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Articles Posted in EB5 Investor Visas

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Recently USCIS provided EB-5 statistics provided for a stakeholder engagement meetig, including information on service-wide receipts, approvals, and denials of I-526s and I-829s; the number of approved EB5 Regional Centers by fiscal year.

The statistics reveal an increase across the board in all EB-5 related filings including I-924 applications for both initial regional center designation as well as amendments to existing regional centers. Individuals also filed the highest level of I-526, EB-5 Immigrant Investor Petitions and I-829, Petitions to Remove Conditions to date.

The Immigrant Investor Program, also known as “EB-5,” was created by Congress in 1990 to stimulate the U.S. economy through job creation and capital investment by immigrant investors by creating a new commercial enterprise or investing in a troubled business. There are 10,000 EB-5 immigrant visas available annually. In 1992 and regularly reauthorized since then, 3,000 EB-5 visas are also set aside for investors in Regional Centers designated by USCIS based on proposals for promoting economic growth.

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In a recent Reuters article, a report showed that immigrants founded or cofounded almost half of 50 top venture-backed companies in the United States for 2011, a new study shows, underscoring some of the high stakes in potential immigration reform.

The venture capital community argues the study, completed by research group National Foundation for American Policy, proves the need to overhaul rules governing how entrepreneurs can immigrate to the United States to spur job development.

“It’s a gamble whether an entrepreneur should stay or leave right now, and that’s not how the immigration system should work,” said Mark Heesen, president of the National Venture Capital Association, on a call with reporters. “What we need is legislation that helps these entrepreneurs from outside the United States.”

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On November 9, 2011, USCIS posted for comment the Draft Memorandum on EB-5 Adjudications Policy. The Memo provides clarifications on the current law and policies concerning adjudication of EB-5 petitions. American Immigration Lawyers Association (AILA) provided its comments and suggestions for the Final Memo. AILA pointed out the major issues with the Draft Memo. Attorney Ekaterina Powell from our law office has prepared this summary to address the most important AILA’s comments that hopefully will be considered by USCIS.

New Commercial Enterprise

First of all, of major concern is the definition of a “new commercial enterprise.” The Draft memorandum does not provide clear analysis on what is considered a “new commercial enterprise.” Accordingly, the Memo should be supplemented with the explanation on what business will qualify under the regulations.

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Today, U.S. Citizenship and Immigration Services (USCIS) posted a job announcement and began accepting applications from business experts to serve on the USCIS Entrepreneurs in Residence tactical team. The purpose of the tactical team is to bring business experts in-house to work alongside USCIS staff to ensure that current immigration laws’ potential to attract foreign entrepreneurial talent is fully realized. The tactical team will help develop policy guidance and training tools that support their decision-makers. The Entrepreneurs in Residence initiative provides USCIS a unique opportunity to gain knowledge on how specific industries operate and to use that knowledge to inform USCIS’s policies and practices. Together this will ensure that immigration pathways for foreign entrepreneurs are clear, consistent, and better reflect today’s industry realities.

The Entrepreneurs in Residence initiative is the perfect complement to the changes made to the National Interest Waiver. The new regulations regarding the National Interest Waiver allows an entrepreneur to petition himself because the entrepreneurship is in the national interest and will have such an impact. With business experts working alongside USCIS to provide better guidance in the decision-making process, there is a better chance that a good National Interest Waiver for an entrepreneur will be approved. This is a step in the right direction for bringing more entrepreneurs and foreign investors to the U.S. who want to bring business here that will have a meaningful impact on the economy. Once the initiative commences, we will provide an update on how much it impacts entrepreneurs and their opportunities to bring business to the U.S.

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The EB-5 Category is an excellent opportunity for many foreign nationals to become permanent residents of the United States. In the U.S. so far this year almost 3,000 Chinese citizens have applied for investor visas, up from 270 in 2007. That’s 78 percent of the total applicant pool for this type of visa, according to U.S. Citizenship and Immigration Services (USCIS). The U.S. investor visa, also known as the EB-5, requires a minimum investment of $500,000 by the applicant in a commercial project in the U.S. that employs at least 10 Americans within two years. If the Chinese applicants can’t generate those jobs, they and their family may have to leave the U.S.

A person investing $500,000 in certain circumstances or $1 million in a business that creates 10 jobs may be granted EB-5 permanent resident status. To encourage immigration through the EB-5 category, Congress created a Regional Center program in 1990. 3,000 visas have been set aside each year for people to invest at least $500,000 in designated Regional Centers.

The Regional Centers program does not require the immigrant investor enterprise itself to employ 10 U.S. workers. Instead, it is sufficient if 10 or more jobs are created indirectly as a result of the investment. Regional Centers are designated as “any economic unit, public or private, which is involved with the promotion of economic growth, including increased export sales, improved regional productively, job creation, or increased domestic capital investment.” The investment requirement is only $500,000 if a Regional Center is in a targeted employment area, which is either in a rural or high unemployment area, as defined hereinafter in the section on EB-5 Regulations.

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Last week I attended the EB5 Investor Visa conference for Immigration Lawyers held in San Antonio Texas. Top lawyers from across the nation gathered to discuss the latest developments and updates in this exciting area of law. In the next few weeks, we will share some info obtained on this Blog in a series of articles.

EB5 Investors come from select few countries, mainly China, Iran, Korea, Brazil and Russia. In this article we will cover specific issues relating to Russian Investors. The following article is based on an AILA report by Mr. Kenneth White.

What is EB5 Investor Visa?

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