Posts Tagged ‘EB-5 Regional Center’
The transition of EB-5 adjudications from California to Washington is in high gear with the new facility housing the EB-5 Adjudication unit in Washington D.C. now open for business.
Adjudications of I-924s and EB-5 projects will be handled by newly hired economists – in opposition to the lower skilled USCIS adjudicators that current perform adjudications.
USCIS is actively recruiting qualified economists to serve as adjudicators with many economists having already been hired. Its goal is to speed up the process by not only centralizing the center’s location but also by adding highly qualified economists to (hopefully) adjudicate petitions more expertly and efficiently.
The DC unit is staffed by high level (GS15) government economists. It will first handle adjudications of I-924s, then I 526s and finally I-829s. The new DC unit and the California Service Center EB-5 adjudicators will work closely until the eventual phase-out of the California center when all applications will be handled exclusively by the EB-5 unit in Washington.
The new unit is headed by Dan Renaud, Acting EB-5 Program Chief, and Robert Cox, the Acting EB-5 Deputy Chief.
EB-5 stakeholders are optimistically cautious of the USCIS move. The new economists are generally higher level than those previously hired into the EB-5 program and should make the program function more efficiently. Unfortunately, new hires mean training and mastering the EB-5 learning curve, which is expected – at least in the short term – to slow the process.
“This really is good news for EB-5 investors. At the end of the transition period there should be a significant increase in efficiency and expertise in adjudicating petitions. This should result in faster turn-around times on I-924s, I-526s, and I-829s,” and – we hope – fewer RFIs.” said Joe Sloboda, Vice President and co-founder of Exclusive Visas, a Florida-based EB-5 consultancy.
Click here to contact an Exclusive Visas EB-5 Expert to discuss exactly what USCIS’ latest move means to you
Exclusive Visas brings together all the elements of the program, manages timelines, and gives the client the broadest likelihood of success. An Exclusive Visas Expert EB-5 Consultant will cut through the confusion by providing trustworthy information on how the program works generally and specifically. From petitioning the USCIS to assisting the client in choosing a credible project to invest in, Exclusive Visas will see to it that the investor has 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
The American Immigration Lawyers Association (AILA) recently released a statement advising EB-5 professionals on South Korean law – specifically how it meshes with South Korean EB-5 petitions. AILA makes the following recommendations (AILA InfoNet Doc. No. 13010361):
Foreign Currency Wire Issue: There is a specific foreign currency provision under South Korean law allowing EB-5 investors to wire funds for investment based on documentary evidence that the person will be able to immigrate under the EB-5 investor category. This means the I-526 approval notice is required before such permit to wire can be obtained, which in turn means the EB-5 funds generally cannot be wired before I-526 immigrant petition approval. Often, funds from South Korean EB-5 investors will not be available until I-526 approval unless the EB-5 investment capital is already in the United States. Ironically, this puts South Korean investors at a disadvantage relative to Chinese EB-5 investors who generally do not have a problem wiring money into a U.S.-based escrow account prior to I-526 petition approval. Recently, the wire permit issuance authority was transferred from the Bank of Korea to individual tax offices having jurisdiction over the EB-5 investor’s residence.
Documentation Issues: Most of the documents required by USCIS for an EB-5 case can be easily obtained. There are no legal or business structures that pose obstacles to obtaining documents that are normally required for EB-5 cases. Many of the governmental documents are available in English; thus it may be advisable to inform South Korean EB-5 clients to obtain documents in English in order to avoid delays and translation costs.
American Embassy in Korea: The Immigrant Visa (IV) section is well-versed when it comes to reviewing IV applications based on I-526 approvals. Currently, attorneys are not allowed to even enter the Embassy building to accompany clients to the interview. Therefore, attorneys should prepare their clients well. Generally, it takes four to six months from the date the I-526 approval case file has been transferred to the NVC until the IV interview date. Passports with stamped IVs are usually delivered within one week of the interview.
The American Immigration Lawyers Association (AILA) is the national association of over 11,000 attorneys and law professors who practice and teach immigration law. AILA members represent U.S. families seeking permanent residence, as well as U.S. businesses seeking talent from the global marketplace. Founded in 1946, AILA is a nonpartisan, not-for-profit organization that provides continuing legal education, information, professional services, and expertise through its 38 chapters and over 50 national committees.
For more information on South Korean EB-5, contact Exclusive Visas. Exclusive Visas’ expert consultants give the South Korean candidate the broadest likelihood of success by bringing together all the elements of the program (as they relate specifically to South Korea), providing trustworthy information, and managing timelines.
From petitioning the USCIS to choosing a credible project to invest in, Exclusive Visas will see to it that the South Korean investor has all the information necessary to give them piece-of-mind while making the best of the EB-5 opportunity.
Click here to contact an Exclusive Visas EB-5 consultant now!