EB-5 News Archive for the ‘EB-5 Visas News’ Category
A new economic impact study shows that the red-hot EB-5 immigrant investor visa program doubled (from the average annual impact result reported in 2011) in 2012 contributing $3.39 billion to U.S. GDP and supporting over 42,000 U.S. jobs.
The study was commissioned by the Association to Invest in USA (IIUSA), the industry professional association that represents organizations that broker EB-5 investments.
“As the industry trade association for the EB-5 Regional Center Program, IIUSA is committed to accurately measuring the positive impacts of the EB-5 Program in terms of job creation, GDP growth, and tax revenue,” said IIUSA Executive Director Peter Joseph. “The results of the 2012 assessment unequivocally demonstrate that the EB-5 Program is delivering on its promise of regional economic development and U.S. job creation at no cost to the taxpayer,” he said.
This is the second comprehensive economic impact report commissioned by IIUSA based on comprehensive data-sets of I-526 and I-829 approval/denial statistics for each Regional Center in the country for fiscal years 2010-2012.
Other findings within the report include:
- Investment represents the largest component of EB-5 spending, with approximately $1.8 billion invested by EB-5 Regional Center investors. These investments contributed $2.5 billion to U.S. GDP and supported 33,134 American jobs.
- Over 85 percent of EB-5 investment capital – $1.55 billion – was invested in the construction sector. Other sectors seeing EB-5 investments include chemical manufacturing, mining, manufacturing, and power generation.
- Pennsylvania, New York, California and Illinois top the list of states with the largest level of investment, and these saw the largest investment impacts. For example, more than 8,000 jobs were supported in California.
- Household spending by immigrant investors and their families contributed approximately $383 million to US GDP and supported more than 4,700 jobs in 2012. The economic impact of household spending represents a permanent impact on the U.S. economy, as these families maintain spending patterns year after year.
- Spending on EB-5 related immigration services contributed approximately $477 million to U.S. GDP and supported nearly 5,000 jobs in 2012. These expenditures include spending on flights, moving services, cars, investment and legal services and government fees.”
The study was conducted by David Kay of IMPLAN Group, LLC and peer-reviewed by Professors Eric Thompson and Hart Hodges of Association for University Business Economic Research (AUBER).
It uses a comprehensive dataset on EB-5 investor applications and EB-5 Regional Center investments along with well-established economic modeling methods to determine overall positive impacts on GDP and job growth as well as federal, state, and local tax revenue from EB-5 investments in U.S. economic development projects, household spending by immigrant investors and other EB-5 related spending. Economic benefits are measured by state and by impacted industry sector.
An Exclusive Visas EB-5 consultant will see to it that the immigrant-investor has the factual and trustworthy information necessary to give them peace-of-mind, while making the best of the EB-5 opportunity. Exclusive Visas brings together all the elements of the program manages timelines, and gives the client the broadest likelihood of success.
State Committee on Homeland Security and Governmental Affairs Seeking Information from Approved Regional Centers
(Source: Daniel B. Lundy) In an unprecedented move, U.S. Senator Tom A. Coburn (Oklahoma), the Ranking Member of the Senate Committee on Homeland Security and Governmental Affairs, has issued letters to a number of approved regional centers seeking information about each one’s participation in the EB-5 program. The letter indicates that a similar letter will be sent to all USCIS approved regional centers. Our regional center clients have begun receiving this letter in the last few days. The letter is requesting the following information:
- Any approval from USCIS to participate in the EB-5 program regarding the regional center and its business plan, including any subsequent re-certification;
- The total annual amount of investment and the number of individuals by country of origin making investments through the regional center since it has been in operation;
- The name, address, and a description of each business in which the regional center has made an investment of funds and the number of jobs created by each investment;
- Any fees charged to EB-5 applicants or received by the regional center, including amount and description;
- A list of any current or former corporate officers of the regional center, including title, position, and dates of employment, and
- The name and address of any individual or entity- either foreign or domestic- that the regional center has an agreement with to provide legal, accounting, recruiting or consulting services, as well as a description of the service provided.
The letters request a response via email by March 7, 2014.
While some of the questions asked in the letter reflect the information required in the Form I-924A required to be filed each year by every regional center, some of the questions far exceed the scope of the normal reporting requirements. It is unclear at this point why Senator Coburn is seeking this information. While we would like to think that this is an opportunity to show the positive impacts of the program by revealing the large number of projects that have been successfully completed with EB-5 funding, recent Congressional interest in the EB-5 program has appeared to be both negative and politically motivated. In light of this, we advise our regional center clients to contact us upon receipt of the letter to formulate an appropriate response.
U.S. Citizenship and Immigration Services (USCIS) invites you to take part in a teleconference on Wednesday, February 26, 2014 from 1:30 p.m. – 3:00 p.m. (Eastern) to discuss the EB-5 Immigrant Investor Program.
During this engagement, USCIS will introduce the new chief of the USCIS Immigrant Investor Program Office, provide updates on the program, and discuss the EB-5 Adjudications Policy Memorandum issued on May 30, 2013. Participants will have an opportunity to ask questions and discuss a broad range of EB-5 issues.
To Register for this Session:
Please visit our registration page to register for this event. All registrations must be received by Friday, February 14, 2014. Be sure to provide your full name and, if applicable, the name of your organization by following the steps below:
- Enter your email address and select “Submit”
- Select “Subscriber Preferences”
- Select the “Event Registration” tab
- Complete the questions and select “Submit”
Once your registration is processed, you will receive a confirmation email with additional details.
To Submit Agenda Items:
We encourage you to submit non-case specific agenda items before the teleconference. You may do so on the event registration page or by emailing us at Public.Engagement@uscis.dhs.gov. Please submit all questions and agenda items by Friday, February 14, 2014.
If you have any questions regarding the registration process, or if you have not received a confirmation email within two business days after you register, please email us at Public.Engagement@uscis.dhs.gov.
We look forward to engaging with you!