TOP EB-5 INDUSTRY RISING STARS
JOSEPH BARNETT
WOLFSDORF ROSENTHAL LLP
Joseph “Joey ” Barnet t is a
partner at Wolfsdorf Rosenthal
LLP who specializes in EB -
5. He represents immigrant
investors seeking permanent
residency through regional
centers and direct EB -5 businesses, as well as U.S.
developers and regional centers to prepare EB-5 exemplar
applications. Barnett has worked in the EB-5 industry since
2011 and has successfully challenged USCIS adjudications
through administrative appeals and federal writ of
mandamus lawsuits. Barnett is a prominent EB-5 blogger
and author of numerous articles in American Immigration
Lawyers Association journals and is a member of the
editorial committee of IIUSA.
WHAT TRENDS ARE YOU SEEING
IN THE EB-5 INDUSTRY?
The biggest recent trends are litigating unreasonably
delayed EB-5 petitions, terminations of regional centers for
failure to promote economic growth, and examining new
markets for immigrant investors who are not subject to a
visa backlog. Regional centers are also exploring the
transfer and use of EB-5 capital from troubled or distressed
businesses that have not been able to create jobs for I-829
purposes. Additionally, many immigrant investors are
turning to E-2 and L-1 nonimmigrant visa petitions to enter
the U.S. more quickly than through EB-5.
WHY DID YOU GET INVOLVED
IN THE EB-5 INDUSTRY?
My first permanent job out of law school involved EB-5, and
I have focused on this employment-based category ever
since. I have enjoyed working in this industry because EB-5
is a multidisciplinary visa program that involves immigration,
real estate development, business and corporate, and
administrative law. Adding in the ever-changing policy
guidelines and adjudication trends, there’s a lot to keep you
on your toes. As someone who has always been highly
competitive and relatively impatient, I enjoy writing
compelling arguments on behalf of my clients when USCIS
does not follow the law.
MARK A.M. CATAM
CATAM GLOBAL LAW,P.C.
Mark A.M. Catam is the
founder and principal attorney
of C a ta m G lo bal L aw, P.C.
(CGL), a Los Angeles-based
legal services firm that
specializes in the areas of
business and corporate immigration, EB-5 investment and
global immigration. He established CGL after more than
a decade of experience mastering his craft in all facets
of immigration, including EB-5, and forging relationships
with foreign investors, entrepreneurs, regional centers,
developers and other EB-5 stakeholders. Additionally,
he provides in-house and independent legal counsel
to startups, mid-sized and high growth companies in
immigration worksite compliance, audits and enforcement.
He was selected by Super Lawyers as one of the 2020
Rising Stars in immigration.
WHAT TRENDS ARE YOU SEEING
IN THE EB-5 INDUSTRY?
First, the recent implementation of the EB-5 Modernization
Rules, which included the increase in the investment
threshold and changes in TEA, has certainly impacted the
program. Perhaps we are in a transition phase and all
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EB5 INVESTORS M AGAZINE
stakeholders are gradually adjusting to the new rules, most
especially the investors, but I am optimistic that foreign
investors will continue to realize and appreciate the value
the EB-5 program would bring to their families. Second, I am
seeing lots of EB-5 related litigation. IPO has not been very
transparent in what is causing all the processing delays. My
belief is the only way to retain the program’s appeal, albeit
the new investment tag price, is to cut the government
processing time significantly.
WHY DID YOU GET INVOLVED
IN THE EB-5 INDUSTRY?
I have always been interested in EB-5 immigration since I
started my law firm career many years ago. However, during
that time, the law firm I was working at was not yet actively
involved in EB-5. We were first mostly doing source of funds,
but what really excited me was the project and regional
center side of things, so I pushed for my previous employer
to provide I-924 filings, exemplars, project template work
and regional center registrations. The standalone EB-5 is my
personal favorite since I get to assist true entrepreneurs to
structure their investments to comply with EB-5. We have
our usual real estate projects, but I especially love structuring
EB-5 for niche companies.