EB5 Investors Magazine Volume 1 Issue 2 | Page 14

I-924 Pre-approval of Projects Filed at Same Time as an I-526 Petition

THE GOOD ,

THE BAD , and the Not-So-Ugly

There are a number of positive reasons why filing an I-924 application for pre-approval of an actual EB-5 project will be beneficial with a concurrent filing of the I-526 petition . For instance , in processing the I-526 petition , the USCIS adjudicator may give deference to the pre-approved actual EB-5 project , which is the basis of the I-526 petition . On this basis , the marketing of the pre-approved EB-5 project to foreign national investors will be advantageous . However , is this concurrent filing process legally or practically necessary ?
For the designation of a new regional center , one files the I-924 Application for Regional Center Under the Immigrant Investor Pilot Program with the U . S . Citizenship and Immigration Service , with the support of an actual or hypothetical EB-5 project with the required supporting documentation , such as a business plan , marketing plans , and letters of support . The I-924 application with the supporting EB-5 project will request a geographical area and industry classifications ( NAICS Codes ). The EB-5 project can be a hypothetical project with hypothetical business plans , or an actual project with a fully-compliant business plan , economic report , and other supporting documentation . As a result , the I-924 application may be approved . In addition , the concurrent submission of a request for pre-approval of an actual EB-5 project and I-526 Exemplar may also be approved by USCIS . Therefore , the regional center designation approval letter will specifically refer to , by name , the pre-approval of the actual EB-5 project and Exemplar I-526 .
Edward C . Beshara
by Edward C . Beshara
One can file an I-924 application for pre-approval of an actual project and I-526 Exemplar at the following junctures :
a . When filing the original I-924 application and request for pre-approval of an actual project , which includes required supporting documentation ; or
b . When filing a new I-924 application for preapproval of additional , actual projects under a regional center already designated .
For this article , we will assume the regional center is already designated , based upon a hypothetical or actual project . Any subsequent reference to the I-924 application will only involve an application for pre-approval of an actual EB-5 project .
While it is the principals , developers , or operators of the actual project who may wish to file the I-924 application for pre-approval of projects , the I-526 petition is filed by a foreign national investor who will be investing into an actual EB-5 Regional Center project . This I-526 petition requires supporting documentation from the EB-5 Regional Center and the actual project , and the authentication of the investor ’ s source of investment funds .
Therefore , the I-526 petition can be filed and continue to be adjudicated with an already-pre-approved actual project . Alternatively , an I-526 petition can be filed for an actual project without the actual project being pre-approved through the filing and approval of an I-924 application .
14 EB5 Investors Magazine