TOP IMMIGRATION AT TORNEYS
MICHAEL A. HARRIS
HARRISLAW, P.A.
Michael A. Harris is a Florida
Bar Board-certified specialist
in Immigration and Nationality
Law and AV Preeminent Peer
R a t e d l a w y e r. H a r r i s L a w
P. A . has of fices in Miami,
Florida, and affiliated offices around the world. Harris is
a member of the board of directors of AILA South Florida,
and a member of the board certification committee on
Immigration Law for the Florida Bar. Harris oversees EB-5
practice for investors, standalone projects and regional
centers in a variety of industries in more than 10 states,
with capital stacks over $1 billion, and some of them have
raised up to $250 million in EB-5 capital.
WHAT ARE YOUR THOUGHTS ON THE
EB-5 MODERNIZATION CHANGES THAT
TOOK EFFECT IN 2019 WITH THE
INCREASED INVESTMENT AMOUNTS?
It brought some welcome protections for EB-5 investors
whose projects have failed or may fail. Preserving an
investor’s priority date is a step in the right direction. I have
hope that USCIS may evolve in the future to allow investors
to be able to maintain their resident status upon the filing of
a new I-526 petition. I believe the increased investment
amount should have been adjusted for inflation, but should
be based on an inflation marker since 2009 when demand
on the EB-5 program really increased. The current changes
will only stifle EB-5 and foreign direct investment, which is
not beneficial to the industry.
WHAT NEW TRENDS ARE YOU
SEEING IN THE EB-5 INDUSTRY?
I see an increase in EB-5 investors seeking direct
standalone projects, especially with the goal of utilizing a
business to qualify for an E-2 Treaty Investor visa. Their
plan is to later utilize the business for part of an EB-5
petition. Due to increases in the minimum investment from
$500,000 to $900,000, investors want to bundle an EB-5
investment with multiple businesses. By first starting an
E-2 business at a lower investment, they hope to upgrade
themselves to an EB-5 visa. Without the required E-2
citizenship, EB-5 investors are also seeking passports
from countries with E-2 bilateral investment treaties with
the U.S.
JENNIFER HERMANSKY
GREENBERG TRAURIG, LLP
Jennifer Hermansk y is a
shareholder at the Philadelphia
office of Greenberg Traurig,
LLP and is part of the firm’s
EB -5 team. She has been
involve d in m o re than 10 0
regional center projects and has handled thousands
of investor petitions. With a degree in finance and a
background handling entrepreneurial cases for clients
seeking E-2 or L-1 visas, Hermansky is familiar with the
business immigration process and applies this knowledge
to all of her EB-5 cases. She is knowledgeable about the
EB-5 program from start to finish, helping investors from
the moment they decide to file until they become U.S.
citizens, and counseling regional centers on issues of
management, staffing and compliance.
WHAT ARE YOUR THOUGHTS ON THE
EB-5 MODERNIZATION CHANGES THAT
TOOK EFFECT IN 2019 WITH THE
INCREASED INVESTMENT AMOUNTS?
The new regulations have been a long time in the making.
The USCIS made some beneficial changes for investors,
including priority date retention, to bring EB-5 in line with
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EB5 INVESTORS M AGAZINE
the other employment-based immigration categories.
They also made some beneficial changes for investors
processing I-829 petitions, including new protections for
dependents. However, there is some uncertainty with how
USCIS will evaluate TEAs and I hope USCIS will engage the
public and provide more guidance soon, which will help
both projects and investors understand the new rule and
provide some comfort when filing Form I-526.
WHAT NEW TRENDS ARE YOU
SEEING IN THE EB-5 INDUSTRY?
USCIS has been fairly stagnant with adjudicating both I-526
petitions and I-829 petitions over the past year. However,
since January, USCIS seems to be adjudicating cases more
quickly. On the I-526 petitions, USCIS continues to closely
evaluate the applicant’s source of funds, including the path
of funds. If an applicant used any kind of currency swap or
money transfer agent in the transfer of funds process, USCIS
is sending requests for evidence on these points. On the
I-829 petitions, USCIS continues to examine closely whether
or not the investor maintained the “at risk” nature of the
investment throughout the two-year period of conditional
residence. In the future, I expect for USCIS to issue more
RFEs on redeployment issues.