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EB-5 News, Law & Developments
Timely news in EB-5 and related areas all in one place!
Although more and more RCs are being approved, with hypothetical or actual project approvals, I-526s are taking very long time. When will the promised transfer from CSC to the already-created Washington DC EB-5 Office occur? No one knows. China still appears to provide close to 90% of all EB-5 cases, meaning, without Chinese cases, the EB-5 area is dead. Perhaps this adjudication delay is the only way to avoid Chinese priority date from becoming back-logged.
An increase in the number of RCs has resulted in a greater competition for EB-5 funds, especially from China. However, that is not the biggest problem facing the EB-5 Program these days. A bigger problem is due to a severe slow-down in EB-5 adjudications involving I-526s and I-829s at CSC. A newly-established EB-5 Program Office in Washington, DC supposedly was going to solve this problem -- the EB-5 community is still waiting and wondering, as it always does. Even pre-approvals of actual projects do not appear to lead to quick adjudications of pending I-526s. What gives, and what is the use of doing EB-5 cases if USCIS is not going to adjudicate them quickly?
2013 Annual Report by USCIS Ombudsman's Office. EB-5 info begins at page 33.
According to recent CSC Processing Times Report, they are currently adjudicating I-526s filed in March of 2012 and I-829s filed in May of 2012! This means as of now, you can expect I-526s to be adjudicated in 15 months! May I make a suggestion to Congress? Please shut the EB-5 Program down if USCIS is going to take more than 17 months to adjudicate I-526s and 15 months to adjudicate I-829s. This is unfair to not only RCs but to foreign investors. Also, what is the newly-established EB-5 Program Office in Washington DC doing to resolve this problem?
[HOT] EB-5 and the SEC's elimination of the prohibition on general solicitation for Rule 506 Offerings
What the SEC’s Elimination of the Prohibition on General Solicitation for Rule 506 Offerings means to the EB-5 Community
Not very good news. I guess the end of fiscal year means October 30, 2013. Don't know the exact implications of this new, unexpected development in the EB-5 area.
Some issues are:
1. Will BEA changed its mind?
2. How long until RIMS II multipliers become outdated so that USCIS will not find them acceptable?
3. How does this affect job estimates, especially construction jobs?
The report commissioned by USCIS and USCIS response to the independent report appear below.
I wonder if the 99.5% approved cases include those cases which are withdrawn or given up? No way there is 99.5% approval rate in EB-5 context.
USCIS issued on Feb. 14, 2013 an updated draft for further comments. See:
Not guilty until proven, but the charges are serious, including forgery of EB-5 project documents. One thing this case demonstrates is that some Chinese EB-5 investors -- and more importantly, some Chinese emigration consulting companies -- do not vet the projects carefully. Especially if the operator lacks good track records, you better check out the project more thoroughly.
Washington, D.C., Feb. 8, 2013 — The Securities and Exchange Commission today announced charges and an asset freeze against an individual living in Illinois and two companies behind an investment scheme defrauding foreign investors seeking profitable returns and a legal path to U.S. residency through a federal visa program.
USCIS could have made the Guidance Memo more clear and easier to comply, but it's not their style, I guess.
Don't you think we deserve better services from USCIS for these fees?
New fee allows USCIS to recover the costs of processing immigrant visas after individuals receive their visa packages from the Department of State abroad
WASHINGTON—On Feb. 1, 2013,U.S. Citizenship and Immigration Services (USCIS) will begin collecting a new USCIS Immigrant Fee of $165 from foreign nationals seeking permanent residence in the United States. This new fee was established in USCIS’s final rule adjusting fees for immigration applications and petitions announced on Sept. 24, 2010.
According to Charles Oppenheim, the Chief of Visa Controls and Reporting Division at the U.S. Department odf State who spoke at a recent IIUSA conference in Washington D.C., if the current growth trajectory continues for Chines EB-5 investors investing in the EB-5 regional center program, he anticipates that the issuance of Green Cards to Chinese investors will be suspended in the second half of 2013. We definitely see the priority date waiting taking place late 2013 or early 2014.