Our firm recently received good news: our client finally received approval of his Form I-829 petition after waiting almost a decade and enduring the EB-5 process. But this was not just any regular I-829 approval. The client came to us for help after his initial EB-5 project never got off the ground because the lender pulled out. Despondent and desperate, he came to us and we successfully engineered a bailout by identifying a new qualified project for him, carefully rolling over his investment, and ensuring our client received job creation credit under the new project.
Although the concepts may sound easy, careful consideration must be given to navigating the corporate, finance, investment, and EB-5 issues in such a rollover/bailout. It can be controversial. In the above example, we had to endure multiple rounds of Requests for Evidence (RFEs) and Notices of Intent to Deny (NOIDs) from USCIS before finally convincing USCIS adjudicators. We were then able to help the client and his family start their permanent residency in the U.S.
While a sizable number of EB-5 projects are carefully structured with contingencies to ensure investors are protected against financial downturns, disappearing lenders, or fickle mother nature and storms, we know just as many projects unfortunately are not as carefully structured. It’s the investors in these projects that we have been deeply involved with over the last few years who have entrusted us with guiding them to safety. Due to the current situation with COVID-19 and a looming recession, we anticipate that many investors are already vulnerable or are seeking advice on how to best protect themselves. We will be publishing further guidance on these matters to help the industry and our clients and hopefully weather this storm together.
Contact our office today to schedule a consult with an immigration attorney to review your EB-5 investment project.