Continued from page 19
Continued from page 19
Comprehensive immigration reform
Revamping the EB-5 program has been an integral part of
general immigration reform efforts. Some notable changes in
the comprehensive immigration reform bill include:
• Permanent establishment of the EB-5 program;
• Premium processing options;
• Concurrent filing of I-526 petition with
adjustment of status application;
• Automatic adjustment of the investment amount in
January 2016 by the percent change in the Consumer
Price Index (CPI) during the 2015 fiscal year and
on every fifth year by the cumulative percent change
in the CPI during the previous five years; and
• Exemption of dependents from the visa quota.
To date, it is uncertain whether the CIR bill will be passed,
as House Speaker John Boehner stated in November 2013 that
the House will not approve the CIR bill. However, if it does,
it will probably make the program even more investor-friendly
and have far-reaching effects.
Confirmation of Alejandro Mayorkas
as DHS Deputy Secretary
On Dec. 20, 2013, the U.S. Senate confirmed the nomination
of Alejandro Mayorkas for DHS Deputy Secretary with a 5441 vote. Mayorkas previously served as the director of USCIS.
Nominated to step into Mayorkas’s position is Leon Rodriguez.
20
Final thoughts
The third and fourth quarters of 2013 have witnessed many
new events and developments in the EB-5 program. With investors now more cautious than ever before, it is important to take a
step back and consider how the EB-5 program has benefitted the
U.S. economy. In a recent op-ed piece authored by IIUSA vice
president, Robert C. Divine, it was cited that EB-5 investments
contributed $2.2 billion to U.S. GDP and supported over 28,000
jobs, at no cost to taxpayers. Preliminary data shows continued
growth, with the amount invested topping $2.5 billion and
over 33,000 jobs created. These figures show that, even with the
need for more due diligence, the EB-5 program is a mainstay in
stimulating and improving our economy.
★
Resources cited:
http://iiusablog.org/wp-content/uploads/2013/08/201308081106.pdf
http://www.finra.org/Industry/Regulation/Guidance/InterpretiveLetters/P332008
http://www.uscis.gov/news/alerts-investor-alert-investment-scams-exploit-immigrant-investor-program
http://www.uscis.gov/working-united-states/permanent-workers/employment-based-immigration-fifth-preference-eb-5/eb-5-regional-center
David Hirson is a partner at the global immigration law
firm of Fragomen, Del Rey, Bernsen & Loewy LLP, which is
recognized as the leading global immigration service provider.
Immigration law is not just a practice area within the firm –
it’s the firm’s only practice. In 2012, David’s office was selected
as the EB-5 Immigration Law Firm of the year.
Contact information for David Hirson:
dhirson@fragomen.com +1 949 660-3504
E B 5 I n v e s to r s M ag a z i n e