EB5 Investors Magazine Volume 2 Issue 1 | Page 22

Continued from page 19 Continued from page 19 Comprehensive immigration reform Revamping the EB-5 program has been an integral part of general immigration reform efforts. Some notable changes in the comprehensive immigration reform bill include: • Permanent establishment of the EB-5 program; • Premium processing options; • Concurrent filing of I-526 petition with adjustment of status application; • Automatic adjustment of the investment amount in January 2016 by the percent change in the Consumer Price Index (CPI) during the 2015 fiscal year and on every fifth year by the cumulative percent change in the CPI during the previous five years; and • Exemption of dependents from the visa quota. To date, it is uncertain whether the CIR bill will be passed, as House Speaker John Boehner stated in November 2013 that the House will not approve the CIR bill. However, if it does, it will probably make the program even more investor-friendly and have far-reaching effects. Confirmation of Alejandro Mayorkas as DHS Deputy Secretary On Dec. 20, 2013, the U.S. Senate confirmed the nomination of Alejandro Mayorkas for DHS Deputy Secretary with a 5441 vote. Mayorkas previously served as the director of USCIS. Nominated to step into Mayorkas’s position is Leon Rodriguez. 20 Final thoughts The third and fourth quarters of 2013 have witnessed many new events and developments in the EB-5 program. With investors now more cautious than ever before, it is important to take a step back and consider how the EB-5 program has benefitted the U.S. economy. In a recent op-ed piece authored by IIUSA vice president, Robert C. Divine, it was cited that EB-5 investments contributed $2.2 billion to U.S. GDP and supported over 28,000 jobs, at no cost to taxpayers. Preliminary data shows continued growth, with the amount invested topping $2.5 billion and over 33,000 jobs created. These figures show that, even with the need for more due diligence, the EB-5 program is a mainstay in stimulating and improving our economy. ★ Resources cited: http://iiusablog.org/wp-content/uploads/2013/08/201308081106.pdf http://www.finra.org/Industry/Regulation/Guidance/InterpretiveLetters/P332008 http://www.uscis.gov/news/alerts-investor-alert-investment-scams-exploit-immigrant-investor-program http://www.uscis.gov/working-united-states/permanent-workers/employment-based-immigration-fifth-preference-eb-5/eb-5-regional-center David Hirson is a partner at the global immigration law firm of Fragomen, Del Rey, Bernsen & Loewy LLP, which is recognized as the leading global immigration service provider. Immigration law is not just a practice area within the firm – it’s the firm’s only practice. In 2012, David’s office was selected as the EB-5 Immigration Law Firm of the year. Contact information for David Hirson: [email protected] +1 949 660-3504 E B 5 I n v e s to r s M ag a z i n e