TOP EB-5 INDUSTRY RISING STARS
regional center and developer clients
on EB-5 compliance best practices. His
experience in all aspects of the EB-5
program includes more nuanced areas
such as project compliance, appellate
and motion practice, removal defense,
E B - 5 c a p i t al re tu r n wo r ko u t s a n d
emerging EB-5 markets.
WHAT DO YOU THINK
THE FUTURE OF THE EB-5
INDUSTRY LOOKS LIKE?
SAMUEL NEWBOLD
Manager, EB-5 Practice Group
Barst Mukamal & Kleiner LLP
S
amuel Newbold is manager of the EB-5
Practice Group at Barst Mukamal &
Kleiner LLP. Newbold represents individual
investors, regional centers and developers
who are seeking EB-5 capital for projects.
He assists EB-5 investors and their families
through the EB-5 process. Newbold counsels
regional centers and developers seeking
EB-5 capital for their projects and advises
I think industry stakeholders will remain
cautiously optimistic for the immediate
future. Volatile politics and programmatic
uncertainty will continue undermining
positive momentum. The industry is
adapting the best that it can, but will not
fully reset until more permanent rules and
policies are confirmed. Once that happens,
the industry will normalize and the state of
the industry will be clearer. I would love to
see an increase in the immigrant visa quota
reserved for the EB-5 category. This is the
number one threat to program participation
currently. Otherwise, I would like more
carveouts and incentives for specific types
of EB-5 investments.
immigrant status. Ozmun is a member of the
Massachusetts and New York State bars.
She received her J.D. from Suffolk University
Law School and her Bachelor of Arts from
the College of Charleston.
WHAT TRENDS ARE YOU SEEING
IN THE EB-5 INDUSTRY?
KRISTAL OZMUN
Partner
Miller Mayer LLP
K
ristal Ozmun is a par tner at Miller
Mayer LLP. She focuses her practice on
employment-based immigration with a unique
specialization in the EB-5 preference category.
Ozmun represents EB-5 regional centers in
matters related to immigration law, including
designation, compliance and governance. She
also advises EB-5 investors in navigating the
immigration process and represents a variety
of individual clients seeking non-immigrant and
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EB5 INVESTORS M AGAZINE
The most troubling current USCIS
adjudication trend is the retroactive
application of seemingly new bridge
financing policy to long-pending I-924
applications and I-526 petitions. Perhaps
equally as troubling is USCIS’ issuance
of re ques ts for evide nce on I - 526
petitions submitted by minors. In these
RFEs, USCIS questions whether the
minors made irrevocable investments
as required given that the subscription
contrac ts may be voidable. These
RFEs are particularly disturbing given
that subscribing as a minor may be the
only way for many Chinese investors to
avoiding aging out as dependents on
their parents’ I-526 petitions.
WHAT TRENDS ARE YOU SEEING
IN THE EB-5 INDUSTRY?
I am seeing a revival of small projects, both
in the pooled direct and regional center
context. With demand slowing in China,
EB-5 raises seem to be smaller in size while
offering above average returns.
WHY DID YOU GET INVOLVED IN
THE EB-5 INDUSTRY?
Our firm is very active in the start-up and
entrepreneurial areas of immigration and
EB-5 is an extension of that. I believe that
EB-5 aligns with our firm’s core values:
that immigration is good for the American
economy and its people.
WHY DID YOU GET INVOLVED IN
THE EB-5 INDUSTRY?
At the outset, amazing mentors! Steve
Yal e - Lo e h r, C a ro l y n Le e a n d N ic k
Hinrichsen taught me about the program’s
importance and about how to practice
well within the sphere. I stayed because
the EB-5 program is an interesting,
niche area of immigration law that is
also an incredibly valuable economic
tool for the United States. I am very
hopeful that the program will receive
a much-needed facelift in the form of
new legislation in the near future so
that it can continue to provide needed
investment into the United States.