue developer of Colorado resort over ‘rigged’ loan, & claim they didn’t understand paperwork

13 Chinese investors who put their money into the $375 million Solaris project in Vail claim they’ve been defrauded and are suing the developer, Peter Knobel, and his Colorado regional center. The investors say the loan was “rigged” so that they would never get their money back. They also contend that because of the language barrier, they never … Read moreChinese EB-5 investors sue developer of Colorado resort over ‘rigged’ loan, & claim they didn’t understand paperwork

A VTDigger Legal Fight Reveals That Key EB-5 Docs Are Missing

A protracted legal battle between a Vermont news outlet and the state attorney general has revealed gaps in the public record of how the state oversaw a fraudulent development project. According to a tech company hired to track down the missing emails of a state official, many appear to have been deleted years before the … Read moreA VTDigger Legal Fight Reveals That Key EB-5 Docs Are Missing

Step One Of The EB-5 Process: Questions To Ask, Decisions To Make

Step one of the EB-5 process is often the most challenging for investors because it involves conducting a lot of tedious research and making a lot of careful decisions that carry varying degrees of risks. Despite this, the EB-5 Direct Investment Program and the Regional Center Program are extremely popular pathways for foreign nationals to … Read moreStep One Of The EB-5 Process: Questions To Ask, Decisions To Make

Criminal case to delay state auditor EB-5 report

VT State Auditor of Accounts Doug Hoffer at his office in Montpelier in 2019.  Vermont State Auditor Douglas Hoffer’s effort to find out who knew what when in state government related to the EB-5 scandal in the Northeast Kingdom appears to have hit a speed bump. The Vermont Attorney General’s Office has called on the … Read moreCriminal case to delay state auditor EB-5 report

9/9 EB-5 Stakeholder Non-Engagement

In today’s EB-5 Immigrant Investor Program Listening Session: IPO Chief Sarah Kendall made a statement that sounded promising in outline (IPO Overview, IPO updates, and comments on implementation of the proposed rule) but that proved insubstantial and unhelpful in fact. The statement was in very general terms, with no specific answers to the specific questions … Read more9/9 EB-5 Stakeholder Non-Engagement

Senator Rand Paul Seeks Congressional Action to Halt EB-5 Program Changes

As we previously discussed, United States Citizenship and Immigration Services (USCIS) proposed substantial changes to the EB-5 regulations on July 24, 2019. The “EB-5 Immigrant Investor Program Modernization Rule” is scheduled for implementation on November 21, 2019. It appears that the Administration will apply the rule, as written, unless Congress acts to stop it. On August 20, … Read moreSenator Rand Paul Seeks Congressional Action to Halt EB-5 Program Changes

EB-5 Version 3.0 Offers New Opportunities, Challenges

The U.S. Citizenship and Immigration Services recently published new EB-5 regulations that go into effect on Nov. 21, 2019, and the EB-5 industry is abuzz on how it will affect the real estate sector. And what the future of the EB-5 program is and will look like. The implementation of these regulations will begin a new era … Read moreEB-5 Version 3.0 Offers New Opportunities, Challenges

AIG Presents EB-5 investment solutions to Korean investors

American Immigration Group, LLC (“AIG”) a leading EB5 Regional Center, headquartered in New York, is pleased to present EB-5 Investment solutions to Korean investors seeking to obtain Permanent Residency in the U.S. “American Immigration Group is expanding to yet another market and we are very excited to start our presence there,” said Qendrese Sadriu-Rrustemi, the Managing … Read moreAIG Presents EB-5 investment solutions to Korean investors

New EB-5 Regulations Carry Significant Consequence to the South Florida Market

L-R: Julian Montero, Roger Bernstein, Rohit Kapuria, and Ronald Fieldstone. As a result of a new agency rule, potential EB-5 investors will be scurrying to invest in the EB-5 program in rapid fashion, many of whom desire to invest in the South Florida economy and emigrate to South Florida. As a result of a new agency rule, potential EB-5 … Read moreNew EB-5 Regulations Carry Significant Consequence to the South Florida Market

Federal judge issues gag order on gag order in EB-5 case

VTDigger filed a motion to intervene Thursday in a federal case over alleged kickbacks to an immigration lawyer who steered EB-5 investors to Jay Peak Resort projects. Investors are suing attorney Jianming Shen who allegedly bilked the immigrants for $1.25 million. Shen helped Jay Peak generate more than $50 million in a Ponzi-like fraud scheme. The news … Read moreFederal judge issues gag order on gag order in EB-5 case

Settlement reached in EB-5 lawsuit with Aberdeen ties

A civil lawsuit with local ties between the Deadwood Mountain Grand and EB-5 investors has been settled. According to a news release from the resort, the settlement was final Aug. 16, pending litigation between SDIF, a corporation created by Joop Bollen of Aberdeen. Bollen ran SDRC Inc., a corporation formed to run the state’s EB-5 Regional Center. SDIF was formed … Read moreSettlement reached in EB-5 lawsuit with Aberdeen ties

Program that includes NY Wheel EB-5 investors touts strong track record

CanAm — an EB-5 immigrant investor program administered by U.S Citizenship and Immigration Services — announced that its 2,500 investor families, who are involved with 38 projects, earned a total capital repayment of $1.25 billion as of Dec. 31, 2018. CanAm provides qualified foreign investors with the opportunity to earn “conditional” or temporary two-year visas in return for … Read moreProgram that includes NY Wheel EB-5 investors touts strong track record

FBI releases heavily redacted file on EB-5 subject Richard Benda

Most information whited-out but some interesting tidbits revealed The FBI recently released its heavily redacted file on the EB-5 scandal subject Richard Benda. Some of the documents have previously been released. Benda, a former South Dakota cabinet secretary for the Department of Tourism and Development in the Mike Rounds administration, allegedly committed suicide while hunting near Lake … Read moreFBI releases heavily redacted file on EB-5 subject Richard Benda

USCIS EB-5 Engagement 9/9

From: U.S. Citizenship and Immigration Services <uscis@public.govdelivery.com> Sent: August 9, 2019 10:58 AM Subject: USCIS: UPDATED – EB-5 Immigrant Investor Program: Listening Session, Monday, September 9, 2019 Dear Stakeholder, U.S. Citizenship and Immigration Services (USCIS) invites you to participate in a public listening session on Monday, September 9, 2019, from 2 to 3 p.m. Eastern to discuss the Immigrant Investor Program, … Read moreUSCIS EB-5 Engagement 9/9

USCIS EB-5 Engagement 9/9

NOTE: Now updated with registration page link. From: U.S. Citizenship and Immigration Services <uscis@public.govdelivery.com> Sent: August 9, 2019 10:58 AM Subject: USCIS: UPDATED – EB-5 Immigrant Investor Program: Listening Session, Monday, September 9, 2019 Dear Stakeholder, U.S. Citizenship and Immigration Services (USCIS) invites you to participate in a public listening session on Monday, September 9, … Read moreUSCIS EB-5 Engagement 9/9

Visa, Revised: Why EB-5 Is Getting Pricier and Harder to Use in Big Cities

In the wake of the Great Recession, the EB-5 program — often referred to as “cash for visas” — became an easy source of financing for real estate developers who found themselves unable to borrow money from traditional lenders. But new rules released by the federal government last month may make it much harder for … Read moreVisa, Revised: Why EB-5 Is Getting Pricier and Harder to Use in Big Cities

DHS’s Final EB-5 Regulations: What Stakeholders Need to Know

The Department of Homeland Security (DHS) has published final regulations that change some of the key features of the EB-5 Program, which takes approximately 10,000 green cards available each year for qualifying investors and their family members. When the final rule takes effect on November 21, 2019, the regulations will create broad, sweeping changes to … Read moreDHS’s Final EB-5 Regulations: What Stakeholders Need to Know

Attorney for EB-5 investors gets OK to depose key Jay Peak insider

A federal judge will allow an attorney for a group of EB-5 investors to question a whistleblower about what he knows about an alleged “kickback” scheme involving attorneys who brought foreign investors and their money to Jay Peak projects. Judge Christina Reiss said Thursday in federal court in Burlington that she would partially grant a … Read moreAttorney for EB-5 investors gets OK to depose key Jay Peak insider

Successful Repayment of $27M to EB-5 Investors in New Commercial Enterprise Managed by A&J Capital, Inc.

A&J Capital, Inc. (A&J), financial services & advisory firm specializing in EB-5, private equity, and investment management, today announced its latest milestone of repaying $27 million of capital to EB-5 investors for one of its managed new commercial enterprises (NCE). A&J serves as a manager of the NCE and oversees its day-to-day activities, including the … Read moreSuccessful Repayment of $27M to EB-5 Investors in New Commercial Enterprise Managed by A&J Capital, Inc.

USCIS Publishes EB-5 Modernization Rule: The Impact on the EB-5 Program

On July 24, 2019, U.S. Citizenship and Immigration Services (USCIS), the immigration-benefits component of the Department of Homeland Security (DHS), published a final regulation on “EB-5 Immigrant Investor Program Modernization” (the “Rule”) to reform the EB-5 program in the Federal Register. Absent successful court challenges, or the passage by Congress of EB-5 legislation, the Rule will … Read moreUSCIS Publishes EB-5 Modernization Rule: The Impact on the EB-5 Program

Hotel Indigo Coachella Developers Looking to EB-5 for Construction Debt

A RENDERING OF INDIGO COACHELLA. COURTESY: GEORGE WASHINGTON IMMIGRATION GROUP Glenroy Coachella LLC, the development partnership that is constructing the HotelIndigo Coachella resort near the site of the Coachella Valley Music and Arts Festival, is looking to the EB-5 market for $65 million in construction debt to help complete the project, Commercial Observer can exclusively report.  Source: https://commercialobserver.com/2019/07/hotel-indigo-coachella-developers-looking-to-eb-5-for-construction-debt/ Read more by clicking below … Read moreHotel Indigo Coachella Developers Looking to EB-5 for Construction Debt