EB-5 News

What Biden’s recent executive order means for EB-5 adjudications

Posted by GCBI Team on June 10, 2021

Biden’s February “Executive Order on Restoring Faith in Our Legal Immigration Systems…” affirms the USCIS deference policy in adjudicating EB-5 petitions, declares law firm Greenberg Traurig. Therefore, when a project has Exemplar approval, and USCIS is adjudicating an investor I-526...

Unpublished blueprint draft shows Biden wants to expand legal immigration, reduce backlogs

Posted by GCBI Team on June 10, 2021

The New York Times has acquired a document that outlines Biden’s plans to make it “far easier to immigrate to the United States.” The Biden plan for legal immigration will undo Trump-era restrictions, address backlogs and delays, and make it...

2021 EB-5 news: Biden’s nominee for USCIS director aims to ‘resolve dramatically increasing processing times and backlog’

Posted by GCBI Team on June 10, 2021

Ur Mendoza Jaddou has been nominated by Biden, and has the support of Alejandro Mayorkas, for the position of USCIS Director. At her Senate Judiciary Committee nomination hearing, she declared that effective processing was “at the heart of a functioning...

EB-5 reauthorization 2021: The hotel industry needs EB-5 more than ever

Posted by GCBI Team on June 10, 2021

ReauthorizationThe hotel industry needs EB-5 more than everEB-5 has a history of funding hotel development; after the Great Recession, hotel financing was scarce — and EB-5 came to the rescue. In 2014 and 2015 the program funded hotels and restaurants...

Residential housing should be a long-term home for EB-5

Posted by GCBI Team on June 10, 2021

As a financing option that is more flexible and often cheaper than bank or private-equity loans, EB-5 has been invaluable to real estate developers. From 2010 to 2015, EB-5 contributed over $1.1 billion to residential projects in the U.S. EB-5...

EB-5 House and Senate reauthorization bills pick up more co-sponsors — from both parties

Posted by GCBI Team on June 10, 2021

S.831, the EB-5 reauthorization legislation in the Senate, and its companion bill in the House, H.R.2901, continue to gain co-sponsors from both sides of the aisle. The Senate bill has sponsors/co-sponsors (two Democratic and one Republican); the House bill has...

Bob Kraft re-elected as president of IIUSA

Posted by GCBI Team on June 10, 2021

The FirstPathways CEO and Chairman will serve in the role for the fifth-straight year. Invest In The USA is the national not-for-profit EB-5 regional center association that represents 95% of the regional centers in the program. Congrats, Bob!See the WebWire...

Kelly, key advisor to developer Quiros, agrees to 3-year prison deal for his role in massive EB-5 medical facility fraud

Posted by GCBI Team on June 10, 2021

William Kelly has reached a deal with federal prosecutors for his role in the AnC Bio Vermont EB-5 fraud. The project solicited $110 million from EB-5 investors and was labeled by the Securities and Exchange (SEC) commission a “nearly complete...

Quirios’ legal team, accused of aiding Jay Peak EB-5 fraud, agrees to $32.5 million settlement with receiver

Posted by GCBI Team on June 10, 2021

After expenses, about $10 million of the settlement funds will go to the receivership for running the ski resorts it manages; approximately $20 million will go to some investors. Over 800 EB-5 applicants invested in various projects run by Quiros,...

An overview of the groundbreaking EB-5 Case ‘Zhang v. USCIS’

Posted by GCBI Team on May 13, 2021

An EB-5 investor must demonstrate the lawful source and path of investment funds, and USCIS is particularly stringent with this requirement.  With the recent Zhang decision, new pathways for investment funds have opened up, and more prospective EB-5 investors are...

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