The USCIS has issued the final EB-5 Adjudications Policy memorandum on uscis.gov. The memo emphasizes the importance of flexibility and has renewed confidence in the EB-5 program. Dawn Lurie does an excellent job sharing the highlights of the memorandum.   The EB-5 Adjudications Policy memorandum acknowledges that the adjudication of EB-5 petitions and applicants is based on preponderance of evidence standard, offers that the “petitioner or applicant does not need to remove all doubt f...

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According to Suzanne Lazicki, the EB-5  Adjudications Policy Memorandum “has some nice clarifications on issues like escrow outside the US and bridge financing, keeps a few of the mysterious provisions from the previous version, and drops one major bomb regarding the nature of Regional Centers.” 

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Joseph Whalen urges caution and study before jumping on a particular policy change. Even though the USCIS will allow for certain issues to be altered without the demand for an I-924 Amendment, you must be sure you are clean on which is which. “Make sure to reconcile the Policy with the controlling statues and regulations.”    Read More. 

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I’m new to the EB-5 world. What I’m seeing here almost makes me want to run screaming back to my old world, where I practiced corporate and securities law (including at the SEC) for 30 years. How are you getting away with violating the securities laws? I’m seeing violations of Section 5 of the Securities Act all over the place and this has serious implications for the success of the projects that are being funded by EB-5. Let’s start with some legal fundamentals: The term “security” ...

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Vantage Pointe Investments, developers of assisted living communities and luxury apartment communities throughout the Southeast, had utilized conventional funding for capital stack needs in much the same manner and from most of the same types of sources used by all developers. When the economy began changing in 2008, we began looking for alternate sources of debt as well as equity. We were introduced to the EB-5 world by happenchance shrugging it off as likely just another government program ...

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Implications under the U.S. Foreign Corrupt Practices Act   by STEVEN BLAYNEY, Esquire   It has been alleged that in some cases some EB-5 regional center projects, in order to gain a competitive advantage in the Chinese market, may pay substantial commissions to Chinese emigration agents in China without informing Chinese investors of such commissions. In the case of the controversial Chicago Convention Center SEC case, it has been alleged that some Chinese emigration agents in Ch...

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USCIS & SEC Hold Intra-Agency Conference Call on Securities Issues Related to the EB-5 Investor Visa Program   U.S. Citizenship and Immigration Services (USCIS) and the Securities and Exchange Commission (SEC) invited interested individuals to participate in a stakeholder teleconference to discuss the EB-5 Immigrant Investor Program. It was held April 3, 2013. During the engagement, subject matter experts from the SEC discussed securities law compliance in the context of EB-5 regional c...

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The Office of the Citizenship and Immigration Services Ombudsman (Ombudsman's Office) held a stakeholder meeting on the EB-5 Immigrant Investor Program on March 5, 2013.  Opening Remarks      Ombudsman Maria Odom began her remarks by emphasizing that the purpose of the meeting was to discuss solutions to challenges in the EB-5 Immigrant Investor Program. She noted that the EB-5 program can be an engine of economic growth and spur job creation. Ms. Odom reported the following: Tod...

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Group Holds Roundtable Discussions on Securities Best Practices with U.S. Regulatory Agencies & Dept. of Commerce   Following the IRCTC action and an increased concern about the practices of raising capital by unregistered firms and persons, fraud and misrepresentation in the EB-5 program, a group of securities attorneys, broker dealers and investment advisors met with officials and regulators with the Securities & Exchange Commission (SEC), Financial Industry Regulatory Authority (...

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Part I:  EB-5 Offerings Do Not Fit Standard SEC Registration Requirements  by Victor Shum & Catherine D. Holmes  The SEC has not provided clear guidance on how to comply with U.S. securities laws requiring registration as a securities broker-dealer, investment company or investment adviser when conducting EB-5 offerings The U.S. Securities and Exchange Commission (SEC) has stated in open meetings with the United States Citizenship and Immigration Services (USCIS) and the Association to...

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On March 11, 2013, the Securities and Exchange Commission announced charges against New York-based private equity firm Ranieri Partners, a former senior executive, and an unregistered broker who violated securities laws when soliciting more than $500 million in capital commitments for private funds managed by the firm. The federal securities laws require that an individual who solicits investments in return for transaction-based compensation be registered as a broker. An SEC investigat...

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EB5 Capital announced today it has fully repaid eligible investors in its 7th and 8th projects, successfully completing their EB-5 investment process. The full investment amount has been returned to investors as they have completed their conditional residency period and applied for permanent resident status in the United States. “The return of the full investment amount represents a strong and informed EB-5 investment decision on the part of our clients. We’re honored they would choose...

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