Posts Tagged ‘EB-5 program’
The office of The Inspector General released a memo addressed to Alejandro Mayorkas, Director of the United States Citizenship and Immigration Services, on the IG’s general inquiry into the EB-5 program.
The report contains four recommendations aimed at improving the EB-5 Regional Center program.
To read the document, click here.
Exclusive Visas assists client in successfully becoming an EB-5 Regional Center
Weston, September 3, 2013: San Francisco EB-5 Regional Center, LLC, had its I-924 petition approved by USCIS (United States Citizenship and Immigration Services) on August 27th, 2013.
The San Francisco EB-5 Regional Center was initially approved in the state of California, with geographic coverage of San Francisco, San Mateo, Santa Clara, Alameda, and Contra Costa Counties. Industry codes included in the EB-5 Regional Center designation are Commercial and Institutional Building Construction, Lessors of Real Estate, and Fresh Fruit and Vegetable Merchant Wholesalers.
The Exclusive Visas’ team was led by its president, Fred Burgess, Esq., who worked with different key players in structuring the I-924 – Regional Center Designation Application, in such a way as to comply with USCIS’ strict standards of approval.
“We are excited that the San Francisco EB-5 Regional Center is now able to pursue EB-5 capital as an effective funding tool for its projects, while promoting sustainable job creation in the designated counties and industries in the state of California”, said Fred Burgess in response to the approval.
In addition to making the EB-5 program permanent Sen. Patrick Leahy, D-Vt., has proposed a list of improvements to the immigrant Investor program including stronger oversight; better reporting and streamlined reviews of business plans and applications; and redefining full time employment as it relates to the EB-5 job requirement.
Currently Each EB-5 petitioner’s investment must result in at least 10 permanent full time jobs for American workers in order to qualify for a Green Card.
Full-time employment is currently defined as 35 total hours a week, per year, per employee (approximately 1,750 hours per year). Sen. Leahy’s proposal would count 1,750 hours worked as a full-time position towards the EB-5 job requirement regardless if the work is done by a single person or multiple individuals.
The proposed calculation is particularly important when counting construction employment where, under the Senator’s plan, four (full-time) 3-month deployments over 12 months would be counted as a single full-time equivalent (FTE) position.
According to a sectional summary of Senator Leahy’s amendment the redefinition of full-time would apply to both direct and indirect job creation. Since the proposed change is comprehensive it could affect not only short-term construction jobs, but also long-term so called permanent positions allowing multiple part-time positions to count as full-time job creation as well.
EB-5 insiders seem to favor the Senator’s proposals indicating that smaller projects would benefit from the new full-time definition because they commonly struggle with job creation.
According to Renata Castro, a project manager with Exclusive Visas, a Florida-based EB-5 consultancy, utilizing a total hours to calculate total full time jobs is much more accurate and fair than trying to make cases (to USCIS) for what positions count toward the EB-5 job requirement for Regional Center projects. “As a working policy it makes sense because it makes the calculation objective. The current calculation is dependent on the subjectivity of the USCIS examiner,” said Ms. Castro.
Even with the proposed improvements it is every investor’s responsibility to understand the nature of the EB-5 investment offering including: background, experience and track record of the regional center and as well as job counting methodology and projections.
Therefore, the importance of credible advice from experienced experts who have fully researched proposed regional center programs (and their economic modeling methodologies) cannot be overstated.
Exclusive Visas Expert EB-5 consultants provide trustworthy information on all aspects of the EB-5 program. From petitioning the USCIS to assisting the client in choosing a credible project to invest in, Exclusive Visas sees to it investors have all the information necessary to give them peace-of-mind while making the best of the EB-5 opportunity.
Contact Exclusive Visas Today for more Information on the EB-5 Program