3.“ Aggregate EB-5 Capital Investment:”“ Capital investment” occurs when EB-5 investment capital is transferred to the NCE. Thus, it is possible for a certain amount of capital to be held in escrow( if an escrow account exists) and yet have a lesser amount( even zero) invested in the applicable NCE in a given fiscal year. 5
4. Similarly, depending on the financial structure of a project, the amount released to an NCE in a given fiscal year may exceed the amount of funds released to a corresponding JCE in that same year. In this instance, use a footnote to clarify the difference.
5.“ Aggregate Direct and Indirect Job Creation:” Although regional centers may use different types of methodology to determine job creation, in its last EB-5 Interactive Series on Form I-924A, USCIS stated that the most accurate appears to be the economic impact methodology, which uses inputs of expenditure, revenues, and / or direct jobs to determine aggregate jobs during the I-924A reporting period. While using I-829 approvals to determine job creation is still acceptable and was recommended by the service in the past, USCIS stated that this methodology may not yield the most accurate data. 6 Therefore, we recommend using or switching over to the economic impact methodology to determine the aggregate number of jobs and engaging an economist to assist with such calculations. A detailed narrative and analysis should be provided with the Form I-924A that identifies the jobs that were created during the fiscal year and the methodology used to estimate the job creation.
6. The number of I-526s revoked generally does not include I-526 petitions that were withdrawn and then re-filed within the same fiscal year. Rather, this number pertains only to approved petitions revoked by USCIS.
Conclusion
Amid the rapid growth of the EB-5 program, Form I-924A has become a critical tool for USCIS to oversee the program and ensure the continuing eligibility of regional centers. Completing the form can be complicated, but is required. Regional center operators who do not file the form annually may ultimately face the termination of their center. 7
Jane( Yue) Zhang is an associate in Miller Mayer’ s immigration practice group. She focuses on employmentbased immigration and specializes in EB-5. Zhang represents EB-5 regional centers in matters related to immigration, corporate and securities law, including designation, compliance, and governance. Prior to this, Zhang was corporate counsel of a commercial real estate development company. She is a member of the New York and New Jersey State bars, and received her J. D. from Syracuse University College of Law, where she was Lead Articles Editor of Syracuse Law Review. She received her B. A. from Barnard College, Columbia University.
5: See USCIS’ s Q & A page on Form 1-924A at https:// www. uscis. gov / forms / questions-and-answers-form-i-924a. 6: On September 17, 2015, USCIS held a teleconference,“ EB-5 Interactive Series: Annual Reporting Requirements for Continued Eligibility within the Regional Center Program,( Form I-924A)”: https:// www. uscis. gov / outreach / eb-5-interactive-series-annual-reporting-requirements-continued-eligibility-within-regional-center-program-form-i-924a. A full recording of the teleconference is available at https:// iiusa. org / blog / recording-uscis-eb5-interactive-series-teleconference-i924a-annual-reporting-requirements /( membership required). 7: To find out more, visit the USCIS’ s Q & A page on Form 1-924A at https:// www. uscis. gov / forms / questions-and-answers-form-i-924a.
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EB5 INVESTORS MAGAZINE