EB5 Investors Magazine "Top 25 issue" Volume 9 Issue 1 - Page 40

TOP IMMIGRATION ATTORNEYS
NICOLAI HINRICHSEN
MILLER MAYER

Nicolai Hinrichsen is a partner at Miller Mayer . Hinrichsen has nearly 15 years of experience in EB-5 immigration . He represents regional centers and developers in structuring EB-5 compliant projects either through initial regional center designation applications or by partnering with existing regional centers . He also represents individual investors obtaining permanent resident status through either regional center or direct EB-5 investments . Hinrichsen is a member of the American Immigration Lawyers Association , and the New York and California state bar . He received his JD from Boston University Law School and his BA from the University of California at Berkeley .

WHAT DO YOU THINK ABOUT THE EB-5 REFORM AND INTEGRITY ACT OF 2022 ?
The RIA makes many important and beneficial enhancements to the EB-5 program . I welcome the greater investor protections and the resulting confidence that will engender in an industry that has unfortunately been negatively affected by some historical EB-5 controversies . While USCIS ’ implementation of the RIA has been somewhat misguided , I believe this is a short-term problem and that the future of the EB-5 program remains bright . Both investors and the United States will ultimately continue to benefit from an important immigration program that the U . S . Congress has wisely extended for another five years .
WHAT NEW TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY ?
Some foreign migration agents have been forced to close or downsize because of the twin-challenges of the EB-5 regional center program lapse and the global COVID-19 pandemic . I thus see some agent consolidation in certain overseas markets , a trend that is not necessarily bad for the EB-5 industry . In addition , I believe some historically small EB-5 markets will have more robust investor interest , driven in part by the desire for international mobility following the pandemic , as well as sizable increases of residential and commercial real estate valuation .
KATE KALMYKOV
GREENBERG TRAURIG

Kate Kalmykov co-chairs

Greenberg Traurig ’ s Immigration & Compliance Practice . She represents clients in a range of employmentbased immigrant and nonimmigrant visa matters . Kalmykov has deep experience working on EB-5 matters . She works with developers and private equity funds on developing new projects that qualify for EB-5 investments , including creation of new regional centers , having projects adopted by existing regional centers , or through pooled individual EB-5 petitions . For existing regional centers , Kalmykov helps prepare amendment filings , file exemplar petitions , address removal of conditions issues , and ensure that they develop an internal compliance program . She also counsels foreign nationals on obtaining green cards through individual or regional center EB-5 investments , as well as issues related to I-829 removal of conditions .
WHAT DO YOU THINK ABOUT THE EB-5 REFORM AND INTEGRITY ACT OF 2022 ?
The Act was a long-awaited change anticipated by many in the EB-5 industry . It was critical for Congress to add investor protections and to dissuade fraud through the implementation of complex compliance provisions into the EB-5 program to ensure its long-term viability as a self-sponsored green card path . The Act clarified many issues in the practice of EB-5 which have previously been addressed and at times reversed through informal USCIS policy changes . This gives practitioners , investors and regional centers much needed clarity with respect to source of funds requirements , the redeployment of funds and job creation .
WHAT NEW TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY ?
Given the internal compliance requirements outlined in the new law , we are seeing regional centers focused internally on how to best implement new intake and record keeping procedures with respect to investors , track disbursement and use of funds and how to best prepare to meet audit and site visit requirements . Now more than ever it will be essential to work with immigration and corporate securities counsel to ensure that program requirements are properly met . These changes are also stimulating new interest in the program from overseas investors who may have previously been concerned about the use of their funds or the suspension of the program . They are now reaching out regarding moving forward with their EB-5 applications particularly in the new visa set aside categories carved out under the new law .
40 EB5 INVESTORS MAGAZINE