TOP IMMIGRATION AT TORNEYS
IRINA ROSTOVA
ROSTOVA WESTERMAN LAW GROUP
Irina Rostova is a founding
partner at Rostova Westerman
Law Group with a background
in bank management and
commercial litigation. Rostova
se r ve s as th e c hai r of th e
IIUSA’s Public Policy Committee where her focus is on
resolving policy issues that affect the EB-5 industry as a
whole. Rostova became an immigration attorney out of
her passion for the EB-5 program, believing that for many,
it presents a more assured way to permanent residency.
Rostova oversees hundreds of in-progress EB-5 petitions
for inves tors from L atin A merica , the Middle Eas t ,
Africaand Asia. She is a principal EB-5 attorney for the
Eastern European region.
WHAT ARE YOUR THOUGHTS ON THE
EB-5 MODERNIZATION CHANGES THAT
TOOK EFFECT IN 2019 WITH THE
INCREASED INVESTMENT AMOUNTS?
The global potential for the EB-5 program is still very strong
at the $900,000 threshold as it remains competitive with
programs of other countries.
We can expect to see changes in deal structuring. As
investors commit larger sums for longer periods of time,
they will become more interested in the earning potential of
their investments.
WHAT NEW TRENDS ARE YOU
SEEING IN THE EB-5 INDUSTRY?
From the USCIS side, we are seeing more demanding
requests for the source of funds documentation and higher
I-526 denial rates. Due to the absent guidance from USCIS
on their new adjudication standards implemented during
their staff retraining in 2019, we anticipate that many of the
issued denials will be challenged in court.
From the investor side, we are seeing an increase in
mandamus lawsuits, challenging the Immigrant Investor
Program Office’s exceedingly long processing times in
federal court.
MONA SHAH
MONA SHAH & ASSOCIATES GLOBAL
Mona Shah, born in the U.K.,
is a former British Crown
prosecutor. She has more than
25 years of experience and
wide-ranging knowledge of EB-
5. Recognized as an industry
leader, Shah has received multiple accolades. She has
been among the Top 25 EB-5 Attorneys for six years in a
row, and has been interviewed by mainstream news media.
A published author and Lexis-Nexis editor who regularly
speaks globally, Shah has extensive marketing experiences
and has raised millions in investor capital. She is an adjunct
professor at Baruch College, City University New York, and
a member of the Public Policy Committee and Presidential
Advisory Council of IIUSA.
WHAT ARE YOUR THOUGHTS ON THE
EB-5 MODERNIZATION CHANGES THAT
TOOK EFFECT IN 2019 WITH THE
INCREASED INVESTMENT AMOUNTS?
EB-5 desperately needed reform. The new regulations are
inadequate. Although I welcome the increased investment,
which is more in line with reality, the TEA rules are perplexing
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EB5 INVESTORS M AGAZINE
with inadequate safeguards for investors. Confusion breeds
uncertainty and subsequently a lack of confidence.
Resorting to litigation is not the desired environment. The
EB-5 program has proven to be remarkably successful,
bringing billions of investment dollars into the U.S. and
creating thousands of jobs. Correctly handled, the benefits
of the program could be tripled. We need comprehensive
change, proper guidance and an increase in visa numbers -
at the very least, the removal of dependents from the quota.
WHAT TRENDS ARE YOU SEEING
IN THE EB-5 INDUSTRY?
The EB-5 Industry has shifted dramatically in the last two
years. The loss of the Chinese market forced a number of
changes. The sizes of the EB-5 raises became smaller; we
are seeing more varied industries; there is a shift towards
actual businesses as opposed to real estate construction.
Many EB-5 cottage industries have faded; the increase of
investors from countries like India, where English is more
prevalent, has altered marketing strategies and costs. There
is increased governmental scrutiny, sometimes unwarranted,
with denial rates reaching an all-time high for the industry.
The trend for the year certainly leans heavily towards
litigation.