EB5 Investors Magazine "Top 25 issue" Volume 9 Issue 1 - Page 38

TOP IMMIGRATION ATTORNEYS
MICHAEL HARRIS
HARRIS LAW

Michael A . Harris is a

Florida Bar boardcertified specialist in immigration and nationality law practicing law for nearly 15 years . He is rated by Best Lawyers , Martindale-Hubbell and others as a top immigration lawyer with offices in Miami , Florida , and affiliated offices around the world . He is a member of the immigration board certification committee for the Florida Bar , a past member of the board of directors of AILA South Florida , and a frequent speaker on immigration law . Harris ’ law firm represents EB-5 investors , standalone projects , and regional centers across the U . S .
WHAT DO YOU THINK ABOUT THE EB-5 REFORM AND INTEGRITY ACT OF 2022 ?
After nearly seven years in development , this new EB-5 law has the potential to finally get things done right for EB-5 investors . We now have a law that offers protection to investors and their families impacted by bad actors and bad projects ; protection from future lapses of the regional center program ; preservation of the age of children over 21 years old who are impacted by losing their green card status ; as well as hopefully more transparency in a program clouded by backroom deals . I think this law changes the requirements of redeployment , which can also stand to benefit investors .
WHAT NEW TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY ?
The most obvious trend is the continued abundance of direct investment opportunities . While the RIA now requires all projects with more than one EB-5 investor pooling their funds to be associated by a regional center , this does not stop non- EB-5 investors from pooling their funds , equity or loans into direct projects . After nearly one year of only direct projects being available – with no active regional centers – will some direct project promoters be able to continue riding this wave ? Will there be an intersection between direct and regional center projects at some point in the future ?
JENNIFER HERMANSKY
GREENBERG TRAURIG

Jennifer Hermansky focuses her immigration practice on employment-based immigration . Hermansky has experience serving health care , pharmaceutical and real estate industries , as well as entrepreneurs , scientists and researchers in scientific communities for a wide range of temporary visa options and permanent residence solutions . She has structured a wide range of EB-5 projects across real estate , health care and hospitality industries . She has assisted thousands of families through the EB-5 process , including I-829 petitions . She regularly advises EB-5 regional centers and projects on USCIS compliance issues . She is currently the vice chair of the American Immigration Lawyers Association ( AILA ) EB-5 Committee .

WHAT DO YOU THINK ABOUT THE EB-5 REFORM AND INTEGRITY ACT OF 2022 ?
I am very pleased that Congress finally took the necessary action to pass the EB-5 Reform and Integrity Act of 2022 . The law provides protections for both existing investors and new investors . I am very happy that Congress included the required grandfathering language to protect pre-RIA investors from additional periods of program lapse in the future . I look forward to providing stakeholder feedback to USCIS as it goes through notice and comment rulemaking and the publication of the relevant Policy Manual sections dealing with EB-5 regional center investments . Providing feedback , ideas and legal theories to the agency will be very important as USCIS implements the new law .
WHAT NEW TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY ?
Many investors are excited to get started and file a new I-526 petition now that the EB-5 Reform and Integrity Act of 2022 is effective . It will be very important for investors and their attorneys to make sure their petitions are compliant with the new statute . Investors must do due diligence before filing their own I-526 petitions . It is also extremely important for investors to understand that USCIS has
not drafted new regulations yet , so guidance on the new law is very limited . It will be important to work with experienced lawyers to help lay out the risks , and benefits , under the new law .
38 EB5 INVESTORS MAGAZINE