Continued from page 43
Current Experiences January and February 2013
Regional Center Designations .
As of Feb . 15 , 2013 , the USCIS has published the list of 261 designated Regional Centers . This represents an approximate increase of 6 % since the beginning of 2012 .
USCIS Adjudication times for processing cases ?
As discussed by the writer with attorneys and Regional Centers , the following are the case processing times currently being experienced ( contrary to USCIS published information ):
I-526 – Direct hire + 6 months I-526 – Regional Centers + 12 months I-829 – Removal of Condition + 6 months I-924 – New Regional Center Applications + 1 year I-924 – Regional Center Amendment Applications + 1 year
Policy Memorandum dated Feb . 14 , 2013
The long awaited and updated draft Policy Memorandum has at last been disseminated . The subject is EB-5 Adjudications Policy and it covers 25 pages . Some of the highlights are :
• A reiteration of “ The Preponderance of Evidence Standard .”
• USCIS will continue to ensure program integrity . Cases affecting fraud , national security and public safety are being referred to the appropriate agencies .
• USCIS opines on the definitions of Capital and Invest and Amount of Capital That Must be Invested , as read in conjunction with the case law .
• Targeted Employment Area ( TEA ) and State ’ s Designation of TEAs
• New Commercial Enterprises are discussed , including purchasing , restructuring or expanding a new business ; pooled investments ; the requirement that the investor be engaged in the new enterprise ; and the location of the enterprise .
• Job Creation for Full-time positions , Troubled Businesses and those located within and outside the boundaries of a Regional Center .
• Pointers are given on the content of Forms I-526 , I-924 and I-829 . There is a “ Deference Policy ” where , absent fraud , USCIS will not readjudicate issues previously approved as part of a prior case filing .
• Material Change by deviating from the business plan filed with the I-526 may result in a denial of the I-829 to remove the conditional status . However , USCIS acknowledges “ the fluidity of the business world ” and now allows for changes to the business plan . A Readjudication of relevant parts of the case will be done at the I-829 stage .
Comments can be made to USCIS about the content of the draft before April 1 , 2013 .
What does the Future Hold ? Will there be a permanent EB-5 Regional Center Program ?
The Regional Center Program is due to sunset on Sept . 30 , 2015 . Congress has historically left the approval of the extension of the Regional Center Program to the last days before the sunsetting date . Will that be the case once again ? Or will Congress pass the Comprehensive Immigration Reform law and incorporate the Regional Center Program , making it a permanent program ? This is the case with direct hire EB-5 cases . Finally , will there be a standalone bill to fix the actual and perceived problems with the program ( as well as making it a permanent program )?
USCIS will strictly apply all the rules and will collaborate with other agencies
For the past year , USCIS has applied the regulations in the narrowest context without regard to the overall benefit that the projects may bring to the U . S . job market and economy . The Draft Memorandum of Adjudication Policies of February 2013 appears to have relaxed the rigidity of the Service to take market realities into account .
We all look forward to approved cases and much faster adjudications in 2013 !
Securities and Exchange Commission files law suit against a Regional Center , an individual and a Limited Liability Company .
One of the agencies with which the USCIS collaborates is the Securities and Exchange Commission . A direct result of this policy appears to have resulted in a civil action being filed in the Northern District of Illinois , Eastern Division by the SEC against an individual and two companies , one being Intercontinental Regional Center Trust of Chicago . The allegations include defrauding foreign investors by selling $ 145 million in securities and collecting $ 11 million in administrative fees from about 250 individuals . The law suit was filed on Feb . 6 , 2013 .
USCIS , EB-5 Unit to move to Washington , D . C .
The EB-5 Division of USCIS ( currently based in Laguna Niguel , Calif .) is slated to be relocated to USCIS Headquarters in Washington , D . C . This will in all likelihood cause an additional delay with the adjudications .
44 EB5 Investors Magazine
Continued from page 43
Current Experiences
January and February 2013
Regional Center Designations.
As of Feb. 15, 2013, the USCIS has published
the list of 261 designated Regional Centers. This
represents an approximate increase of 6% since the
beginning of 2012.
USCIS Adjudication times for processing cases?
As discussed by the writer with attorneys and
Regional Centers, the following are the case processing times currently being experienced (contrary to
USCIS published information):
I-526 – Direct hire + 6 months
I-526 – Regional Centers + 12 months
I-829 – Removal of Condition + 6 months
I-924 – New Regional Center Applications + 1 year
I-924 – Regional Center Amendment Applications
+ 1 year
Policy Memorandum dated Feb. 14, 2013
The long awaited and updated draft Policy
Memorandum has at last been disseminated. The
subject is EB-5 Adjudications Policy and it covers
25 pages. Some of the highlights are:
• A reiteration of “The Preponderance
of Evidence Standard.”
• USCIS will continue to ensure program
integrity. Cases affecting fraud, national
security and public safety are being referred
to the appropriate agencies.
W hat do es th e
Fu tu re H old?
Will th ere be a
pe rm anen t EB -5
Re gi on al Ce nter
Prog ram?
The Regional Ce
nter Program is
due to sunset on
30, 2015. Co
ngress has hist
Sept.
orically left the
the extension of
approval of
the Regional Ce
nter Program to
days before th
the last
e sunsetting da
te. Will that be
once again? Or
the case
will Congress
pass the Comp
Immigration Ref
rehensive
orm law and inco
rporate the Reg
Program, making
ional Center
it a permanent
program? This
with direct hire
is the case
EB-5 cases. Fi
na
lly, will there be
alone bill to fix
a standthe actual and pe
rceived problems
program (as we
with the
ll as making it
a permanent pr
ogram)?
and
rules
USCIS will strict ly apply all the
will collab orate with other agenc ies
ations
For the past year, USCIS has applied the regul
ll
overa
the
to
d
regar
in the narrowest context without
et
mark
job
U.S.
the
to
benefit that the projects may bring
dication
and economy. The Draft Memorandum of Adju
rigidthe
ed
relax
have
to
Policies of February 2013 appears
nt.
accou
into
ies
realit
ity of the Service to take market
faster
We all look forward to approved cases and much
adjudications in 2013!
44
• USCIS opines on the definitions of Capital
and Invest and Amount of Capital That Must
be Invested, as read in conjunction with the
case law.
• Targeted Employment Area (TEA) and
State’s Designation of TEAs
• New Commercial Enterprises are discussed,
including purchasing, restructuring
or expanding a new business; pooled
investments; the requirement that the
investor be engaged in the new enterprise; and
the location of the enterprise.
• Job Creation for Full-time positions, Troubled
Businesses and those located within and
outside the boundaries of a Regional Center.
• Pointers are given on the content of Forms
I-526, I-924 and I-829. There is a “Deference
Policy” where, absent fraud, USCIS will not
readjudicate issues previously approved as
part of a prior case filing.
• Material Change by deviating from the
business plan filed with the I-526 may
result in a denial of the I-829 to remove
the conditional status. However, USCIS
acknowledges “the fluidity of the business
world” and now allows for changes to the
business plan. A Readjudication of relevant
parts of the case will be done at the I-829
stage.
Comments can be made to USCIS about the
content of the draft before April 1, 2013.
on files law
change Commissi
Securities and Ex
dividual
ional Center, an in
suit against a Reg
.
ability Company
and a Limited Li
borates is
ich the USCIS colla
wh
th
wi
es
ci
en
ag
result of
One of the
mmission. A direct
Co
ge
an
ch
Ex
d
an
tion being
the Securities
sulted in a civil ac
re
ve
ha
to
s
ar
pe
ern Division
this policy ap
t of Illinois, East
ric
st
Di
rn
he
rt
No
anies, one
filed in the
dual and two comp
ivi
ind
an
t
ns
ai
ag
of Chicago.
by the SEC
al Center Trust
on
gi
Re
l
ta
en
tin
rs by sellbeing Intercon
ing foreign investo
ud
fra
de
e
lud
inc
1 million in
The allegations
s and collecting $1
ie
rit
cu
se
in
on
lli
. The law suit
ing $145 mi
t 250 individuals
ou
ab
m
fro
es
fe
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