On July 24, 2019, the Department of Homeland Security published the final rule for The EB-5 Immigrant Investor Program Modernization. The final rule for The EB-5 Immigrant Investor Program Modernization went into effect on November 21, 2019.
However, this new rule still leaves some uncertainty and risks, particularly with Targeted Employment Area (TEA) designations. TEA designations are important because a project that is designated as being in a TEA can accept EB-5 investors at the lower investment amount of $900,000.
On November 21, 2019, new regulations went into effect, dramatically altering the EB-5 Immigrant Investor Program. Here’s what you need to know:
This post addresses 3 ideas that are currently being discussed in the EB-5 world:
- Will President Trump do something to “save” the EB-5 program?
- Will the new EB-5 regulations be repealed by Congress?
- Will Congress finally enact new EB-5 legislation?
These are all good questions to consider, but the simple answer to all of them is: No. Let’s take a look at each question in a little more detail:
1. Will President Trump do something to “save” the EB-5 program?
Many people look at Trump’s interests and track record with real estate development and believe that he understands and supports real estate deals across the U.S. Trump is not in a position to “save” the EB-5 program as President. Not even his use of executive orders can change the Administrative Procedure Act (APA). The APA is the government’s rules on how to change its own rules. The APA is a set process that takes time in order for any change to be made.
2. Will the new EB-5 regulations be repealed by Congress?
Senator Rand Paul from Kentucky has been trying to get Congress to use the Congressional Review Act (CRA) to overturn or stop the new EB-5 regulations. While there have been many attempts to use the CRA since 1996, there have only been 3 times when the CRA was successfully used to overturn new government regulations. 3 CRA overturns in 23 years is not a very high percentage of overturns.
3. Will Congress finally enact new EB-5 legislation?
While the EB-5 industry continues its efforts to lobby Congress for new EB-5 legislation, there is no real result in sight yet from these efforts. Everyone can see how divided the U.S. Congress is, especially when it comes to immigration issues, including EB-5. With no consensus in Congress, there can be no legislative changes for the EB-5 program either.
The conclusion from all of this is:
- Be prepared for a Continuing Resolution (CR) to most likely be passed by Congress which allows the EB-5 Regional Center Program to continue unchanged from September 30, 2019 to November 21, 2019; and
- Be prepared for Congress to pass another CR in order for the EB-5 Regional Center program to continue after November 21, 2019.
- Note: Direct EB-5 investments and petitions can continue without needing any CR from Congress. Direct EB-5 investments will have to follow the new EB-5 regulations after November 21, 2019 though.
- Be prepared for the new EB-5 regulations which will come into effect on November 21, 2019.
Contact us with your questions and to speak with one of our immigration attorneys to discuss the best immigration pathway for you and your family.
Earlier this summer, David Hirson & Partners, LLP (“DHP”) successfully helped an EB-5 investor client’s entire family of nine obtain travel ban waivers. These waivers were required in order for the family to be issued immigrant visas and enter the U.S.
Our client received approval of their EB-5 petition back in 2017 and attended their consular interview in Abu Dhabi in 2018. During their interview, the entire family was asked to complete Form DS-5535 (except the minor children under 14). This is an enhanced vetting form that requires the disclosure of the following for each applicant:
|All:||Past 15 years of:||Past 5 years of:|
|Passport numbers & country of issuance||Travel history||Telephone numbers|
|Names birthdates of immediate family members||Home addresses||Social media usernames/handles|
|Employment History||Email addresses|
After completing the requested forms, this family’s case remained “pending in administrative processing” for a few months, at which point DHP was retained to file a travel ban waiver packet for the family. Our firm compiled and filed the travel ban waiver packet based upon the family’s and investment’s given circumstances.
A travel ban waiver packet is evaluated based on three factors:
(1) entry is of national interest to US (here the EB-5 program);
(2) denying entry would cause undue hardship (here to the family, petitioner, and project); and
(3) entry would not pose a threat to national security or public safety.
Less than six months after DHP submitted the travel ban waiver packet, the consulate emailed the client for continued processing, asking for updated medical exams and passports, along with new DS-260 submissions. The applicants were also required to come to the embassy to retake the oath. The client and family members completed everything that was asked of them and they were all approved to enter the U.S.
All DHP attorneys and staff share a common goal of helping immigrants lawfully navigate the U.S. immigration system. Contact our office to schedule a consultation to see how we can help you and your family’s immigration dreams.
Ngày 24 tháng 7 năm 2019, Cơ Quan Nhập Tịch Và Di Trú Hoa Kỳ (USCIS) đã công bố chính thức dự luật mới cho chương trình đầu tư EB-5. Dự luật mới sẽ bắt đầu có hiệu lực từ ngày 21 tháng 11 năm 2019. Đây là những sự thay đổi cực kỳ quan trọng cho chương trình đầu tư di trú từ những ngày đầu khi quốc hội khai sinh ra chương trình này năm 1990. Chúng tôi sẽ cung cấp thêm nhiều chi tiết cụ thể hơn sau, và những thay đổi quan trọng bao gồm:
1) Tiêu chuẩn mới về số tiền đầu tư: Số tiền đầu tư tối thiểu sẽ là 1 triệu 8 trăm ngàn đô la Mỹ ($1,800,000). Số tiền đầu tư tối thiểu cho những dự án nằm trong khu Trung Tâm Vùng (TEA-Targeted Employment Area) sẽ là chín trăm ngàn đô la Mỹ ($900,000). Tuy nhiên, dự luật mới với những thay đổi giành cho trung tâm vùng sẽ có thể gây khó khăn lớn trong việc thành lập những dự án thoả mãn cho việc thành lập trung tâm vùng.
2) Sửa đổi tiêu chuẩn cho Trung Tâm Vùng: Tiêu chuẩn cho trung tâm vùng sẽ được quyết định bởi USCIS và sẽ có khả năng những tiêu chuẩn sẽ được thu hẹp lại gắt gao hơn do sự xác nhập tổng quát vị trí địa lý của khối kinh tế. Nếu dự án bị giới hạn vào “vùng trực tiếp”, khả năng dự án phải lên một triệu tám $1.8.
3) Quy định mới cho việc duy trì ngày đáo hạn (priority date): Nếu sau này phải nộp hồ sơ I-526 mới, đương đơn sẽ được quyền duy trì ngày đáo hạn bằng ngày hồ sơ I-526 cũ được chấp thuận. Tính linh hoạt này sẽ bảo vệ nhà đầu tư mà đơn I-526 đã được chấp thuận nhưng chưa có khả năng hội tụ đủ điều kiện vì những tình huống ngoài sự kiểm soát của họ (ví dụ trung tâm vùng bị giải tán). Sự linh hoạt này cũng cho phép nhiều sự sáng tạo trong phương pháp kiến tạo phuơng thức đầu tư sau khi nộp hồ sơ mà không gây ảnh hưởng tới ngày đáo hạn.
4) Sự linh hoạt cho đơn I-829: Người thân trong gia đình hưởng lợi ích phát sinh bắt buộc phải tự nộp hồ sơ I-829 nếu bản thân họ không nộp cùng lúc khi đương đơn chính nộp đơn I-829.
Dự luật bắt đầu có hiệu lực từ ngày 21 tháng 11 năm 2019, 120 ngày kể từ ngày đuợc phát hành trên thông cáo của Liên Bang, và việc thông hiểu thông hiểu những điều luật mới ngày rất quan trọng. Nhưng hồ sơ nộp đúng cách trước cột mốc này sẽ được cứu xét dưới dự luật đương thời. (Lưu ý: Xin lưu ý rằng mặc dù 120 ngày cho phép trước khi dự luật mới có hiệu nghiệm, sẽ rất có khả năng chương trình EB-5 sẽ được phê chuẩn tiếp (trước ngày 30 tháng 9 năm 2019) với những đạo luật mới nữa mà có thể sẽ đối nghich với những đạo luật sắp thông qua nêu trên.
120 Ngày kể từ hôm nay, dự luật mới sẽ hiệu nghiệm. Cùng với đội ngũ nhân viên dày dạng kinh nghiệm và quá trình làm việc chặt chẽ với những đối tác kinh doanh, chúng tôi đã hỗ trợ quý thân chủ để nộp hàng ngàn những hồ sơ EB-5 trong vòng hai (2) năm qua, giúp quý thân chủ đi trước những điểm mốc nhạy cảm. Hãy liên hệ với chúng tôi ngay để đảm bảo hồ sơ của quý khách được nộp trước khi dự luật mới có hiệu nghiệm.
Attorney Phuong Le (left) – Partner at David Hirson & Partners, LLP speaking at the IIUSA DC Conference May 7, 2019
Photo Credit: IIUSA
Earlier this month, Attorney Phuong Le, Partner at David Hirson & Partners, LLP (“DHP”) spoke at Invest in the USA’s (“IIUSA”) conference in Washington, DC (May 5-7, 2019). He spoke on the panel titled: How to Market to and Find Investors Already in the U.S.: E-2 and EB-5 and Other Visa Backlog Solutions. Alongside his other panel members, Phuong spoke about the E-2 Treaty Investor Visa and other U.S. immigration pathways for those seeking alternatives to the EB-5 visa. Phuong and the team of attorneys at DHP are experts with helping clients find the best immigration pathways for themselves and their family members.
One of the keynote speakers at the IIUSA conference this year was General David Petraeus, who called on all those in attendance to help ensure that everyone who served in the U.S. military are ensured employment opportunities when they leave the service. DHP is proud of and supports our military and veterans.
Of particular interest to DHP’s EB-5 clients, are the updated final action date estimates provided by Mr. Charlie Oppenheim, Chief, Immigrant Visa Control & Reporting Division, U.S. Department of State. EB-5 petitioners from Mainland China and Vietnam continue to face a long wait time. EB-5 applicants from India do not face a final action date yet but will most likely have a final action date starting in July 2019. Mr. Oppenheim also provided his “best case” and “worst case” predictions for EB-5 final action dates for October 2019:
IIUSA’s full report on Mr. Oppenheim’s remarks regarding EB-5 final action dates is available here. If you are an EB-5 investor seeking to understand more about final action dates and what this means for you and your family, we encourage you to contact DHP or your licensed immigration attorney for more information and guidance.
Lastly, DHP is proud of all of the hard work and perseverance put forth by the 2019 winners of the IIUSA Awards for Economic Achievement and those elected to serve in various IIUSA positions. Congratulations to all!
If you have any questions about investment/corporate immigration or other avenues to immigrate to the U.S., contact us to speak with our experienced immigration attorneys.
On March 5, 2019, the Wall Street Journal published an article about the EB-5 investment immigration market in Vietnam. Phuong Le, Partner at David Hirson & Partners, LLP (“DHP”) and An Nguyen, Director of Business Development in Vietnam for DHP, provided timely insights for this article.
The article describes how the EB-5 market has shifted from a China-dominant world to now a Vietnam-dominant world. But, EB-5 stakeholders know that the Vietnamese EB-5 market is already shrinking. Where will the EB-5 industry go next? Without meaningful reforms to the EB-5 world, the EB-5 industry will face a shrinking future.
You can view the article, or contact us for more details about this article.
Contact us directly or call (+1-949-383-5358) to speak with an experienced team of immigration attorneys to discuss which immigration path may best fit you and your family’s immigration plans.
Last Friday (December 7, 2018), President Trump signed a 2-week “stopgap” (a.k.a. extension) spending bill that allows the U.S. government to continue operating until December 21, 2018. This extension also includes allowing the EB-5 regional center program to continue until December 21st. Congress and President Trump are still negotiating what to do after December 21st. There are a number of issues that are being debated right now, including funding to build a wall on the U.S. Mexico border.
While we do not expect EB-5 to be discussed or debated in Congress right now, we do expect the EB-5 regional center program to be continued to some point in time next year. We will let our readers know more as soon as we learn more.
We urge you to contact us with any further questions you may have about the EB-5 immigrant investor program or any other U.S. immigration program. Our team of successful corporate immigration attorneys can help you.
Keys to a Successful Partnership Between U.S. Law Firms and Vietnamese Migration Agencies – DHP’s Feature Article in First Vietnamese Edition of EB5Investors Magazine
David Hirson & Partners, LLP (“DHP”) is honored to have two of its dedicated Vietnam immigration professionals be the authors of a featured article in EB5Investors Magazine’s first-ever Vietnamese edition. EB5Investors.com and EB5Investors Magazine is known as being one of the leading platforms for all EB-5 immigrant visa knowledge. DHP is a regular contributor to all of EB5Investors’ magazines and international conferences.
The article can be read here: Keys to a Successful Partnership Between U.S. Law Firms and Vietnamese Migration Agencies
Attorney Phuong Le says, “This article has been published with perfect timing after our firm just returned from a two-week business trip to Vietnam. Many thanks to our clients and partners for a successful and productive journey across the country filled with seminars, lectures, consultations, and (way too much) food. Whether you’re an established or new Vietnamese migration agency, this article covers the important issues you’ll want to consider as you select a top tier law firm to support your business and investors. If you are considering EB-5 for you and your family’s immigration, this article can provide you with some tips on how to select the right team to help with your immigration goals.”
Contact us at David Hirson & Partners, LLP to schedule a consult with our team of professionals who can advise you on how to move forward with you and your family’s immigration goals.
Telephone: (949) 383-5358 Email: email@example.com Website: www.hirson.com
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2033 6th Avenue, Suite #600
Seattle, WA 98121
Phone: +1 949.383.5369
David Hirson & Partners, LLP has over 30 years of experience in corporate, business & investment immigration law. Our business immigration practice provides a full range of services, including a nationally recognized EB-5 investment immigration practice.