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  • Article: EB-5 Update. By Bernard Wolfsdorf, Esq.

    EB-5 Update

    by


    1. Regional Center Reauthorization Extension
      It is highly likely Congress will pass an extension shortly before or after the regional center program expires on September 30, 2015.
    2. How long will the extension be for? The program will most likely be extended for 3 years; however, as the deadline approaches, the possibility of an extension for only 12 months or even 6 months increases.
    3. Which Bill S1501, HR 3370 or HR 616 will move? S1501, HR 3370,HR 616
      1) Grassley-Leahy Senate Bill S1501, 2) Lofgren-Gutierrez Bill H.R.3370, and 3) Polis-Amodei Bill HR 616. The bill most likely to move will be a new one to be introduced by Rep. Daryl Issa with Rep. Bob Goodlatte’s support.
    4. What will be in the final bill?
      No-one can be sure, but it is likely we will see an increase in the minimum investment amount to $800,000 for TEA/Rural investments and $1.2M for others. Some “integrity” measures are also likely to be included.
    5. Who will be grandfathered under prior old rules?
      Most likely persons filing I-526 petitions before October 1, 2015 will be allowed to do so under the lower investment amount.
    6. Which projects will be grandfathered?
      S1501 includes projects with approved or pending exemplars. The final bill should also include projects with approved or pending I-526 petitions but it is not clear it will.
    7. Will there be new rules for Targeted Employment Areas (TEAs)?
      None of the proposals include a workable solution so it’s unlikely.
    8. Conclusion
      There appear to be two likely possibilities: there will be an extension for a few months with no changes, or there will be a 3-year extension with an increase in the minimum investment and some other integrity issues. These predictions are based on discussion and commentary only and do not constitute legal advice.

    This post originally appeared on Wolfsdorf Immigration Law Group. Reprinted with permission.


    About The Author

    Tahmina Watson Bernard Wolfsdorf is a recent past President of AILA and Managing Partner of the top-rated Wolfsdorf Rosenthal LLP with offices in Los Angeles and New York. With 21 lawyers and 60 professionals, the firm is known worldwide for its excellence in providing value and top-quality global immigration representation. Wolfsdorf Rosenthal LLP has been described by Chambers USA as "a force to be reckoned with."


    The opinions expressed in this article do not necessarily reflect the opinion of ILW.COM.

    Comments 1 Comment
    1. Sam Agarwal's Avatar
      Sam Agarwal -
      Be very cautious. It appears another major fraud is being alleged by the SEC. This is said to involve approximately 250 Chinese investors who now risk losing their money and their chance at temporary and permanent Green Cards for their family.

      The SEC has taken some action alleging major Securities Fraud against Path America and Lobsang Dargey which include misusing investor funds to purchase a personal residence worth $2.5 Million and paying gambling expenses.

      What is still unaddressed is the fact that Path America & Lobsang Dargey flew Washington State's Lt Governor, Brad Owen, to China.
      This was May 2014 and the Lt Governor told this group of investors gathered to evaluate Potala Tower that the 41 story tower was set to open "this summer." The property was nothing but dirt. It did not even have shoring or excavation permits. This type of false information presented to a group that is about to make this investment seems materially misleading and fraudulent.

      Lt Governor Brad Owen and Governor Jay Inslee are also believed to have contacted USCIS to get Path America's denial of a Regional Center overturned and approved (we need this investigated), and there are copies of a letter written by Brad Owen to USCIS staff encouraging a positive outcome for Path America LLC
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