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  • Feb 14 - EB5 Grows Up

    Comment: EB5 Grows Up

    Today's issue of Immigration Daily carries a "big picture" article on EB5 by Reid Thomas of NES Financial. NESF has been involved in 200+ EB5 projects, accounting for approximately $1 out of every $2 in EB5 investments over the past 5 years, so Mr. Thomas certainly has the "big picture" perspective, one of the very few in the EB5 space who have such a vista, making the article particularly important for those connected to EB5. We make some observations below based on Mr. Thomas's article (comments are ours, and should not be imputed to the author):

    • NESF points out that the EB5 industry is experiencing explosive growth - numerical comparison from 2010 to 2013 captures the explosion - 325% increase in I-526 petitions filed, 577% increase in approved Regional Centers, and surprise, surprise, 400% increase in USCIS processing time
    • NESF points that that EB5 is now a mainstream source of capital, and importantly, what this implies for where the growth is right now - by a helpful chart which juxtaposes % GDP with % RCs, state-by-state. The chart shows that California and Florida have had their day in the EB5 sun, which is now shining on New York and Illinois. States which have not traditionally seen EB5 capital will likely see it in 2014.
    • An intriguing chart titled "Bifurcation in Project Size is emerging" shows that projects over $100million, while less than 10% of the total projects, represent about 40% of the targeted raise; this chart also shows that more than half the projects are under $20million, which amount to less than 10% of the targeted raise.
    • The article discusses typical range of Administration Fees and shows that both debt and equity models have their place currently (with bonds coming on strong as a third model).

    • Another chart in the article demonstrates the clear co-relation between "early-release" escrows and USCIS combined 924/526 processing time. While the wisdom of such escrows is unclear to us, the remedy is clearly in USCIS's hands - the agency must process the cases faster, which it appears to be on a trajectory of accomplishing.
    • The final two charts are perhaps the most important - "EB5 is receiving more oversight" "And the rules are evolving". The EB5 industry has grown under a loose set of rules, a circumstance that we expect 2014 to tighten. Experience with other industries which went thru the transition from wild west to orderly markets shows that such transitions are usually accompanied by some pain, and the landscape of the field morphs significantly. It is ILW.COM's belief that EB5 will be no different, and that 2014 is the year that the shake-out will begin.

    The lessons for immigration attorneys from this EB5 "big picture" are clear. IMMACT '90 re-shaped the legal immigration landscape to favor high-skilled immigrants over lesser-skilled immigrants, and H1Bs reshaped the political landscape in immigration for the next two decades. Now, the next act is about to unfold - EB5 represents a different kind of immigration - too many attorneys have shied away from EB5 so far, out of fear of the wild west atmosphere and out of knowledge that EB5 was niche. This article shows that all this has changed, EB5 is now mainstream, and for better or for worse, the bar would be well advised to adjust to the new world - EB5 is here to stay.

    Share your thought by writing to editor@ilw.com.

    Article: 2014 Success Strategies for EB-5 Regional Centers by Reid Thomas

    Article: TRANSMISSION OF AMERICAN CITIZENSHIP THROUGH ASSISTED REPRODUCTIVE TECHNOLOGY - AN UPDATE by Gary Endelman and Cyrus D. Mehta

    Blogging: Company Ordered to Forfeit $185,000, Restaurant Owner Fined $10,000;by Bruce Buchanan

    Blogging: GOP Pundit Demolishes Arguments Against Immigration Reform. By Roger Algase

    Blogging: DID YOU MOVE AGAIN!?! By Maria Schneider

    Blogging: ICE Success in Obtaining Deportation Orders Drops to 50% Edit Blog Entry By Matthew Kolken

    News: DHS Publishes Final Rule on Waiver of Citizenship Requirements for Crewmembers on Commercial Fishing Vessels

    Focus: Immigration Practice By Robert C. Divine
    Immigration Practice by Robert C. Divine & R. Blake Chisam is an invaluable supplement to Kurzban's with a different approach. It is also useful to newer practitioners and paralegals in view of its easy to understand and practical style. The new edition of Immigration Practice is available for pre-publication sale now! For more info, see here. To order by fax, see here.

    Headline: Debt limit saves GOP from political showdown Click here
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    Headline: US Republicans release ""Standards for Immigration Reform"" Click here
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    Headline: U.S. loses nearly half of deportation cases Click here
    Headline: Obama choice to run controversial immigration program faces a fight Click here
    Headline: The past is prologue for U.S. comprehensive immigration reform Click here
    Headline: Schumer Offers Long-Shot Option to Skirt House G.O.P. on Immigration Click here
    Headline: The political center isn't demanding immigration reform. dailyrundown take away Click here

    Help Wanted: Immigration Paralegals
    Washington, DC - Immigration group with Polsinelli is seeking paralegals. Duties include assisting in Form I-9 audits, working in database, preparing immigration forms, drafting correspondence, conducting research, maintaining files, maintaining case management system, and communicating with clients. BS or BA degree and Paralegal Certificate required. Immigration compliance a plus, but will train. Ideal candidate will possess attention to detail, ability to multi-task, and meet assigned deadlines. Salary commensurate to experience. Please send resumes to Heather Haynes at hhaynes@polsinelli.com.

    Help Wanted: Immigration Attorney
    Los Angeles, CA - Immigration law firm in Studio City is seeking a full time, bilingual (Spanish) associate attorney. The law firm handles a variety of immigration cases, including (but not limited to) Adjustment of Status, Consular Processing, provisional waivers, U-Visas, VAWAs, DACAs, SIJS cases, TPS, cases before Immigration Court, the BIA, and the Ninth Circuit. The law firm handles PERM labor certifications and employment based petitions and also works on nonimmigrant business visas such as L Visas, E Visas, etc. Responsibilities include: working with the paralegal team to supervise and facilitate the preparation of immigration packets to be sent to USCIS; preparing evidence and briefs to be sent to the Immigration Court, BIA, and Ninth Circuit; conducting legal research; appearing in Immigration Court on behalf of clients; representing clients in adjustment of status and naturalization interviews; giving consultations and providing potential clients with an assessment of any possible immigration relief available to them. Ideal candidate will have the following experience and skills: experience with types of cases outlined above; experience with the Immigration Court, BIA, and Ninth Circuit; fluency in Spanish and the ability to provide information to clients in Spanish in a way that allows clients to easily understand whether they qualify for any immigration relief; and excellent customer service skills. All resumes and submissions will be treated with strict confidence. Please send resumes to officeresume2014@gmail.com

    Help Wanted: Immigration Paralegals
    Multiple Locations - Baker, Donelson, Bearman, Caldwell, & Berkowitz, P.C. has an immediate opening for two immigration paralegals. One opening is in the Chattanooga Office, the second opening is in the Chattanooga, Atlanta or Nashville office. Candidates must have either a Bachelor's Degree and/or a paralegal certificate from an ABA approved paralegal program. Spanish fluency preferred, but not required. Some responsibilities include: assisting attorney with determining case strategy; managing large volume of clients and tracking status of filings and documentation needed; gathering relevant documentation from clients; reviewing extensive case documentation received; assisting attorney with legal research; assembling and organizing filings with the government; drafting legal correspondence to the government and clients for attorney review; preparing appropriate forms for government agencies, maintaining fully paperless file copies. Ideal candidate will have strong organizational, interpersonal, and communication (oral and written) skills, including the willingness and ability to work directly with foreign nationals to gather information and documentation. All applicants should have an aptitude for detail; the ability to work efficiently, and to work under pressure with or without direct supervision. Each candidate must be able to handle multiple projects at the same time and have excellent facility with computer systems and the ability to learn and efficiently use new systems. Candidates must be flexible, have regular attendance and be willing to work overtime if necessary. Resumes will only be accepted for position posted. Must provide minimum authorization to work in the United States. Baker, Donelson, Bearman, Caldwell, & Berkowitz, PC is an equal opportunity employer and all qualified applicants receive consideration for employment and all employees are treated during employment without regard to race, color, sexual orientation, religion, sex, age, national origin, genetic information, physical or mental disability, veteran status, gender identity and marital status. To apply, go to www.bakerdonelson.com.

    Help Wanted: Immigration Attorneys
    New York and New Jersey - Immigration Law Firm is seeking additional Business Immigration Lawyers to add to its staff. Immigration attorney will handle a full range of immigrant and nonimmigrant employment based matters. Lawyer will manage paralegal staff and also him/herself prepare, file, and monitor status of NIV and IV petitions for corporate and individual clients including PERM, H-1B, L-1, TN, O-1, P-3, P-1 J-1, E-1/2, B-1/2, etc. Immigration lawyer will also research and draft RFE and Audit responses and Motions to Reopen/Reconsider to CIS/DOL. Consular processing experience a plus. Immigration lawyer will maintain case files in Tracker. 1+ years of experience in business immigration law required. Law students with business immigration experience are welcome to apply. Multi-tasking a must. EOE. Please send resume and salary requirements and letter of interest in confidence to info@visaserve.com or by snail-mail to NPZ Law Group, ATTN: Human Resources Department.

    Help Wanted: Immigration Attorney
    New York, NY - Immigration Law Firm is seeking a Business Immigration Attorney. Position will handle full range of immigrant and nonimmigrant employment based matters. Attorney will prepare, file, and monitor status of NIV and IV petitions for corporate and individual clients including PERM, H-1B, L-1, TN, O-1, J-1, E-1/2, B-1/2, etc. Attorney will also research and draft complex Request for Evidence responses and Motions to Reopen/Reconsider to USCIS/DOL; in addition, attorney will update and maintain case files via LawLogix. Ideal candidate will have 2+ years of experience and will manage own caseload. Please send resumes to administrator@ppid.com and use "ILW.com Classified Response" as the subject line.

    Help Wanted: Immigration Paralegal
    Los Angeles, CA - Polsinelli, LLP is seeking a candidate to immediately fill a Paralegal position in their Immigration group in Los Angeles (Century City). Responsibilities include drafting government form, writing letters, conducting research, maintaining files and case management, preparing and maintaining reports, and communicating with clients. Ideal candidate will have attention to detail, the ability to multi-task, and the ability to meet assigned deadlines. Requirements include a Paralegal Certificate and BS or BA degree; immigration experience a plus. Please send resumes to hhaynes@polsinelli.com.

    Law Practice Wanted
    Want to Buy New Jersey Immigration Law Practice. Gross revenue $500K or less. Seller to Transition the practice for 12 months. Call Ed Poll at 800-837-5880 or send email edpoll@lawbiz.com.

    To submit an article or a news item to Immigration Daily, write to editor@ilw.com. Follow ILW.COM on Twitter.

    Letters of the Week:

    ComingsNGoings: Immigration Event
    San Diego, CA, February 19 - 12:00pm - Join the Center for Comparative Immigration Studies at the University of California, San Diego in the Eleanor Roosevelt College Administration Building, Room 100 for "U.S. High Skilled Immigration: Problems, Misconceptions, and Solutions." Ron Hira, Associate Professor of Public Policy at Rochester Institute of Technology will be joined by Peter Gourevitch. For additional information, please see: http://ccis.ucsd.edu/2014/02/ccis-wi...ration-feb-19/


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