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Recent Posts
- Observations from the USCIS EB-5 Stakeholder meeting on May 1, 2012
- The difference between the EB-5 and E2 visas
- Newspaper ad played a key role in this family’s pathway to their US Residency
- USCIS releases new data on EB-5 I-526 and I-829 Petitions during IIUSA convention in Laguna Hills, California
- EB-5 as a funding alternative for US businesses
Observations from the USCIS EB-5 Stakeholder meeting on May 1, 2012 http://t.co/0lUC4b2Q # 2012/05/10
Post Edited: Observa http://t.co/5rM5gmWn # 2012/05/10
New post: Observatio http://t.co/5rM5gmWn # 2012/05/10
USCIS Shuts Down Victorville
VICTORVILLE – It is the first time in history that the United States Citizenship and Immigration Services (USCIS) has terminated an EB-5 program. Having not been able to fulfill the project’s intended investment of $25 million, the USCIS sent its final termination notice to the Victorville Regional Center on October 20th after the program failed to meet USCIS requirements for the past six months.
Victorville’s application to become an EB-5 regional center was approved in June 2009, allowing foreign lenders to invest $500,000 into the program for the return of a U.S. green card. However, in May 2010 the USCIS sent a rare notice of intent to terminate the program due to the program’s shortcoming of its investment quota; of the $25 million the center proposed to raise, in June 2010 – just one year after receiving approval – the program reportedly had hardly raised $3 million.
Victorville’s rebuttal was a lengthy response that was sent to the USCIS, defending the program. In August 2010, the USCIS was still unsatisfied and sent its second notice of intent to terminate after the program allegedly misrepresented itself in the marketing of its projects. The notice stated that the estimated number of jobs created through the investments did “not appear to be credible”. It also raised question as to how the investments could be responsible for creating jobs if they had not been used yet and the city’s wastewater plant, which was part of the project, had already been built. Yet again, Victorville followed with another defensive response.
To no avail, the USCIS officially shut down the program in October 2010, removing Victorville from its list of qualified EB-5 Regional Centers.