TOP IMMIGRATION ATTORNEYS
DAVID HIRSON Managing Partner David Hirson & Partners LLP
David Hirson is the managing partner of
David Hirson & Partners LLP. He has been certified continuously as a Specialist in Immigration and Nationality Law by the State Bar of California, Board of Legal Specialization since 1990, and he has worked on EB-5 cases since the program was established. In 1991, Hirson personally prepared and filed one of the very first EB-5 cases with the INS( now
USCIS), and he filed many of the EB-5 cases that were approved throughout the first 10 years of the EB-5 visa program. He is very active in the immigration law community. His memberships include the immigration law sections of the Los Angeles County Bar Association and the Orange County Bar Association, the American Bar Association, the Law Association for Asia and the Pacific, AILA, and the Public Policy Committee of IIUSA.
WHAT DO YOU THINK THE FUTURE OF THE EB-5 INDUSTRY LOOKS LIKE?
Once current uncertainties pass, the EB-5 industry’ s future is bright. Excluding mainland Chinese investors, EB-5 investment will continue and the number of investors will continue to grow. A reasonable increase in the investment amount is unlikely to deter many Chinese investors. However, visa delays and the unavailability of visa numbers is a significant deterrent for mainland Chinese investors. Discussions on future visa availability generally indicate a 10-year delay; this is the true problem. Proposed changes to the EB-5 program assign one visa number to the principal investor and qualified dependents. An effort is also underway to recapture and reallocate visas retroactively. If achieved, Chinese nationals will have virtually no wait for visas.
WHAT TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY?
Countries like India are easing foreign currency exchange requirements, while other countries tighten controls, like China. Financial institutions and wealth management companies are moving to embrace the EB-5 program and to introduce their customers to select EB-5 projects. Minimum investment amounts will likely be increased, perhaps substantially. USCIS and U. S. Consuls under the Trump administration will more closely scrutinize applications and individual applicants. The investment funds once paid to the NCE will probably require detailed explanations and accounting in order to meet the proposed reporting and transparency laws. Lastly, USCIS may take back its right currently given to states to determine TEAs. Special designated areas and rural areas might get a specific allocation out of the 10,000 EB-5 visas.
KATE KALMYKOV Shareholder Greenberg Traurig LLP
Kate Kalmykov is an EB-5 immigration attorney and shareholder in the New York City area offices of international law firm Greenberg Traurig LLP. She is an active member in the immigration law community and has been working on EB-5 cases for a decade. Kalmykov recognized the opportunity that the EB-5 program offered to immigrants who did not have the option of obtaining a visa through family or employment connections, while simultaneously contributing to the growth of the U. S. economy through job creation. These factors prompted her involvement in the EB-5 program and serve as continued motivators. As part of Greenberg Traurig’ s EB-5 team, Kalmykov represents both immigrant investors and regional center clients. She is adept at navigating her clients through a process where the rules are constantly changing based on government adjudication trends. Her experience runs the gamut of EB-5- related applications and takes her all over the world.
WHAT DO YOU THINK THE FUTURE OF THE EB-5 INDUSTRY LOOKS LIKE?
I think that there will be greater scrutiny in the EB-5 program over use of investment funds. There will be greater compliance and reporting requirements and this in fact will be a positive thing for the industry as it will give investors greater confidence in the program and address many concerns raised in oversight hearings and reports. I think that we will also see a more diversified use of the program by nationals from around the world instead of being used primarily by Asian applicants.
WHY DID YOU GET INVOLVED IN THE EB-5 INDUSTRY?
I find EB-5 to be a fascinating field that has experienced exponential growth and am rewarded by helping investors fulfill their dreams. As an immigrant myself, I can personally relate to my clients, and I also find a certain satisfaction in seeing projects develop from the ground up. I understand investor concerns and motivations for seeking immigration through investment and that insight fuels my unique approach to investor filings.
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