EB5 Investors Magazine "Top 25 issue" Volume 9 Issue 1 - Page 52

TOP CORPORATE ATTORNEYS
ROGELIO CARRASQUILLO
CARRASQUILLO LAW GROUP

Rogelio " Roy " Carrasquillo is the managing shareholder of Carrasquillo Law Group P . C . and chair of its EB-5 Immigrant Investor Program services and compliance and securities practices . Carrasquillo represents public and private clients using EB-5 as a source of capital , filing for EB-5 regional center designation , investors evaluating their options at the redeployment stage , as well as developers seeking to raise capital using the EB-5 program . He is experienced with public-private partnership projects using EB-5 funds , Opportunity Zones and Tax Credits . He is a graduate of Georgetown University and University of Pennsylvania Law School and is admitted to practice in New York and Puerto Rico .

WHAT DO YOU THINK ABOUT THE EB-5 REFORM AND INTEGRITY ACT OF 2022 ?
After years of waiting , Congress finally passed the EB-5 Reform and Integrity Act of 2022 . Unfortunately , the Act did not bring the stability and clarity that industry stakeholders were expecting . It provided much needed investor protection measures and policies , and further delaying capital from foreign investors to reach the U . S . economy . Also , given the new costly requirements and compliance obligations , we believe that the costs associated with EB-5 investments for developers , regional centers and individual investors will increase , potentially decreasing the amount of available capital for U . S . projects . Nonetheless , despite the uncertainties and changes , we continue to see an interest from EB-5 investors , especially from Latin America , in projects that would qualify under the new rules .
HOW ARE YOU HANDLING THE ISSUE OF REDEPLOYMENT ?
We continue to advise investors and developers on issues related to the redeployment of EB-5 capital , including dealing with the corporate process , to allow for the proper repayment to investors who filed their I-526 prior to March 15 , 2022 . We are also working with developers and regional centers to adapt their corporate and securities documents for new projects to reflect these new guidelines and requirements under the EB-5 Reform and Integrity Act of 2022 . The Act relaxed the sustainability period requirements for EB-5 investments , while still allowing the redeployment of EB-5 capital which is paid back to the NCE prior to the end of an investor ' s applicable sustainment period . Nonetheless , the 2022 Act imposed harsh consequences for the improper redeployment of funds , which makes the careful drafting of offering and corporate documents extremely important .
IMMIGRATION THROUGH INVESTMENT

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52 EB5 INVESTORS MAGAZINE