[HOT] [Q] For a troubled business EB-5 case, how many jobs must be saved?
[Q] Let's say a troubled business has 50 jobs, and 4 alien EB-5 investors invested and saved 40 jobs, will all of them get their permanent green cards?
Common sense would say "Of course." However, according to a recent EB-5 stakeholders meeting, USCIS orally "opined" that all of a troubled business’ jobs must be saved in order for any investor to qualify for condition removal. In other words, if a company has 50 jobs, and the investments of 4 investors saved 40 jobs, none of the 9 investors would get I-829s approved, since all in effect 10 jobs were lost.
Folks, this interpretation, if really true, is not only against common sense, but practically makes EB-5 cases through a troubled business impossible. We sincerely hope that USCIS "corrects" or clarifies its opinion on this matter.
Again, where is the statutory or regulatory support for this "opinion"? Oh yes, USCIS is sort of correct if they take the position that "there is nothing in the statute or regulation which specifically says otherwise." But then, there is nothing in the statute or regulation which supports what USCIS says. On the other hand, their "opinion" on this issue goes against the common sense and policy of EB-5 Program. Yes, let's allow the troubled business to go down under and not even try to save some jobs. This kind of policy promotes inefficiency: why should alien EB-5 investors save all jobs when they can operate the troubled business with less than all jobs?
This is why we inform any potential EB-5 investors trying to do an EB-5 case through a troubled business, we tell them to think twice.