The Legal and Regulatory Framework of EB-5: What to Expect in 2018 and Beyond
The early stages of Trump's presidency presented a number of remarkable developments and changes in the immigration field, specifically in EB-5. In light of recent legislative proposals such as the increased required minimum investment and the impending reauthorization of the visa program, are critical issues for EB-5 applicants, especially now that President Trump pushes a more "American" economic development. In addition, the various proposals to reform EB-5 are viewed to have significant impact on the upcoming legislative debates as part of its reauthorization.
In light of these notable developments, it is interesting to know how the EB-5 visa program will continue to battle amidst the controversies it faces. Its legal and regulatory framework remains an important issue until the year ahead.
Listen as a panel of distinguished immigration practitioners organized by The Knowledge Group provide the audience with an overview of the latest updates in EB-5 visa program. Speakers, among other things, will offer helpful insights on the reauthorization of the program and how certain political elements will affect its legislative debates. They will also provide glimpse of what to expect in 2018 in the verge of these significant changes.
Key topics include:
- EB-5 Visa Program – Overview
- Trump's Recent Executive Orders on Immigration
- Up-to-the-minute Developments
- Updates in EB-5 Reauthorization
- What to Expect in 2018
Ignacio Donoso, Managing Member
I.A. Donoso & Associates, LLC
- Legislative overview of Regional Center program prospects:
- Influential legislative outlooks – “Schools of thought” in the legislature, comparison of influential bills
- Patterns in proposed changes to minimum investment amounts
- Grandfathering vs. retroactivity
- Regional center requirements – reporting, annual fees, site visits, principals must be LPRs/USCs
- Proposed changes to TEA definitions and who benefits from them
- Rural/high unemployment (current)
- Infrastructure and manufacturing
- Closed military bases
- Priority urban areas
- Other area set-asides
- Continuing tension with other nations’ currency exchange controls
- Prior guidance: USCIS is not executive branch of foreign gov’ts – mere circumvention of currency exchange controls not by itself unlawful
- But now, e.g. Chinese one-friend currency swap arrangements under scrutiny – focus on lawful source of actual USD exchanged by friend – inconsistent adjudication.
- Two new EB-5 markets, India and Vietnam, have currency exchange controls (as does China) – development of agency oversight under these conditions.
- More existing waitlist cases to mature into complications at NVC and Consulate:
- Age-out of dependents, CSPA calculations (problematic especially if brief window of availability suddenly opens up in the middle of retrogression period, but DOS still refuses to add briefly-eligible dependent)
- Processing errors, e.g. multiple demands for fee bills or no demand for fee bill, preventing families from IV application
- Tension under other legislation/rulemaking:
- Obama’s 07/2015 executive order allowing EB-5 petitioners to acquire B-1/B-2 to visit U.S. to monitor investments (though not to work or manage investment, and may not AOS on that visit), contrast against DOS under Trump administration extended 90 day period of analysis for inconsistent conduct between NIV and IV activity.
- RAISE Act? Does include an EB-5 style category, worth 6 or 12 points (30 are needed to immigrate).
- Adjudication clarifications may be needed in areas of statutory/case history ambiguity:
- Indebtedness issue: USCIS has interpreted indebtedness issue of Matter of Izummiadversely to situations where Investor received gift of cash from donor, but the cash was secured by a collateral in which Investor has a small ownership interest. Odd situation where if Investor owns none of the collateral, USCIS has no problem, but if the Investor owns some of it (e.g. real property, shared ownership with parents) then USCIS raises indebtedness issue.
- Sustaining investment at risk issue: Controversial DHS interpretation of lifting of conditions requirement: expected business interpretation would be sustained for period of creating at least 10 full time job opportunities, but USCIS interprets it very broadly to include entire CLPR period, plus submission of I-829, plus final adjudication of I-829 – could be many years if waitlist is taken into account.
R. William Cornelius, Esq., Attorney
- The Perils of Redeployment
- Smaller Deals: The New EB-5 Trend?
- Prioritizing Manufacturing Projects in the Trump Era
Jay M. Rosen, Partner
Saul Ewing Arnstein and Lehr LLP
- impact of ongoing uncertainty on the EB5 industry;
- importance of non-China markets;
- structuring projects for non-China markets;
- are mega deals done?
Who Should Attend:
- Employers and Employees
- Public and Private Companies
- EB-5 Visa Applicants
- Immigration Specialists
- HR Executives
- Immigration Lawyers and Practitioners
- Employment Law Attorneys
- Employment Law Advisors
- Other Interested/Related Professionals
Ignacio Donoso is nationally recognized as a leading EB-5 attorney. He is the founding member of I.A. Donoso & Associates based in Washington, D.C. He advises developers throughout the United States on the formation of EB-5 regional centers and the design of EB-5 projects and has successfully advised thousands of individual EB-5 investors on their visa petitions. Ignacio's career spans more than 20 years as a member of the State Bar of California. Since 2003, he has been a member of AILA and has been selected to serve in high-ranking positions such as on the National EB-5 Committee, the Annual Conference Planning Committee, the EB-5 Conference Planning Committee, and the Texas Service Center Liaison Committee. Ignacio frequently publishes and blogs about EB-5 issues and has been cited in media such as The New York Times and Fox Business (Latino).
Ignacio Donoso is nationally recognized as a leading EB-5 attorney. He is the founding member of I.A. Donoso & Associates …
Mr. Cornelius is the Vice President at Torres Law, P.A. and currently focuses on general corporate matters and private placements for real estate investment clients, EB-5 projects and other issuers.
For the past three years, Mr. Cornelius has gained significant experience in the EB-5 industry, including the preparation of offering documents for numerous EB-5 projects. As an attorney at Torres Law, Mr. Cornelius regularly represents regional centers, developers and projects with their corporate structuring and securities offerings matters, including those involving hotel development, multi-family residential, senior independent living complexes, healthcare companies, restaurants, franchise concepts and others.
Mr. Cornelius is a 2014 graduate of Nova Southeastern University’s Shepard Broad Law Center and is a member of the Florida Bar. Mr. Cornelius received his Bachelor of Science degree in Sport Management from Guilford College in Greensboro, North Carolina.
Mr. Cornelius is the Vice President at Torres Law, P.A. and currently focuses on general corporate matters and private placements …
Jay M. Rosen focuses his practice in general corporate and securities law. He has represented both public and private companies in connection with mergers and acquisitions, public and private offerings of securities and SEC disclosure, as well as corporate governance, debt and equity financing and general corporate matters. Jay's practice also includes handling private offerings under the EB-5 immigrant investor visa program. He serves as lead attorney on numerous projects from inception to closing, including contract negotiation and preparation.
Jay M. Rosen focuses his practice in general corporate and securities law. He has represented both public and private companies …
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About I.A. Donoso & Associates, LLC
As a leading business immigration law firm, I.A. Donoso & Associates is dedicated to helping foreign businesses, professional and investors navigate the U.S. visa process successfully. Through rigorous analysis and creative solutions, we strive to provide every client with a thoroughly rewarding experience. We are especially recognized for our expertise in EB-5 investor green cards. The firm’s team of attorneys and legal professionals is highly knowledgeable about business structures, accounting concepts and has the legal knowledge necessary to successfully accomplish their clients’ goals. I.A. Donoso & Associates works closely with each one of its clients and offers tailored advice and services to fulfill their needs. If you are interested in obtaining a work or investment visa, we offer a free, no-obligation and non-binding evaluation of your potential case at our website, donosolaw.com.
About Torres Law
Torres Law, P.A., is a South Florida law firm that concentrates on complex corporate and securities law matters. We have extensive experience in the preparation of offering documents primarily for real estate and EB-5 projects. For the past 6 years, the firm has been active in the EB-5 industry and is recognized as one of the leading EB-5 securities law firms. Torres Law regularly represents regional centers, developers and projects with their corporate structuring and securities offerings matters, including those involving hotel development, multi-family residential construction, senior independent living complexes, healthcare companies, restaurants, franchise concepts and others. In addition, the firm often serves as outside general counsel to various businesses and handles a multitude of matters including joint ventures, mergers and acquisitions, financings, employment, licensing, distribution, franchising and company formation matters.
About Saul Ewing Arnstein and Lehr LLP
The 400-plus attorneys of Saul Ewing Arnstein & Lehr LLP are dedicated to providing client-centric counsel to businesses throughout the United States and internationally from our 17 offices stretching down the East Coast from Boston to Miami and extending into the Midwest by way of Chicago. We work with well-known corporations, exciting start-ups and an array of closely held and privately held companies, as well as institutions of higher education, nonprofits, and governmental entities. As a full-service law firm, we handle matters involving bankruptcy, business and finance, estates and trusts, litigation and real estate services. We also advise on intellectual property, immigration and foreign investment services. Energy, higher education, insurance and life sciences are among our core industries of focus.