EB-5 News

Just 32% of available FY 2020 EB-5 visas used; COVID-19 largely to blame

Posted by GCBI Team on March 25, 2021

Because of the pandemic, EB-5 pundits predicted that in FY 2020 many visas for the program would be unused; and, unfortunately, those predictions came to pass. While 11,094 visas were available, only 3,556 (32%) EB-5 visas were issued this past...

How the EB-5 Reform and Integrity Act of 2021 differs from the 2020 version

Posted by GCBI Team on March 25, 2021

Senators Grassley (R-IA) and Leahy (D-VT) recently introduced new EB-5 legislation that would reauthorize the Regional Center Program for five years and enhance the program’s integrity. The new bill is built upon the 2020 version but has some key changes:...

Biden’s ‘complete change of tone’ about immigration represents a philosophical paradigm shift for America and EB-5

Posted by GCBI Team on March 25, 2021

Immigration lawyer Amar Ali has reviewed what President Biden has said and done so far about immigration and observes a “complete change of tone.” Divisive rhetoric is replaced by “messages of inclusivity and a reminder that migration is of vital...

Vermont, home of EB-5’s largest fraud ever, welcomes new reform bill

Posted by GCBI Team on March 25, 2021

Senator Leahy, a co-sponsor of the EB-5 Reform and Integrity Act of 2021, represents the state of Vermont, the home of the Northwest Kingdom scandals. A major allegation against fraud mastermind Ariel Quiros was that massive amounts of investor capital...

Judge denies request by Quiros adviser Kelly to sever EB-5 fraud trial from CEO Stenger

Posted by GCBI Team on March 25, 2021

William Kelly, in-house attorney and adviser of Jay Peak fraud mastermind Ariel Quiros, lost his bid to separate his trial from that of former Jay Peak CEO William Stenger. Kelly’s request cited an email from Stenger’s lawyer stating that Stenger's...

California regional center says USCIS denial of Hawaii EB-5 project is discriminatory as it precludes mainland oversight

Posted by GCBI Team on March 25, 2021

The regional center California Energy Investment Center has argued in a California court that a Hawaii dairy farm project is within its jurisdiction; but the immigration agency says no, the geographic scope of the regional center must be contiguous. CEIC...

IIUSA answers FAQ on EB-5 reauthorization

Posted by GCBI Team on March 18, 2021

With the introduction of the EB-5 Reform and Integrity bill “imminent,” IIUSA believes that the Regional Center Program will be reauthorized and that “few legislators will openly oppose a job creation tool that has proven to be effective and costs...

Why regional center job creation can’t count in direct investments: 2 different definitions of ‘direct’

Posted by GCBI Team on March 18, 2021

EB-5 business plan writer Suzanne Lazicki has written about the difference between “legally direct jobs” versus “economically direct jobs.” The first definition separates the Regional Center Program from the direct-investment program; the second definition is employed by economists. Direct jobs...

Ruling in mandamus lawsuit a big win for EB-5 — published processing times should not define unreasonable delays

Posted by GCBI Team on March 18, 2021

22 investors in a joint mandamus lawsuit against the government won big — establishing a critical precedent for future EB-5 mandamus cases. The federal court denied the government’s argument that published processing times (which have been cited by many as...

April EB-5 Visa Bulletin: big increase for Vietnam

Posted by GCBI Team on March 18, 2021

In the April Visa bulletin, the Final Action Date for Vietnam advances 54 days, the largest monthly increase since September 2020. The date for mainland China remains the same. All other countries, including India, remain “current.” See the April Visa...

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