I-924 Pre-approval of Projects Filed at Same Time as an I-526 Petition
THE GOOD,
THE BAD, and the Not-So-Ugly
There are a number of positive reasons why filing an I-924 application for pre-approval of an actual EB-5 project will be beneficial with a concurrent filing of the I-526 petition. For instance, in processing the I-526 petition, the USCIS adjudicator may give deference to the pre-approved actual EB-5 project, which is the basis of the I-526 petition. On this basis, the marketing of the pre-approved EB-5 project to foreign national investors will be advantageous. However, is this concurrent filing process legally or practically necessary?
For the designation of a new regional center, one files the I-924 Application for Regional Center Under the Immigrant Investor Pilot Program with the U. S. Citizenship and Immigration Service, with the support of an actual or hypothetical EB-5 project with the required supporting documentation, such as a business plan, marketing plans, and letters of support. The I-924 application with the supporting EB-5 project will request a geographical area and industry classifications( NAICS Codes). The EB-5 project can be a hypothetical project with hypothetical business plans, or an actual project with a fully-compliant business plan, economic report, and other supporting documentation. As a result, the I-924 application may be approved. In addition, the concurrent submission of a request for pre-approval of an actual EB-5 project and I-526 Exemplar may also be approved by USCIS. Therefore, the regional center designation approval letter will specifically refer to, by name, the pre-approval of the actual EB-5 project and Exemplar I-526.
Edward C. Beshara
by Edward C. Beshara
One can file an I-924 application for pre-approval of an actual project and I-526 Exemplar at the following junctures:
a. When filing the original I-924 application and request for pre-approval of an actual project, which includes required supporting documentation; or
b. When filing a new I-924 application for preapproval of additional, actual projects under a regional center already designated.
For this article, we will assume the regional center is already designated, based upon a hypothetical or actual project. Any subsequent reference to the I-924 application will only involve an application for pre-approval of an actual EB-5 project.
While it is the principals, developers, or operators of the actual project who may wish to file the I-924 application for pre-approval of projects, the I-526 petition is filed by a foreign national investor who will be investing into an actual EB-5 Regional Center project. This I-526 petition requires supporting documentation from the EB-5 Regional Center and the actual project, and the authentication of the investor’ s source of investment funds.
Therefore, the I-526 petition can be filed and continue to be adjudicated with an already-pre-approved actual project. Alternatively, an I-526 petition can be filed for an actual project without the actual project being pre-approved through the filing and approval of an I-924 application.
14 EB5 Investors Magazine