Now it ’ s EB5 Investor Magazine ’ s turn with the immigration chief .
EB5 Investor Magazine : How satisfied are you with the EB-5 program ?
Leon Rodriguez : I am proud of the great successes the program has achieved and of USCIS ’ oversight of the program . USCIS has built a to participate in the program has soared , and so has the number of regional centers . Just five years ago , there were fewer than 200 regional centers ; today , there are more than 850 . In the first three quarters of fiscal 2016 , 8,638 investors submitted Form I-526 Immigrant Petition by Alien Entrepreneur petitions seeking participation in the EB-5 program , and USCIS approved 4,781 Form I-526 petitions . Each approved investor represents at least $ 500,000 already invested or obligated toward an NCE -- a new commercial enterprise -- in the United States . In terms of capital coming into the U . S . economy , 4,781 investors equals , in a conservative estimate , nearly $ 2.4 billion in new capital for NCEs .
IPO to work alongside adjudications officers and economists .
The establishment of the new program office has also enhanced USCIS ’ partnerships with several other government agencies , including the U . S . Securities and Exchange Commission and U . S . Immigration and Customs Enforcement , to strengthen the EB-5 program .
USCIS continues to hire more staff to assist with the more than 25,000 pending petitions and applications . During the first half of calendar year 2016 , more staff and greater efficiencies helped reduce pending I-526 petitions by 12 percent and I-924 regional center applications by 8 percent . strong foundation that supports its administration of the EB-5 program as it fulfills Congress ’ intent to stimulate the U . S . economy through job creation and capital investment by foreign investors , while safeguarding national security and program integrity .
The program has existed for more than 25 years and in recent years , has become exceptionally popular . The number of investors seeking
With the increased popularity of the EB-5 program came some challenges , which USCIS is working diligently to address . In 2013 , USCIS created the Immigrant Investor Program Office ( IPO ) in Washington , D . C ., to handle EB-5 matters . The agency invested in IPO by hiring staff with expertise in economics , law , business , finance , securities and banking to enhance consistency , timeliness and integrity within the EB-5 program .
USCIS created a Fraud Detection and National Security EB-5 Division and embedded its personnel within
USCIS is taking a variety of steps to improve its administration of the EB-5 program , including establishing an audit program , updating the EB-5 forms , and developing a new data system to enhance our ability to analyze and publish EB-5 data . In the coming months , USCIS plans to translate some of our EB-5 web content into foreign languages , and to continue to work more with the financial industry to alert the agency to instances of potential fraud .
Additionally , USCIS provided briefings and technical assistance
“ USCIS has built a strong foundation that supports its administration of the EB-5 program as it fulfills Congress ’ intent to stimulate the U . S . economy through job creation and capital investment by foreign investors , while safeguarding national security and program integrity .”
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EB5 INVESTORS MAGAZINE