EB5 Investors Magazine English Edition Volume 6, Issue 2 | Page 41

TOP IMMIGRATION AT TORNEYS CLETUS M. WEBER PENG & WEBER PLLC | PARTNER Cletus M. Weber is a partner at Peng & Weber PLLC, a Seattle- based immigration law firm internationally recognized in EB-5 and other U.S. immigration law. He represents EB-5 regional centers, projects and investors in all facets of EB-5. Weber serves on the board of IIUSA and previously served on AILA’s national EB-5 Committee. Weber is an author of “The EB-5 Handbook: A Guide for Investors and Developers” (EB5investors.com 2014); senior editor of “Immigration Options for Investors & Entrepreneurs,” 2nd-4th Eds. (AILA 2010-2018); and an invited reviewer of the EB-5 section of Kurzban’s Immigration Law Sourcebook, 14th-16th Eds. (AIC 2014-2018). WHAT TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY? As mainland China EB-5 market drops off, the overall world market steadily grows. Vietnam and India markets expand, but backlogs will eventually slow them as well. Investors from backlogged countries still desire to immigrate, but EB-5 backlogs create interest in faster alternatives, such as EB-1A aliens of extraordinary ability and EB-1C multinational managers or executives. Although perfect for a small percentage of otherwise EB-5 investors, these alternatives do not work well for most petitioners. Regional centers continue to pursue investors the world over. Overall industry continues to push Congress to increase the EB-5 visa quota. WHY DID YOU GET INVOLVED IN THE EB-5 INDUSTRY? EB-5 is complex, multidisciplinary, interesting and challenging. It resides at the intersection of my lifelong interests in law, business, politics, entrepreneurialism, real estate, construction, economics, finance, teamwork, world travel, culture and language. EB-5 is a natural place for me after having earned my way through business school and law school by working in construction and interning at the Securities and Exchange Commission, having previously practiced corporate and real estate law and having taught myself basic Chinese. I love the success stories of investors. I also enjoy the teamwork inherent in project-related work for regional centers and developers. MITCH WEXLER FRAGOMEN | PARTNER Mitch Wexler is a partner with Fragomen, the leading global immigration firm. He manages the firm's Los Angeles, Irvine a n d S a n D i e g o , C a l i fo r n i a of f i c e s . We x l e r s e r ve s o n the firm's executive committee and has been practicing immigration law for over 33 years. He represents high net worth individuals (EB-5) and employers of all sizes in managing their visa/immigration programs and foreign national portfolios. Wexler is a State Bar of California certified specialist in immigration and nationality law. He is also a frequent lecturer and teaches a module on business immigration law, including EB-5, at UC Irvine School of Law. WHAT TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY? Although we are seeing adjudication times at USCIS speed up a bit, we are seeing them up the standard on source of funds documentation, which is why we spend extra time with clients making sure every dollar is accounted for and will pass muster. Another trend we are seeing, primarily with India-born clients, is to have children at about 16 or 17 years of age be the principal investor/applicants to reduce the odds of aging out. The upcoming retrogression in mid-2019 is causing applicants to rethink whether it remains safe for a parent with an older child to be the principal applicant. WHY DID YOU GET INVOLVED IN THE EB-5 INDUSTRY? I got into the wonderful world of EB-5 really out of necessity. We come across many clients looking for a relatively quick way to immigrate that does not require sponsorship by a U.S. employer. Many are entrepreneurs not looking for a job in the U.S. Quite to the contrary. Many EB-5 clients are serial job creators/employers, not employees. Another reason is the extremely long backlogs for my Indian clients in the EB-2 and 3 categories. They needed another green card option that would achieve the objective much quicker so they can move on with their lives. EB5INVESTORS.COM 41