Comment: Grace Period For New EB5 Regulation
This Editorial comment covers the following four topics: What is the new rule, Why is it coming now, Congressional forecast and 60 Day Grace Period.

What

  • OIRA (Office for Information and Regulatory Affairs at Office of Management and Budget of the White House) is in the final stages of review of the new EB5 regulation. OIRA/OMB has moved faster than expected on this rule (another proposed rule on RCs and exemplars has been postponed).
  • The new EB5 regulation will allow portability for priority dates, increase investment amounts, centralize TEA designations at USCIS (away from states/localities), and make a few technical changes to EB5.
  • OIRA's review was brief, covering Regulatory Flexibility Act, small business impact and compliance with various executive orders. OIRA did not conduct a Federalism analysis, and USCIS claims costs and benefits of this new rule cannot be quantified. Almost 300 comments were received, the extent to which any of them influenced USCIS's final language is not clear.
Why
  • Trump administration is acting upon and pre-poning this Obama era regulation, unlike many Obama era rules that this administration is hostile toward.
  • Trump administration is focused on US job creation to an even greater extent than Mr. Obama's administration and the Trump folks see EB5 as a job creation program. The new USCIS Director, Mr. Cissna, was part of Senator Grassley's staff - USCIS's new EB5 regulation is in the spirit of changes that Mr. Grassley has repeatedly advocated. The Trump administration seems to place EB5 within a new vision of immigration and sees this new regulation as a way of ensuring the future of the EB5 program.
  • Following the same pattern as DACA, the Trump administration appears to be inviting Congress to act on EB5 also.
Congress
  • Some in Congress apparently intend to address DACA and EB5 in the same bill in early 2018. Immigration Daily's reading of the political situation is that DREAM/DACA will be prioritized ahead of EB5, and that no movement on EB5 in Congress is possible until DREAM/DACA is resolved.
  • Some Republicans are trying to use leverage over DREAM/DACA to dramatically restrict immigration (and change its composition). While America and the West are clearly moving in an anti-immigration direction, the scope of change to total numbers that some Republicans in Congress currently envisage is against centuries of American history on immigration, and can thus happen only slowly over the next decade or more, and with several intervening elections.
  • It is possible that the EB5 industry will have to live with the USCIS regulation without relief from Congress, for 2018 and beyond.
Grace Period
  • Immigration Daily has learned that when the new EB5 regulation is published in February, there will likely be a 60-day grace period, prior to it going into effect (partly to invite Congressional action, and partly to permit those with ongoing raises to complete their raises or change their offering documents).
  • Unfortunately, EB5 industry has cried wolf too many times on increased investment amounts, especially in China. The grace period may not have much impact in China because of this, and also because any surge in investment from China will only make the China backlog even worse than it already is (Twenty-Year wait, anyone?).
  • However once the regulation is published with the grace period in black-and-white, the wolf will be howling through the rest of the world. India and Vietnam will rocket forward in investments with perhaps 500-1000 investments during the grace period. Perhaps another 500-1000 investments will materialize from other countries/sources during the same time, i.e. the 60 day grace period. ILW is conducting many events to ensure that issuers can make the most of this opportunity, please write to webmaster@ilw.com for more info, or call us at 1-212-545-0818, or get info online.

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Focus: India Expo -- Almost Sold Out; Last Chance
January 15, 2018 - Mumbai, India
January 17, 2018 - Ahmedabad, India
January 19, 2018 - Delhi, India

ILW offers limited EB-5 exhibition opportunities at the Mumbai, Ahmedabad & Delhi Expos

Info on India:

  • India is currently the world's fastest growing major economy - faster than China - and will keep outpacing China in 2018 and beyond
  • The number of new millionaires created each year in India is more than China - this has been true for the last several years
  • India will be #1 EB5 country by 2019, absent quota relief
  • India is fully English speaking country - no translation needed even for official documents
  • Indian regulatory structures are more robust than China. India source of funds is easier to handle for USCIS as compared to China source of funds
  • At ILW EB5 expos you will meet with direct investors, and/or with agents/intermediaries from the country and/or a combination of the above (all depending on local law)

Format:

  • All Day Expo featuring Exhibit Hall and frequent short seminars.(Speaking Opportunity included)
  • Please bring brochures, PowerPoint presentation, table displays and business cards.

EB-5 Issuers - $3,999 per city; Law Firms - $999 per city
(Inquire about Discounts and also about Platinum Level)

For more information, please call (212)545-0818 or email webmaster@ilw.com or click here.

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