Regional Center Retrospective The Glowing Beacons of EB5 Regional Centers
by Courtney Creedon and Jinhee Wilde
EB5 Investors Magazine has mapped out the glowing beacons of EB-5 Regional Centers . Each active regional center in the United States is indicated on this map to help you identify hotspots of EB-5 .
TIMELINE
Regional centers are active across the entirety of the United States , channeling investor funds into economic development and job-creating projects . To contact any one of these regional centers , consult our comprehensive regional center directory on page 75 , with verified contact information for active EB-5 regional centers .
November 29 , 1990 EB-5 program established through Immigration and Nationality Act
October 6 , 1992 EB-5 Regional Center program created , 300 visas set aside
September 10 , 1993 ; June 27 , 1995 Paul Virtue issues two key legal opinions , allowing investors to pool their money and allowing promissory notes
1997 Congress increases setaside visas to 3,000
1997 Consuls at U . S . embassies abroad sound the alarm , INS reevaluates EB-5
December 19 , 1997 INS General Counsel David Martin issues memo , effectively shuttering the regional center program until 2002
December 1998 Matters of Ho , Hsiung , Izummi , and Soffici . INS issues four precedent decisions , elucidating the requirements of the EB-5 program
August 16 , 2001 James F . O ’ Connor and James A . Geisler of InterBank convicted of fraud in connection with their abuse of the EB-5 program
November 2 , 2002 Congress amends EB-5 law to provide relief to those affected by 1998 changes
November 25 , 2002 Homeland Security Act signed into law , shifting INS responsibilities from Department of Justice to Department of Homeland Security
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