USCIS Releases Latest Statistics on I-829 Petitions
Based on the statistics published by the Office of Public Engagement – USCIS, during their Stakeholders Engagement conference held on January 23rd, 2012, we bring data that shows the most recent trends in the EB-5 industry. The information provided is related to the approvals of the I-829 petitions which are filed with USCIS for the removal on conditions of the conditional green card.
In addition to receiving conditional permanent residency status, EB-5 Investors must also go through another process in order to lift their conditional status. The EB-5 investors will need to file their I-829 petition to remove the conditions on their conditional green card; this petition should be submitted to the USCIS between 2 to 4 months prior to the second anniversary of the I-526 approval. During this process the EB-5 investor will need to prove that the minimum investment required was effectively placed at risk and that the required jobs were created and maintained for at least 2 years.
Below are the numbers provided by USCIS during their January 23, 2012 stakeholders meeting, showing an increase in I-829 approvals:
USCIS received their highest level of I-829 petitions to date in 2011, with a total of 2,345 received as compared to only 768 in 2011 and 1,067 approvals granted by the end of Federal Fiscal Year 2011. It is very important to understand that in order for USCIS to approve these petitions; the investor must have held their conditional green card for two years. With that being said, these I-829 approvals are based on the I-526 petitions approved during Federal Fiscal Year 08 and 09 which were related to the investments made into the earlier projects in the EB-5 Program.
In the past year we have seen an astonishing increase in Regional Center approvals. We have been asked to consult a few of these new EB-5 projects and have encountered projects that do not meet our standards therefore; we have not recommended some of these projects to our clients. We have also seen false advertising of some projects; they paint a pretty picture to the immigration brokers abroad and offer them an abundant finder fee per investor they refer to their project. In most cases these immigration brokers do not have the knowledge to analyze the offerings they are presenting to their clients and they just see their compensation. Yes, more and more EB-5 projects are coming to the market but this does not mean that they are a safe investment for you. You as an investor will need to perform a lot of due diligence on the projects competing for your EB-5 funds before you make a sound investment. The data mentioned above does not guarantee your permanent green card.
The team at Exclusive Visas, LLC has extensive knowledge in the EB-5 industry and has consulted more than 165 investors worldwide. Our team of experts not only provides due diligence services but also guides EB-5 Investors in the completion and submission of their I-526 petition and also provides support to facilitate the approval of their I-829 petition.