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EB-5 News, Law & Developments
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Let me quickly job down my personal take on the current status of EB-5 Program.
The best article I found on the web explaining the Chinese EB-5 visa numbers retrogression is:
Written by another US immigration attorney, Julia Park, not affiliated with our office in any way. Good article.
Retrogression for China may take place in 2014 for several months to 1 year. Essentially, this means the time it takes for an average Chinese EB-5 investor will increase significantly. It would not surprise me if it takes 3 years or more for Chinese EB-5 investor to obtain a conditional green card. This development will have all kinds of consequences.
1. Do not be surprised if Chinese EB-5 IV numbers become back-logged next year.
2. Expect long delays in adjudication of I-526s and I-829s until EB-5 cases are transferred to the newly-created EB-5 Program Office in Washington, D.C. Currently, I-924 Regional Center applications are sent and adjudicated at the Washington, D.C. Office, but I-526 and I-829 cases are stuck at CSC. This delay is causing the demand for EB-5 cases to go down sharply in some countries other than China. Chinese wealthy applicants have no other options basically, so they are stuck doing EB-5 cases.
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.