Is The Regional Center Program Dead?

October 30, 2016 in EB-5 News, EB-5 Visa, 未分类 by Richard Sander 理查德·桑德

On September 28, Congress passed a Continuing Resolution (“CR”) that funds federal agencies (including USCIS, which administers EB-5) until December 9, during which time lawmakers could negotiate the provisions of a long-term authorization.

However, a recent letter from the Congressional Research Service (“CRS”) suggests that what Congress intended may not have been sufficient to keep the EB-5 Regional Center (“RC”) program alive. RC is subject to so-called “sunset provisions” that force its expiration unless Congress explicitly reauthorizes it. The letter suggests that the CR did not explicitly reauthorize RC, despite acknowledging that this was Congress’ intent.

We will update this website as more details develop.

EB-5 Program Deadlocked Near Expiration Date

September 22, 2016 in EB-5 News, EB-5 Visa, 未分类 by Richard Sander 理查德·桑德

The EB-5 Regional Center program is facing expiration on September 30, and, as usual, Congress can’t come to an agreement.

Interested parties will recall that this is the same predicament we faced exactly a year ago. Meanwhile, a bill introduced earlier this month in the House of Representatives would reserve 40% of the available EB-5 visas for low-income and rural areas.

We’ll update this website as the deadline approaches.

Updated EB-5 Processing Times

July 24, 2016 in EB-5 News, EB-5 Visa by Richard Sander 理查德·桑德

The United States Citizenship & Immigration Service (USCIS) has published updated processing times for EB-5 applicants.

As of May 31, 2016, the most recent reporting period:

Time frame for I-526 applicants (this starts the EB-5 immigration and investment process) is 16.6 months, up from 16.2 months as of March 31, 2016 and 16 months for the quarter ending December 31, 2015.

Time frame for I-829 applicants (to remove conditions and issue green card) is 20.1 months, up from 18.3 months as of March 31, 2016 and 16.2 months for the quarter ending December 31, 2015.

We look forward to the next update and we will publish the numbers right here.

Chinese EB-5 Visas Grind To A Halt

June 14, 2016 in EB-5 News, EB-5 Visa, 未分类 by Richard Sander 理查德·桑德

For the first time since USCIS ran out of available visas for mainland-born Chinese investors under the EB-5 program last summer, the backlog is growing and not keeping up with demand. Right now, USCIS is processing application filed prior to February 15, 2014 and this 28 month wait has not changed since the last report.

In April, USCIS “discovered” almost 2,000 EB-5 applications that were filed in 2012 and 2013 and lost during their move from the California service center to Washington DC. Since all of these applications have priority dates before the cutoff, they jump to the front of the line, which will create a longer waiting time going forward.

USCIS’ recent Visa Bulletin indicated that they expect the backlog to continue to grow, with “best case scenario is March 1 by September,” meaning that in the next three months, the priority date will only move forward two weeks.

Unless Congress changes the visa allocation numbers, we now expect wait times to exceed three years by the end of 2016.

EB-5 Fee Hike Proposal

May 22, 2016 in EB-5 News, EB-5 Visa, 未分类 by Richard Sander 理查德·桑德

The United States Citizenship and Immigration Service (USCIS) has proposed increases to some of the   fees EB-5 applicants pay. Here are the current and proposed fees:

I-526 (Initial Application): increase from $1,500 to $3,675
I-829 (Removal of Conditions, Green Card Issuance): no change
I-290B (Notice of Appeal): increase from $630 to $675
I-485 (Permanent Resident Status Change): increase from $985 to $1,140

The biggest increase affects new Regional Center applications, whose fees would rise from $6,230 to $17,795. While this would not directly affect EB-5 applicants, it may indirectly affect EB-5 fees charged by newer Regional Centers as a result of this fee increase.

Where Does The Money Go?

May 11, 2016 in EB-5 News, EB-5 Visa, 未分类 by Richard Sander 理查德·桑德

Ever wonder where all the Chinese investment funds end up in the United States? We have the answer for 2015, broken down by Congressional district. Take a look! Clipboard01

Jay Peak Ski Resort May Close Due To EB-5 Fraud

April 26, 2016 in EB-5 News, EB-5 Visa, 未分类 by Richard Sander 理查德·桑德

The US Securities and Exchange Commission (SEC) filed civil fraud charges against the owners of Jay Peak Ski Resort, accusing them of diverting more than $200 million of EB-5 money into their pockets instead of the facilities investors were told would be built.

Because of warm weather and scant snow this past winter, the resort made significantly less money than last year and not enough to cover its expenses for the upcoming summer and fall. Resort managers say that Jay Peak needs more than $7 million to stay open and the gondola system needs “major and immediate repairs.” If the resort can’t cover expenses, or the gondola cannot operate, Jay Peak would be forced to close.

We will keep you informed of the progress of this case.