Comment: TEA Window of Opportunity

New TEA definitions in the new EB5 regulation have created a remarkable window of opportunity for document-ready projects in rural areas and high unemployment urban areas at the $900k EB5 investment level, see below:

  • With change of the TEA definition, almost half of the projects from the pre-11/21 EB5 market no longer qualify as TEA projects. However, these large urban projects that are no longer in the market accounted for much more than half of investments in the old EB5 market. So large projects with massive EB5 raises are out of the market now creating a large vacuum. This is true in all 5 major world markets left in EB5 and also in minor EB5 markets across the world.
  • We have heard that one giant New York City developer is planning to come to the market with a small Utah based TEA project. Large developers are not exiting the market--they want to keep their toe in the market because they are hoping for an eventual legislative fix in 2021 and while they wait, they want to keep EB5 activity ongoing so as to hang onto their distribution infrastructure. However, the new TEA projects these large developers are bringing to the market are much smaller and are easier to compete against than 50+ story skyscrapers in New York, Miami and Los Angeles, and it may be summer before these new TEA projects from the big developers enter the market.
  • That is why if you have documents ready now for a project that qualifies as TEA as per the new EB5 regulation, this winter and this spring constitute a window of opportunity for you. The 5 major EB5 markets are thirsting for projects. You can supply that demand now before large players with new supply bring their issues to market.

If you are in this happy position of having a document-ready TEA project now, ILW can send you a proposal for 4 of the 5 major EB5 markets.

Contact us at webmaster@ilw.com, calling us at 212-545-0818

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Focus: TEA Window of Opportunity

There seems to be a widespread belief currently that there are now two EB5 markets--one at the $900K level and one at $1,800K level. The evidence does not back up this belief, see below.


For 25+ years EB5 investment numbers at the $500k level and the $1000k level exist and have been published by USCIS. This record is probative to make a reliable hypothesis as to the idea of a suggested market at the $1.8 million level. The average number of investments at the $1 million level for the entire period of 25+ years is about 1% of the total number of EB5 investments--in no single year did the investments break out above a low single digit percentage. If the investment share of the higher investment amount was less than 1% when the differential was $500k between the two investment levels, then an increase of the differential to $900k should result in an investment share even lower than 1%. Furthermore, during those last 25+ years, the majority of $1 million investments were made directly by foreign investors where they were a principal in the business, NOT in a RC investment in an EB5 promoter's project. The same pattern should repeat at the $1.8 million level.


Given the above, the number of investments at $1.8 million level with a Regional Center will be less than 10 annual investments for a total investment at less than $20 million for ALL the regional centers put together at $1.8 million dollar level in any given year. We suggest this low number does not constitute a market. Based on the above, it sure seems that anyone who has any hopes of conducting a meaningful EB5 raise with multiple investors at the $1.8 million level is engaging in wishful thinking.


The EB5 industry is still trying to grasp the large structural changes in the market and is still trying to adjust to this new reality. For example, the new EB5 market is concentrated in fewer countries than the old EB5 market. If you are looking to get 10+ investors from a country and you do not already have a network in the country that has produced many investments for you in the past, then the number of countries you can go to productively has shrunk from 11 countries pre-11/21 to 5 countries post-11/21. All other countries will be good for pleasant foreign jaunts, but not for getting meaningful EB5 investment.


Contact us for a conversation on what we can do for you in this brave new EB5 world by emailing us at webmaster@ilw.com , calling us at 212-545-0818 or online

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Help Wanted: Associate Attorney

Mona Shah & Associates Global (MSA Global) has a large and diverse client base representing individual, institutional, and corporate clients around the globe. We use our expertise in assisting not only individual investors with submission of their immigration cases, but also in structuring, configuring and preparing EB-5 and other business immigration investment projects involving multi-million-dollar raises. In aggregate, MSA Global has assisted in raises of over a billion dollars. The work here at MSA Global is often challenging, high-quality, creative and requires someone with business acumen that can quickly adapt to this complex, nuanced, and constantly changing area of law, combining practice in immigration, securities and corporate law. POSITION INFORMATION: Full Time. DUTIES: You will perform the following duties: 1. Prepare immigrant and non-immigrant applications, with a focus on EB-5; 2. Draft corporate agreements; 3. Initial consultations with clients to obtain relevant case information; 4. Analyze case issues and plan case strategy accordingly; 5. Prepare appropriate forms regarding client matters before the Departments of Homeland Security, State, Justice, and Labor; 6. Correspond with clients, court personnel, attorneys, and other interested parties; 7. Consult and discuss case status with senior attorneys. QUALIFICATIONS & EXPERIENCE REQUIRED: 1. Relevant work experience a must 2. EB-5 or corporate experience a plus 3. Law degree 4. Member of State Bar (not essential) About Mona Shah & Associates Global / MSA Global MSA Global is a global business immigration firm headquartered in Manhattan, NYC with a Branch office in the UK. As one of the first business immigration firms with a focus on EB-5 (the Immigrant Investor Visa Program), MSA Global is considered an Industry specialist and highly regarded in the EB-5 field. Contact us via e-mail at info@mshahlaw.com or via phone at (212) 233-7473.

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