As seen above, the INA requires the capital to have been
invested and that such investment is sustained throughout the
period of conditional residency. The May 30, 2013 USCIS
Memo references a “change in plan” with respect to liquidation
and reallocation or redeployment of capital concluding that it
may result in the petition not complying with the requirement
to “invest and sustain the investment.” It is unclear (1) as to
what type of “change” is contemplated under the Memo and (2)
whether USCIS has specifically noted and approved business
plans that contemplate liquidation and redeployment of capital
as part of the project’s business plan.1 It is important to note that
inherent in a “change in plan” analysis by USCIS is the good
faith of the petitioner. The absence of this “good faith” could
result in the petitioner’s conditional resident status being terminated.2 If an NCE and/or JCE contemplated changes to the
submitted business plan and private placement memorandum
prior to their submission to USCIS without disclosure, none
of the analysis below would be applicable. In fact, there could
be fraud issues with both USCIS and SEC resulting in serious
penalties to the parties involved. What is more frightening is the
possible impact on an investor that was unaware of the action:
the investor could lose his/her residenc