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On December 5, 2014, U.S. Citizenship and Immigration Services (USCIS) held a stakeholder conference call to update individuals interested in the Immigrant Investor Program (commonly referred to as the EB-5 Program). Continue reading “EB-5 Public Engagement Update”
In recent years, as raising capital has become more difficult for developers and the waiting time for green cards has increased for immigrants from certain countries, the popularity of the EB-5 Regional Center Program (also known as the Investor Pilot Program) has skyrocketed. On the one hand, that is great news for developers and investors alike. On the other hand, the parties have to be careful to make sure the prospective investment in the developer’s project is structured in a way that complies with the Pilot Program’s requirements and makes it enticing to foreign investors. Continue reading “EB-5: A Creative Financing Option for U.S. Developers and Businesses”
Today, the U.S. Department of State (“DOS”) issued the November 2014 Visa Bulletin. As was expected, the employment-based, second preference (EB2) category for people born in India retrogressed to February 15, 2005. Interestingly, the employment-based, third preference category moved forward across the board. EB3 India inched forward to November 22, 2003; EB3 China advanced to January 1, 2010; and EB3 for all other countries of chargeability moved to June 1, 2012. Continue reading “EB-2 India Retrogresses”
The State Department has released the October Visa Bulletin showing the Employment-Based Second Preference (EB-2) Category for India with a priority date of May 1, 2009. Based on current demand, it is expected that the priority date could retrogress as far back as 2005, possibly as early as November. The high number of Indian-born applicants “upgrading” their filings from EB-3 to EB-2 is a major factor in the impending retrogression. Continue reading “EB-2 India: Retrogression Expected”
Bipartisan immigration reform in an election year? And it creates jobs without adding to the deficit? Too good to be true? Well, earlier this year, Sen. Patrick Leahy (D-Vt) introduced legislation—co-sponsored by five Republicans (Sens. Collins, Grassley, Hatch, Lee & Rubio) and three Democrats (Sens. Conrad, Kohl & Schumer)—to extend the EB-5 Regional Center Program for three years.[1] After several amendments, that legislation was passed unanimously by the United States Senate.[2] It later passed the House of Representatives by a 412-3 vote and was ultimately signed into law by President Barack Obama. The legislation, as enacted, extends the EB-5 Regional Center Program—which had been set to expire on September 30, 2012—for an additional three years.[3] Continue reading “The EB-5 Program: The Road to Citizenship Less Traveled”