EB-5 News Archive for the ‘EB-5 Legislation News’ Category
In addition to creating a pathway to citizenship for the nearly 11 million unauthorized aliens residing in the U.S. the Comprehensive Immigration Reform proposal submitted by the Gang of 8 U.S. Senators, also includes significant changes to the EB-5 Immigrant Investor Program.
Senators Graham, Rubio, Flake, Schumer, McCain, Bennet, Menendez and Durbin, have submitted in their bill changes that include: the recapture of unused immigration visas from past fiscal years; making the EB-5 Regional Center program permanent (it was originally introduced as a pilot program in 1992 and continues under that status); eliminating per country quotas for visa numbers (China is predicted to reach its quota in 2014), and issuing more EB-5 immigrant visas, which is currently capped at 10,000 visas.
The Border Security, Economic Opportunity and Immigration Modernization Act of 2013 as it is titled proposes changes that will benefit the EB-5 Program, which in turn will increase job creation and foreign investment in America. These provisions to make the program a permanent one will improve U.S. communities and infrastructure by attracting foreign investors to the U.S., according to Senator Patrick Leahy (D), Vermont.
The chief EB-5 proposals in the bill include:
- Making the EB-5 Regional Center program permanent. Introduced in 1992 as a pilot program, its status has remained unchanged yet has been consistently reauthorized by Congress since its inception. Its latest extension is through September 30, 2015.
- Recapture of unused immigrant visa numbers from prior fiscal years.
- Elimination of per country quotas for employment based visa numbers (China, the largest consumer of EB-5 is predicted to reach its quota in fiscal year 2014).
- Exemption from EB-5 immigrant visa numbers for spouses and children of principal applicants, resulting in the allocation of the currently capped 10,000 visas solely to principal investors.
- Additional immigrant visas for the EB-5 program as a whole.
Contact Exclusive Visas to discuss how Comprehensive Immigration Reform relates to the EB-5 program and what it means to you.
For many foreigners the EB-5 program is the fastest way to work and establish permanent residence in the U.S.The EB-5 visa does not require having a close relative or a U.S. company willing to sponsor the immigrant, as required by conventional immigrant visas.
Under the EB-5 program the investor is issued a conditional Green Card providing Permanent Residency for themselves, their spouse and children (under the age of 21) on an investment of at least $500,000. The investment must result in the development of at least 10 permanent jobs.
While the key features of EB-5 are easily stated the EB-5 process can be arduous and confusing. The entire process is a vast combination of timelines, deadlines, tax returns, supporting documentation, and due diligence involving, immigration attorneys, the USCIS and the SEC. It is not a world anyone should attempt to navigate without an experienced expert at their side.
An Exclusive Visas Expert EB-5 Consultant will cut through the confusion for the investor by explaining how the program works generally and specifically for the candidate and what can be expected from the newly proposed reforms. Exclusive Visas brings together all the elements of the program, manages timelines, and gives the client the broadest likelihood of success.
From petitioning the USCIS to choosing a credible project to invest in, Exclusive Visas will see to it that the investor has all the information necessary to give them peace-of-mind while making the best of the EB-5 opportunity.
Don’t wait another day. Click here to contact an Exclusive Visas EB-5 consultant now.
Senate Judiciary Committee Chairman Patrick Leahy (D-Ct) has announced his committee will take up comprehensive immigration reform on April 17, 2013. Chairman Leahy, a bold advocate for legal immigration including the EB-5 program, agreed to hold the hearing as soon as the legislation is introduced. He has promised to have unlimited debate and amendments during the committee mark-up period, a spokesperson said.
The hearing comes as the result of talks within the bipartisan eight member group referred to as the Gang of Eight. The group has been working on the soon-to-be unveiled legislation.
Members of Mr. Leahy’s eight member group say they are close to finalizing an agreement on a comprehensive proposal that is expected to include a path to citizenship for 11 million illegal immigrants and could serve as the model for a deal between Congress and the White House.
Several weeks of debate during which senators could offer amendments are planned to begin in early May. “We don’t have that many issues” remaining to be negotiated, said Sen. John McCain (R-Ariz.), a member of the working group. “Now is the time to get it done.”
For more information please contact Exclusive Visas.
The American Immigration Lawyers Association (AILA) recently released a statement advising EB-5 professionals on South Korean law – specifically how it meshes with South Korean EB-5 petitions. AILA makes the following recommendations (AILA InfoNet Doc. No. 13010361):
Foreign Currency Wire Issue: There is a specific foreign currency provision under South Korean law allowing EB-5 investors to wire funds for investment based on documentary evidence that the person will be able to immigrate under the EB-5 investor category. This means the I-526 approval notice is required before such permit to wire can be obtained, which in turn means the EB-5 funds generally cannot be wired before I-526 immigrant petition approval. Often, funds from South Korean EB-5 investors will not be available until I-526 approval unless the EB-5 investment capital is already in the United States. Ironically, this puts South Korean investors at a disadvantage relative to Chinese EB-5 investors who generally do not have a problem wiring money into a U.S.-based escrow account prior to I-526 petition approval. Recently, the wire permit issuance authority was transferred from the Bank of Korea to individual tax offices having jurisdiction over the EB-5 investor’s residence.
Documentation Issues: Most of the documents required by USCIS for an EB-5 case can be easily obtained. There are no legal or business structures that pose obstacles to obtaining documents that are normally required for EB-5 cases. Many of the governmental documents are available in English; thus it may be advisable to inform South Korean EB-5 clients to obtain documents in English in order to avoid delays and translation costs.
American Embassy in Korea: The Immigrant Visa (IV) section is well-versed when it comes to reviewing IV applications based on I-526 approvals. Currently, attorneys are not allowed to even enter the Embassy building to accompany clients to the interview. Therefore, attorneys should prepare their clients well. Generally, it takes four to six months from the date the I-526 approval case file has been transferred to the NVC until the IV interview date. Passports with stamped IVs are usually delivered within one week of the interview.
The American Immigration Lawyers Association (AILA) is the national association of over 11,000 attorneys and law professors who practice and teach immigration law. AILA members represent U.S. families seeking permanent residence, as well as U.S. businesses seeking talent from the global marketplace. Founded in 1946, AILA is a nonpartisan, not-for-profit organization that provides continuing legal education, information, professional services, and expertise through its 38 chapters and over 50 national committees.
For more information on South Korean EB-5, contact Exclusive Visas. Exclusive Visas’ expert consultants give the South Korean candidate the broadest likelihood of success by bringing together all the elements of the program (as they relate specifically to South Korea), providing trustworthy information, and managing timelines.
From petitioning the USCIS to choosing a credible project to invest in, Exclusive Visas will see to it that the South Korean investor has all the information necessary to give them piece-of-mind while making the best of the EB-5 opportunity.
Click here to contact an Exclusive Visas EB-5 consultant now!
By Renata Castro
The United States Citizenship and Immigration Services (USCIS) Public Engagement Division and the Office of Transformation Coordination have invited interested individuals to participate in a stakeholder teleconference.
Date: Thursday, March 28, 2013
Time: 3:00 PM to 4:30 PM EST
USCIS is moving more and more towards a web-based immigration processing system, and, as part of such transition, USCIS will be discussing e-filing of I-526s, among other topics.
The American Immigration Lawyers Association (AILA) has released a notification on the engagement.
In order to participate, you must RSVP. Click here for more information.