China EB-5 Quota Retrogression Announced
Today, Mr. Charles Oppenheim, U.S. Department of State, Chief, Immigrant Visa Control and Reporting Division, announced at the IIUSA conference in Washington D.C., that effective May 1, 2015, the retrogression of priority date in the EB-5 category for China is May 1, 2013. This means that all investors whose I-526 petitions were filed before May 1, 2013 will be able to continue processing for their conditional permanent residence. However, all investors who filed I-526 petitions on or after May 1, 2013 will not be able to do so.
Further, at the beginning of the new fiscal year on October 1, 2015, the cutoff date will likely be two to three years. In other words, the projection is that in the fall of 2015, the cutoff date might be the fall of 2012 to the fall of 2013.
We have published several client alerts on the Chinese EB-5 quota retrogression on our website including The Impact of EB-5 Quota Backlogs on Chinese Families; Surviving and Thriving in Times of EB-5 Quota Backlogs; and Chinese EB-5 Quota Retrogression. We will continue to post additional updates in the days to come.
For further information, please contact your Klasko Law attorney.
This post originally appeared on EB-5 Resource Center. Reprinted with permission.
Karuna Chandani-Simbeck is an Associate in the Firmís Philadelphia office and a member of the Firmís EB-5 practice. As part of the EB-5 team, Karuna is involved in various stages of the EB-5 process, including the preparation and filing of I-526 Petitions (particularly the source and path of funds), for both regional center investors and individual investment opportunities. Karuna also assists in reviewing adjustment of status applications, and consular processing. Before joining the Firm, Karuna was an Associate at a global immigration law firm in New York City, where she gained extensive experience in business immigration for the firmís largest corporate client, a Management Consulting, Audit, Tax, and Financial Advisory firm. She focused on Permanent Residency and the PERM certification process, having worked on over 300 + PERM cases. She also gained experience in preparing Audit responses and Motions for Reconsiderations, as well as the supervised recruitment process. In addition, she participated in counseling foreign nationals and employers regarding scope of H-1B and L-1B visas and filing requirements. Karuna also prepared foreign national employees for global assignments to member firms and provided insight on repatriation with respect to L-IA visa and potential EB-1 Greencards processing.