EB-5 News

Hudson Yards, largest private U.S. development ever, stops distributions to investors because of pandemic

Posted by GCBI Team on June 18, 2020

Related, one of the primary developers of the project, states such distributions are optional, and all required payments have been made. Reports claim the project used over $1.2 billion of EB-5 money so the number of impacted investors would be...

IIUSA president wants Congress to award all 10,000 EB-5 visas to investors — to generate $9 billion or more each year

Posted by GCBI Team on June 18, 2020

IIUSA president Bob Kraft says “tremendous challenges, like COVID-19, and the resulting economic crisis, require creative solutions” like EB-5. He points to the 2008 recession as proof of the program’s power: over $20 billion in non-taxpayer investments and the creation...

House Representatives say EB-5 is “laudable” but want investigation of Chinese “abuse”

Posted by GCBI Team on June 18, 2020

Republican Representatives Jim Jordan (Ohio) and Guy Reschenthaler (Pennsylvania) have requested that the Government Accountability Office investigates the Chinese Communist Party’s EB-5 activity. While the two say EB-5’s goals of capital investment and job creation is “laudable,” they claim “it...

Top EB-5 economists discuss trends and the future of the program

Posted by GCBI Team on June 10, 2020

Five top EB-5 economists, in an article by EB5 Investors Magazine, talk about what they’re observing in EB-5 now — and where they see the program going. While new project work has significantly slowed down, some economists see positives like...

How to read the Visa Bulletin: lessons on an EB-5 process that is not always sequential

Posted by GCBI Team on June 10, 2020

EB-5 expert Suzanne Lazicki advises that not everyone who filed an I-526 before a Final Action Date can and will have a visa. The key, she says, is that the lineup is not entirely sequential; some investors are delayed and...

Judge fines developer of failed EB-5 project in Chicago $18,000 — and counting — for missing deadline to explain missing investor capital

Posted by GCBI Team on June 10, 2020

An Illinois judge, agreeing with investors who asked for sanctions, has fined a Chicago real estate developer $18,000 for failing to produce documents explaining the disappearance of $49.5 million of investor capital by what had been an extended deadline. The...

Judge reprimands attorneys on both sides of slow-moving EB-5 lawsuit

Posted by GCBI Team on June 10, 2020

A Florida judge has told attorneys on both sides of an EB-5 case — pending since 2018 and still at the motion-to-dismiss stage — to “get it together. Your clients should not be delayed on either side because… you all...

Re-elected IIUSA president Kraft has high hopes: long-term EB-5 reauthorization & the elimination of derivatives towards 10,000 quota

Posted by GCBI Team on June 4, 2020

Bob Kraft, newly elected for his fourth-consecutive term as president of IIUSA, the national trade association for the EB-5 Regional Center Program, has ambitious priorities: the long-term reauthorization of EB-5 by the next expiry, September 30. Another “main objective” is...

USCIS to reopen to the public as of June 4

Posted by GCBI Team on June 4, 2020

The agency has declared it will resume regular public services on or after June 4. Since March 18, it has suspended non-emergency in-person services in response to the coronavirus pandemic. As public service resumes, appointments and interviews will be limited...

Jay Peak sale delayed indefinitely due to pandemic

Posted by GCBI Team on June 4, 2020

The receiver in charge of the ski resort and other assets wrote in a recent court filing that the sales process of the resort has “ground to a halt” due to the health crisis. Proceeds from the eventual sale should...

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