5 Investor ) to confirm the representations set forth in Form I-526 ( E ) together with an Addendum to be attached to the Subscription Agreement that discloses the compensation arrangement with the RC , the “ Manager ”/” General Partner ”, the migration agent ( including registered broker-dealers ) and subagents . The difficulty here is that to the extent the Subscriber is party to a side agreement that modifies the compensation to the third parties , same would need to be taken into account when such Addendum is executed . This results in another complication and burden to be addressed ; and
of disclosures is now the norm in preparing offering documents as well as the forms that need to be filed in connection with it . As a result , the NCEs should spend more time and effort when preparing the underlying offering documents . These are not “ template ” offering documents that can simply be slapped together for a new EB-5 offering .
Operating Agreement : The Operating / Partnership Agreement needs to address the RIA , the Subscription requirements and
" The Operating / Partnership Agreement needs to address the RIA , the Subscription requirements and the job allocation provisions ."
the job allocation provisions . The RIA may otherwise require an updating of or reconsideration of when the investors obtain such allocation priority ; when the I-526 is filed or approved ; when the investor obtains conditional residency status , or when the investor files the I-829 Petition .
Overall , the disclosure obligations have increased significantly to factor in the requirements contained in the RIA , with the immigration risk factors also needing to be addressed as well . It is apparent that the risk , cost of compliance and expansion
Ronald R . Fieldstone , chair
and partner of Saul Ewing LLP ’ s Global Immigration and Foreign Investment
Practice , routinely serves as corporate / securities / real estate counsel in EB-5 immigrant visa investor offerings for an array of industries . Both developers and regional centers rely on his advice in these deals , resulting in his track record of handling more than 500 EB-5 projects with a combined capital raise in excess of $ 8 billion . He is chair of the firm ' s Opportunity Zones and Qualified Opportunity Funds Practice . Fieldstone received his M . B . A . from the Wharton School of Business and his law degree from the University of Pennsylvania .
Rohit Kapuria , vice chair and partner of Saul Ewing LLP ’ s Global Immigration and Foreign Investment Practice , handles private offerings under the EB-5 investor visa program . Kapuria regularly represents EB-5 lenders , EB-5 borrowers , banks , regional centers , real estate developers , investors working on direct EB-5 projects , and migration brokers . He has worked on over 350 EB-5 transactions , with a combined capital development cost in excess of $ 7 billion , around the country . Kapuria has received regular recognition for all his efforts from the EB-5 industry at large and was also named a Top 40 Illinois Attorney Under 40 To Watch in 2021 .
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