Current trending areas that are of note in the U.S. EB-5 investor immigrant program are Chinese retrogression and a crackdown on lawyers accepting commissions from regional centers. Forbes goes into details about the events impacting these hot topics.
EB-5 Retrogression
Chinese nationals represent 80+ of all filed EB-5 petitions. The large number of filings, along with the per country filing limits has caused a delay in the issuance of green cards for Chinese nationals. As of May 1, 2015, China visa numbers have hit the maximum amount allotted for the second time in over two decades of the EB-5 investor immigration program. The National Visa Center is now processing green card applications for Chinese nationals that filed their I-526 petition prior to May 1, 2013 (Priority Date).
How This Impacts You
It is currently impossible to predict an estimated date any investor’s priority date will be current. Dates for adjustments of status and a conditional immigrant visa interview are also difficult to determine at this time. EB-5 retrogression may also have an impact on Chinese children and the Child Status Protection Act (CSPA) and when Chinese investors can expect to see a return on investment capital.
EB-5 Attorney Crackdown
The SEC is in the process of preparing sanctions against attorneys that may have been receiving money in such a way as to circumvent illegal “commission” acceptance of fees.
“The SEC is preparing sanctions against as many as two dozen immigration lawyers, people familiar with the matter said, for collecting deal fees from foreign investors trying to access the EB-5 program, which grants U.S. residency for $500,000 investments that create 10 jobs. The lawyers were prohibited from earning transaction fees because they weren’t registered as brokers, according to people, who asked not to be named because the investigations aren’t public.”
An EB-5 attorney can help those individuals considering investing from abroad as well as those in the process that may be affected by current trends as they relate to the EB-5 program. Additional paperwork and extensions may be necessary for those looking to be granted an EB-5 visa. Attorneys at the Law Offices of David Hirson & Partners, LLP have over 30 years of experience in immigration law and specialize in business and investment immigration law. Contact an experienced attorney at 949.383.5358 to stay abreast of the changes in the EB-5 program.