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EB-5 News Archive for the ‘EB-5 Visas News’ Category
Last week I had the pleasure of being asked to participate as a guest speaker at the IIUSA Conference on the EB5 Visa. I found the conference to be one of the most informative events of the year related to the EB5 program, especially considering it was attended by many of the most influential and informed people within the EB5 industry.
The following day we had the pleasure of attending the quarterly EB5 Stakeholder Engagement at the USCIS Service Center, another colleague of mine recently referred to this event as the “Un-engagement” because of the lack information that was actually shared by USCIS and the indifference they seemed to have toward what many people in the industry feel are very critical and pressing issues.
While many of the 400+ EB5 professionals that attended this meeting were expecting to hear specific answers and direction from the USCIS panelists we unfortunately were treated to a lot of song and dance.
The following are a few points of interest that we had the pleasure of hearing on May 1 at the greatly anticipated EB5 Stakeholders meeting :
■ The panel started discussions with an announcement that they would not allow questions about and would not comment on the “tenant occupancy” issue that is perhaps one of the biggest concerns at the moment in the world of EB5.
■ In the past the USCIS panel would prepare a presentation that would provide statistics and address specific questions presented in advance from various stakeholders. However on this day they not only did not provide full PowerPoint presentation but they did not address any of the stakeholder questions solicited and provided in advance of the meeting. This was surprising because at the beginning of the meeting they announced the panelists had prepared answers to some of the questions that had been submitted.
■ While the panel was made of several Senior Staffer, they said very little and Sasha Haskel (Director of the Service Center) pretty much ran the show.
■ USCIS acknowledged concerns with regard to processing times and stated certain goals they have to improve upon wait times but they really made no specific comments on how the current lengthy processing times would be improved upon and made no effort to streamline the communication process other than to direct all inquiries to be addressed to the “public engagement mailbox”.
■ The USCIS panel acknowledged there was great concern and desire among Stakeholders to improve communication between Adjudicators and Attorneys who represent the Petitioner but they had no specific plan or goals they could provide on how the Service Center planned to improve in this area.
■ USCIS provided the usual EB-5 statistics, and promised that stats will be published consistently in the future.
■ Sasha Haskel suggested that USCIS would issue a new draft of the EB-5 policy memo soon and Stakeholders should expect this to “be released in a few weeks,” and that the USCIS is not currently deferring to the draft memo or implementing the “material change” guidance previously included.
■ Haskel also confirmed that Regional Center applicants who were issued a “tenant occupancy” RFE will be contacted directly by the Service Center with a notice that their deadline for response will be extended. However, there was nothing said to indicate that would be any guidance related to the RFE.
During the meeting many members had the opportunity to ask direct questions to the Panel however very little “engagement” actually occurred. Some of the questions being responded to with vague answers and some even being met with literally no answer at all, just a blank stare and uncomfortable silence. Although I did not hear this myself, one other blogger from the EB5 community has reported that after the moderator had ended the meeting, the live microphone caught a private comment that was interpreted to be Sasha Haskell saying aside: “I think we’re doing fine, I don’t care what they say.”
With an opportunity such as the EB5 Program having such incredible potential of making a real impact on the economy as a whole and the ability to make a real difference to improve unemployment in so many areas of the country that need it the most, I am sad with the level of indifference that seems to be evident from the USCIS Service Center. The EB-5 Regional Center Pilot Program has so much promise, and but this meeting clearly pointed out that while there are serious issues at hand, there does not seem to be any clear course of action to correct what so many people feel can be improved with simple common sense and action. Unfortunately many of these issues will simply not just “fade away” by being ignored. With so many professionals in attendance at the previous days IIUSA conference that were sharing ideas and plans for proposals of projects that would create real jobs and significant economic impact, the Stakeholder “engagement” did not seem to bring us any closer to knowing the direction of the USCIS Service Center or if and when there would be any clear direction given to the increasing number of Petitioners who want to participate in this very promising federal immigration program.
Recently we were contacted by a married couple from Dehli, India who saw an advertisement in a local newspaper that caught their eye for what was promised to be a “fast and easy way to immigrate to the United States”. Being a bit skeptical they started to do some research online and verify the details for the program promoted in the advertisement. They were interested in finding out more about this particular EB-5 program but shared concerns that the program was not legitimate. The couple researched the EB-5 Visa program and thought it was a great option for them since they had been pondering the idea of immigrating to the United States for many years but it never seemed possible for them. During their online research they came across the website for Exclusive Visas and read over the information on our site to learn more about the requirements of the EB-5 Regional Center Pilot Program.
As the couple decided to “shop around” to find out who could guide them through the application course. They spoke with various immigration attorneys in the United States and also with other so called EB-5 consulting firms. They were concerned that so many of the people they spoke to had little real experience with the EB-5 program. When they finally made contact with an immigration attorney in Philadelphia they were encouraged to also contact the offices of Exclusive Visas for additional guidance and advice on how to properly research the many potential EB-5 projects that are available for them to consider.
They noted to us that they were typically impressed that Exclusive Visas was Attorney owned and operated and that our staff consisted of former financial professionals, Certified Public Accountants and also several people on staff who had also previously immigrated to the United States. They also were very happy that in retaining our services Exclusive Visas would be “working for them” and not be swayed by or working for any particular EB-5 Regional Center. They also noted that they liked the fact that our team “has been involved with so many different Regional Centers and EB-5 Projects over the years” and they felt this gave our staff “a good understanding of what to look for in a good project” so we could provide them with key information on what they should consider when researching a project. What also made them especially comfortable was how we explained to them the various details of Regional Center projects we had previously consulted and what suggestions we and made to these certain Regional Center Projects on how to improve the offerings to better accommodate the EB5 applicant. They felt that we provided very transparent advice rather than hiding which EB5 project we might favor, as it became apparent to them that other EB5 consultants seemed to place almost all of their clients into various phases of one particular EB5 Regional Center. Our clients also appreciated the numerous references we provided them of immigration attorneys and former clients that we were eager to provide them so they could independently determine the quality of service we provide.
After 2 months of preparation and research on various EB-5 projects and assisting them in the proper documentation for the source of their investment funds, they filed their application to USCIS and within just five months, they received their approval notice. They have recently completed the Consular Interview process back home in India and are preparing to relocate to the United States within a few months as they get their personal effects in order and to prepare their children for the coming school year here in America.
A Couple from Denmark to Retire in the Warmth of the U.S. through EB-5 Visa
A family from Denmark enjoyed the warm climate of the southern United States and wanted to escape the frigid winter months for many years. They had already purchased real estate in Central Florida and used the home as a vacation property. During one of their trips to the U.S. they heard of the EB-5 Program through some of their friends who happened to be applying for an Investor Visa. The couple wanted to retire and move to the United States and also wanted for their children to attend school here in the U.S. so that they could eventually attend university here. They inquired from their friends how to start the application process and their friends suggested because there were now so many more choices of EB-5 projects to choose from that they consider hiring experienced EB-5 consultants. The friends also noted that they found the EB-5 process to be a bit overwhelming and confusing at times.
The couple did extensive research online and eventually the offices of Exclusive Visas and inquired about our services and asked how we could assist them in choosing the right EB-5 Regional Center Project for them to consider and assist them in choosing a qualified and experienced attorney. This family had been travelling to the U.S. for many years and over that time frame they had come to own several pieces of real estate and planned to sell one of the properties as a source of funds for the EB-5 investment and wanted to make sure that everything would be in order with the application. After several meetings and conference calls, the couple was able to determine which project they felt was the most stable and met their preferences; they were able to sell their property within a few months and worked together with Exclusive Visas and the Immigration Attorney to properly document the source of funds so they could transfer the money into the EB-5 projects escrow account. The project met all the USCIS guidelines and less than six months the family’s I-526 petition was approved by the USCIS and they are now preparing to relocate to the United States at the end of the school year in Denmark so their children can begin school in the Unites States later this year.
By Renata Castro
The United States Embassy has released numbers that show that the interest of Brazilians in entering the US has not only grown exponentially, but also that the US government is welcoming the influx.
The numbers show that 115,269 visas were issued in March 2012, 62% more than in March 2011. Given the explosive demand,
non-immigrant visas such as B1/B2, H, L, O, P, Q, and R will have a fee increase. The average fee increase will be of US$ 30.
Brazilians have long been a fixture in the Florida – Massachusetts – California circuit, but now their economic impact can be felt beyond those borders.
Idea Brazil, a Brazilian company that specializes in marketing services and products of American companies to Brazilian tourists, estimates that the average Brazilian tourist spends US$ 6,000 per visit.
Affluent Brazilians are also heating up the Luxury Real Estate Market, with Manhattan and Downtown Miami being their markets of preference for snatching luxury property at down market prices. As more and more Brazilians visit and create ties to the US, Brazilian families and businessmen/women alike have started to explore their options when it comes to becoming US residents.
Unlike citizens of other treaty countries (A full list can be found at the Department of State’s website), Brazilians do not qualify for E-2 visas. On the same note, the purchase of residential real estate does not allow a foreign investor to adjust status and become a US resident. The best alternative for Brazilians looking to enjoy the benefits derived from being US residents is through an EB-5 investment.
The EB-5 Visa program is an employment-based visa which is intended to promote the flow of assets into the U.S. economy and at the same time to promote the creation of jobs in the United States for legal U.S. residents.
To achieve these goals and so that overseas investors may obtain immigration benefits for having made an investment, the program mandates that the minimum investment a foreign investors must contribute is either USD$1,000,000 for a regular EB-5 Investment Visa or USD$500,000 for an EB-5 Regional Center program. In addition the program mandates that 10 full-time jobs must be created as a result of each investment. The Investor is entitled to a return on their investment and is eligible to sell their interest in the venture after a period of 5 years. Additionally foreign investors and their qualifying family members are offered the prospect (not guarantee) of Lawful Permanent Residence in the United States.
Projects being considered for investments are designed to qualify under requirements in the law that permit reduced investment and that also permit creation of indirect jobs for U.S. Citizens. This approval is not granted to the respective EB-5 project unless the project can prove that they fit within the designated Regional Center guidelines that are established by the United States Citizens and Immigration Service (USCIS).
Exclusive Visas thoroughly researches all Regional Center projects in the United States, and endorses only those projects that meet our rigorous standards. When you hire Exclusive Visas, we hold your hand from the moment you begin considering which Regional Center program to invest in, until the day you receive your permanent green card. You will be assigned a personal concierge to liaise between your Immigration Attorney, and the Regional Center throughout the entire process.
Recently we were contacted by a married couple from Delhi, India who saw an advertisement in a local newspaper that caught their eye for what was promised to be a “fast and easy way to immigrate to the United States”. Being a bit skeptical they started to do some research online and to verify the details of the program promoted in the advertisement. They were interested in finding out more about this particular EB-5 program but shared concerns that the program was not legitimate. The couple researched the EB-5 Visa program and thought it was a great option for them since they had been pondering the idea of emigrating to the United States for many years but it never seemed possible for them. During their online research they came across the website for Exclusive Visas and read over the information on our site to learn more about the requirements of the EB-5 Regional Center Pilot Program.
As the couple decided to “shop around” to find out who could guide them through the application course, they spoke with various Immigration Lawyers in the United States and also with other so called EB-5 consulting firms. They were concerned that so many of the people they talked to had little, real experience with the EB-5 Program. When they finally made contact with an immigration attorney in New York City they were encouraged to also contact the offices of Exclusive Visas for additional guidance and advice on how to properly research the many potential EB-5 projects that are available for them to consider.
They noted to us that they were typically impressed that Exclusive Visas was attorney-owned and operated and that our staff consisted of former financial professionals, Certified Public Accountants, and also several people on staff who had previously immigrated to the United States. They also were happy that in retaining our services Exclusive Visas would be “working for them” and not be swayed by or working for any particular EB-5 Regional Center. They also stated that they liked the fact that our team “has been involved with so many different regional centers and EB-5 projects over the years” and they felt this gave our staff “a good understanding of what to look for in a good project” so we could provide them with key information on what they should consider when researching a project.