TOP IMMIGRATION AT TORNEYS
ROBERT GAFFNEY
IMMIGRATION ATTORNEYS
EB5 INVESTORS MAGAZINE
R
obert P. Gaffney is a California
State Bar certified specialist in
immigration and nationality law.
Through the Law Offices of Robert
P. Gaffney in San Francisco, Gaffney
has for over 30 years counseled
clients in employment, investment, and family-based
immigration matters. He is a frequent speaker at CLE events.
His publications include Issues and Approaches to the
Preparation of I-526 Petitions for Minor Petitioners; Practical
Approaches to Lawful Sources of Funds Issues; and Country
Specific Issues and Challenges in Representing EB-5 petitioners
from the People's Republic of China.
HOW DO YOU THINK THE EB-5
PROGRAM SHOULD BE REFORMED?
Although the act is not perfect, it has the support of IIUSA and it
is the only viable legislative vehicle which has the necessary
bipartisan support to be enacted into law in time to avoid the
tremendous negative impact which would occur if the regional
center program was allowed to expire. The act deserves the
support of all EB-5 stakeholders. Additional improvements to
the EB-5 program would include the introduction of a “good
faith” waiver provision which allow removal of conditions for
investors in financially troubled projects despite the failure of the
NCE to fully satisfy the I-829 requirements due to no fault of the
investor.
WHAT NEW TRENDS ARE YOU SEEING
IN THE EB-5 INDUSTRY?
Occurring on the heels of the large increase is the qualifying
capital requirements under the Modernization Rule, the
pandemic could not have happened at a worse time for the EB-5
industry as a whole. The full impact of the pandemic on many
projects in the hospitality sector remains to be seen. The impact
of the pandemic on USCIS and consular operations has resulted
in long processing delays for adjustment of status applications
and visa processing further exacerbating the already
unreasonable processing times for prospective EB-5 immigrants.
ENRIQUE GONZALEZ
IMMIGRATION ATTORNEYS
EB5 INVESTORS MAGAZINE
E
nrique Gonzalez is the
managing
partner
of
Fragomen’s Florida office and a
member of the firm’s Executive
Committee. Gonzalez has 30
years of experience practicing
immigration law. He provides legal counsel to entrepreneurs
and high-net-worth individuals regarding investment-based
immigration, including the EB-5 program. In 2013, Gonzalez
served as special counsel on immigration to Senator Marco
Rubio, where he was the senior advisor as well as negotiator
for comprehensive immigration reform efforts led by Senators
John McCain, Jeff Flake, Lindsey Graham and Marco Rubio.
Gonzalez earned his Juris Doctor degree from Cornell
University. He speaks English and Spanish.
HOW DO YOU THINK THE EB-5
PROGRAM SHOULD BE REFORMED?
After more than 25 years since its creation as a pilot program,
the EB-5 category has proven itself as a strong contributor to
economic growth and job creation in the U.S. For this reason,
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EB5 INVESTORS MAGAZINE
the program merits permanent reauthorization as opposed to
the continuous short-term reauthorizations we have seen
since the creation of the program. A permanent reauthorization
combined with statutorily authorized program reforms, such
as many of those seen in the regulations that took effect in
November 2019, would keep the EB-5 program at the top of
the class, among the residence/citizenship-by-investment
programs offered around the world.
WHAT NEW TRENDS ARE YOU SEEING
IN THE EB-5 INDUSTRY?
The combination of the new regulations that took effect in
November 2019 along with COVID-19 has been a tough 1-2
punch for the EB-5 program to shake off. Though the new
regulations were expected to have an impact on the market
for EB-5 investors, given the increase in the minimum
investment amount to $900,000, COVID-19 added to that
impact, given that investors were now less willing to invest in
certain industries affected by the pandemic that previously
would have been a first choice. The EB-5 program has
weathered other storms and should be able to weather this
one as well.