Comment: 9 Attorneys on Key EB5 Changes

Featuring: Rogelio Carrasquillo, Robert Divine, Matt Gordon, David Hirson, Sam Newbold, Angelo Paparelli, Mona Shah, Laura Reiff & Osvaldo Torres

9 eminent attorneys share what they think are the 3 most important, interesting or both important and interesting aspects of the EB5 Reform Act of 2022, and answer the most commonly asked questions by audiences of EB5 industry professionals.

Click on the time stamps of the questions below to take you DIRECTLY to the question and its answer.

David Hirson, Angelo Paparelli & Laura Reiff -- March 30
0:00 Introduction
01:39 How did we get the reauthorization done?
03:35 Which provisions of the statute go into effect right away and which after 60 days?
06:54 How does the statute envision what new project applications will be like?
09:03 Reauthorization was a result of a lot of negotiations–can you walk us through that?
12:39 What can we expect in terms of USCIS rules and policymaking on this statute?
17:18 What are the sources of funds provisions in the new act?
23:52 How did the negotiations proceed and , what did we get as a result?
27:28 How will USCIS conduct I829 adjudications, possible interview waivers, site visits etc.?
32:45 How will the statute impact Rent-A-Center approach?
34:35 What are the changes in job requirements in terms of employee count?
40:04 Does a single investor doing their own EB5 now have to use the fund administrator?.
Questions from the Audience of EB5 industry professionals
43:53 When will NVC open for processing current investors?
43:58 Can we file adjustment of status applications when there is a pending i526–can we do it now, or after the 60-day period?
44:17 Are the options for concurrent filing of i-526 and i-485 available for existing investors?
44:23 When will the processing of pending petitions start? 4436 For pending I-526 petitions based on RC projects when should the investors file that I-485 if they are legally in the U.S
51:34 What does Charles Oppenheim of the State Department say will be the impact of reserved visa categories on longer delays for Mainland China?
53:34 What does Charles Oppenheim of the State Department say about the INA guidelines on how unused numbers within a preference category’s annual limit should be made available to other preferences and possibility of “technical corrections”?.

Robert Divine, Mona Shah & Osvaldo Torres -- March 23
00:00 Introduction
02:53 How will USCIS implement this act and what is the timeline? Will existing RCs have an advantage?
05:51 What are the changes in rules governing foreign agents?
09:09 Are such Pooled Directs possible anymore?
15:34 What do reserved visa numbers and prioritization mean for rural projects?
18:36 What are the changes to redeployment?
21:22 What are the new securities law issues in this law?
22:45 Is there a change in sustainment for an investment for about two year, and what does that mean ?
30:10 What are the new securities law issues in this law? Continued
32:58 What are the changes to admin fees?
34:49 What does the statute say about fund administrations?
Questions from the Audience of EB5 industry professionals
36:48 Where would the adjustment of status be filed?
38:45 Does the new law favor smaller projects rather than larger projects?
42:23 Do you interpret the fund administration requirement as also applying to single investor direct EB5s?
42:49 Do you feel comfortable accepting a RC client like that today, given all the uncertainty?
45:32 Are set asides only forward-looking or are they applicable to past EB5 investors as well?
46:44 Will the foreign agents registration requirement be only for corporations or for individuals or both?
47:26 What direction will USCIS take with regard to currency transfer issues?
50:47 For projects mid raise, do you think USCIS will honor the approved business plan? How will projects update their offering– 924 amendment, interfiling?

Rogelio Carrasquillo, Matt Gordon & Sam Newbold -- March 16
00:00 Introduction
04:42 Are Pooled Directs actually dead?
06:58 Any comments on fund administration in the statute?
08:46 What securities compliance and integrity measures are in the legislation?
10:43 How might USCIS interpret the statute?
14:35 What the new law says on redemption?
18:39 How will the cumbersomeness and added cost compliance impact the EB5 market?
26:42 Who can, or who should be a fund administrator?
30:31 Is there any good news on source of funds?
33:42 How will provisions regarding foreign agents and foreign promoters impact how the EB5 market works?
Questions from the Audience of EB5 industry professionals
39:36 Can investors with pending I-526 petitions file their adjustment of status right now or do they need to wait for the 60 days?
41:21 Do the integrity measures and security requirements apply to a single investor direct investments?
43:04 Is effective date for the new law is 60 days, for all parts of the act, correct?
44:38 In regards to job creation, what's the 10% cap?
49:18 My understanding is we can't file RC cases for 60 days. What happens to age outs?
50:05 When will the consulates start to issue immigrant visas based on approved EB5 petitions?

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