EB-5 News

As EB-5 is set to expire in less than 6 months, IIUSA says ‘crisis becomes an opportunity’

Posted by GCBI Team on January 22, 2021

Aaron Grau, Executive Director of the industry’s only trade association, has a clear and urgent message: support the Grassley and Leahy EB-5 Integrity and Reform bill. It offers five-year reauthorization, protects good-faith investors and industry players — and is the...

USCIS quietly responds to some EB-5 industry questions with new release

Posted by GCBI Team on January 22, 2021

With no announcement, the agency has published a seven-page Q&A that addresses some industry questions. Some notable answers: I-526 expedite approval only expedites assignment of the petition but adjudication times will vary; I-526 workflows are adjusted each month according to...

Biden immigration bill would have massive impact on employment-based visas, including clearing EB-5 backlogs

Posted by GCBI Team on January 22, 2021

On day one of his presidency, Biden proposed an immigration overhaul that would clear employment-based backlogs, recapture unused visas, and eliminate country caps. The proposal also would allow the Department of Homeland Security to adjust visa numbers according to the...

Judges in appeals court consider argument that spouses and children shouldn’t count towards EB-5 cap

Posted by GCBI Team on January 22, 2021

After a district court recently shot down a challenge to the policy that an EB-5 petitioner’s derivative family members count towards the annual program cap, a D.C. Circuit court is considering the argument. The plaintiffs argue that Congress made a...

199 EB-5 investors seek class certification in lawsuit against mega developer

Posted by GCBI Team on January 22, 2021

A group of Chinese EB-5 investors claim that developer Nicholas Mastroianni took their $99.5 million in investment capital, to fund a mixed-use Florida project, with no intention of repaying the loan. Mastroianni asserts that the investors had the opportunity to...

California man who conned investors out of $147 million, and offered EB-5 visas to some, faces 10 years in prison

Posted by GCBI Team on January 22, 2021

Steve Chen masterminded a pyramid scheme that defrauded 72,000 people, who believed they were acquiring some valuable crypto-currency backed by Chen’s amber mines; some were even promised EB-5 visas for recruiting others. Chen owned no mines and the currency was...

EB-5 extended only till June 30 — we may now have a few months to ensure long-term survival and stability

Posted by GCBI Team on January 11, 2021

The Consolidated Appropriations Act, 2021 was signed by the president on Dec. 27. Besides the new expiry date, what is notable for EB-5 is that the Act did not include any country cap change or the EB-5 Reform and Integrity...

23 Jay Peak EB-5 investors agree to $8 million settlement with former immigration attorneys — but will only receive $350,000 in total

Posted by GCBI Team on January 11, 2021

23 EB-5 investors who sued their immigration attorneys who had a conflict of interest — representing both the investors and the developers — have some closure. But of the $8 million settlement, each investor will only receive $12,500 or $25,000....

EB-5 Reform and Integrity Act of 2020: IIUSA believes it’s positive and a stepping stone to more visas

Posted by GCBI Team on December 18, 2020

The bipartisan bill, introduced by Senators Grassley and Leahy, has the full support of IIUSA. Key benefits of the bill include a 5-year reauthorization; “reasonable” reform measures and oversight; protections for regional centers, new commercial enterprises, and investors; and “timely...

Chinese investors to get back $49 million from undeveloped Chicago condo-hotel EB-5 project

Posted by GCBI Team on December 18, 2020

After a lengthy legal battle, Symmetry Property Development has finally agreed to return the investment capital to 89 Chinese investors. The ambitious project was supposed to comprise 246 condo units, 120 timeshare units, 216 hotel rooms, and 30,000 square feet...

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