EB-5 News

New fiscal year, new EB-5 visa count — almost double last year’s number: potentially great news for India, Vietnam, & China

Posted by GCBI Team on September 25, 2020

The October Visa Bulletin declares a limit of 261,500 employment-based visas for FY 2021 — an all-time high. As EB-5 is allocated 7.1% of the these visas, the program will have a quota of 18,567, almost double the 9,940 of...

Expedited requests: show USCIS objective evidence — and pull on their heart strings

Posted by GCBI Team on September 25, 2020

Immigration attorneys Joseph Barnett and Colin Gallagher advise on best practices for expedited requests. USCIS gives these criteria for eligibility: severe financial loss, urgent humanitarian reasons, compelling government interests, and a clear USCIS error. The attorneys say that in addition...

Is Jay Peak audit at best ‘a whitewash’, and ‘at worst a cover-up?’

Posted by GCBI Team on September 25, 2020

A retired lifelong CPA with auditing experience views the interim audit of Vermont’s largest fraud as, “at best, a whitewash,” and “at worst, a cover-up to protect the state from litigation and outright incompetence and negligence.” The former auditor sees...

Lawyer’s advice on EB-5 redeployment: issuer’s notice to investors is critical; start process early

Posted by GCBI Team on September 25, 2020

With an estimated $12 billion of  EB-5 capital being redeployed over the next four years, and a contentious USCIS policy manual update just released, redeployment looms large in the EB-5 world. Securities attorney Rohit Kapuria advises issuers that the investor...

Some Miami developers still looking to build hotels with EB-5 capital, including Mexican ‘flight money’

Posted by GCBI Team on September 25, 2020

While current hotel operations are challenged by COVID-19, some Miami hotel developers looking beyond the pandemic are looking to start new projects, with at least one eyeing Mexican EB-5 money. One developer notes, “We are thinking about the EB-5 visa,...

Defrauded Chinese EB-5 investors can’t sue bank that held their capital

Posted by GCBI Team on September 25, 2020

The bank that held the capital of seven defrauded Chinese EB-5 investors was not responsible for monitoring the account for fraud, an Atlanta court has ruled.  Just because the bank held the investor capital, it did not have “any duty...

Investors allege Syracuse developer of payment default, shielding assets to avoid repayment

Posted by GCBI Team on September 25, 2020

EB-5 investors loaned $4 million in capital to a New York State hotel project that was finished in 2016. The loan was due last September but the developer failed to repay and asked for an extension. The investors claim the...

Ukrainian EB-5 investor withdraws petition, sues New Hampshire ski resort for return of capital

Posted by GCBI Team on September 25, 2020

While the investor no longer is pursuing EB-5, Ragged Mountain ski resort maintains the investor’s funds have been spent and they are under no obligation to repay the capital for another five years. Mona Shah, attorney for the project, maintains...

Federal appeals court overturns USCIS decision on EB-5 guaranteed redemption, establishes new definition of ‘at risk’

Posted by GCBI Team on September 18, 2020

The Klasko law firm successfully challenged a USCIS denial of EB-5 investments that included “put options” — the right of the investor to sell back their investment at a point in the future. This was the first federal court decision...

What the SEC’s broadened definition of ‘accredited investor’ means for EB-5

Posted by GCBI Team on September 18, 2020

Immigration lawyers Robert Divine and Kathleen Harrison have commented on the SEC’s expanded definition of “accredited investor.” A “spousal equivalent” who is not legally recognized is now included in the accredited investor definition. Further, the SEC has made it clear...

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