EB-5 Industry Leaders, USCIS Agree to Joint Settlement of Two Lawsuits
EB-5 stakeholders ensure all previously approved regional centers maintain authorization moving forward
August 25, 2022 – Multiple EB-5 industry stakeholders have entered into a settlement agreement with the United States Citizenship and Immigration Services (“USCIS”) that protects EB-5 investors and re-authorizes previously approved regional centers, effectively signaling the EB-5 program is fully back in business.
The settlement affects two cases: Behring Regional Center LLC, et al. v. Mayorkas, et al., No. 3:22-cv-2487-VC (N.D. Cal.) and EB5 Capital, et al. v. DHS, et al., No. 3:22-cv-3948-VC (N.D. Cal.). The plaintiffs include EB-5 regional center operators: EB5 Capital, CanAm Enterprises, Civitas Capital Group, Golden Gate Global, Pine State Regional Center, and EB-5IC’s member – Behring Regional Center, and industry organization Invest in the USA (“IIUSA”).
EB5 Capital Seeks Director of People & Culture
Founded in 2008, EB5 Capital is an industry-leading investment company that specializes in raising foreign capital for real estate development projects across the United States. We partner with investors and developers to facilitate capital investment in exciting projects that help revitalize communities, create jobs, and ensure successful immigration to the United States through the EB-5 visa program. Located in Bethesda, MD, we offer an internationally diverse, entrepreneurial work atmosphere that is values-driven and employee-focused. Our growing 30-person team speaks 15 languages and has traveled to nearly 100 countries. We believe our collective diversity and cultural experience enhance our competitive advantage when serving our investors from more than 70 countries.
Job Summary
We are seeking an ambitious, well-rounded professional who is passionate about company culture & employee engagement to join our dynamic growing group. This position will be responsible for managing all human resource functions including recruiting, onboarding, offboarding, employee engagement, benefits administration, and other related tasks. Independence and teamwork are both highly valued. He or she will report to the SVP, Finance & Accounting and work closely with every department.
To apply, please send your resume and cover letter to Caroline Ahern at cahern@eb5capital.com
EB5 Capital’s NYC Ritz-Carlton (JF22) Condos Hit Record-Setting Sales
Flag Luxury Group, developer of The Ritz-Carlton Residences, New York, NoMad – Manhattan’s most anticipated luxury hospitality and culinary destination – today announced that 50% of the property’s Residences are already in contract. Douglas Elliman’s Erin Boisson Aries Team is leading sales for the limited collection of 16 perfect pied-à-terre penthouses where buyers enjoy breathtaking views and unmatched luxury experiences while also benefiting from owning a condo that, when not in use, can be expertly managed by The Ritz-Carlton. It was also announced that every contract was signed at the full asking price, and at the highest prices per square foot ever achieved in the neighborhood.
Read the full article here
EB5 Capital Welcomes Federal Court Ruling Enjoining Unlawful USCIS Action
The District Court for the Northern District of California, on Friday, June 24, issued a preliminary injunction in Behring Regional Center vs. Mayorkas et.al. The Court ordered in part that previously designated EB-5 regional centers “must presently be permitted to operate;” this order enjoins the government from implementing its action deauthorizing EB-5 regional centers. This decision clears the way for investors to file new immigration petitions (I-526) under the EB-5 Reform and Integrity Act of 2022.
Read the full press release here
EB5 Capital and Civitas Capital Group Agree to Voluntarily Dismiss Litigation Against U.S. Government
Investment firms EB5 Capital and Civitas Capital Group jointly announced today they are voluntarily dismissing, without prejudice, concurrent litigation against the U.S. Citizenship and Immigration Service (USCIS). The dismissal was granted in light of assurances by the agency to the Court and the plaintiffs in the EB5 Capital case that it would not apply its previously stated policy to deny any investor petitions based on redeployment of an investor’s capital beyond the geographic scope of their sponsoring regional center.
Read the full press release here
Leading EB-5 Regional Center Operators File Suit Against USCIS
On May 24, 2022, EB5 Capital and four other Regional Center operators, along with the EB-5 trade organization Invest in the USA (IIUSA), collectively filed a lawsuit in the District Court for the District of Columbia against U.S. Citizenship and Immigration Services (USCIS).
The lawsuit challenges the deauthorization by USCIS of the over 600 designated regional centers existing at the time that the EB-5 Reform and Integrity Act of 2022 (“RIA”) was enacted into law, as well as the USCIS interpretation of the RIA that requires every regional center to apply anew for designation and receive approval as such before commencing operations.
Read the full press release here
Steps Prior to I-526
NEW INVESTORS – WHEN CAN I FILE AN I-526 PETITION?
The EB-5 Regional Center Program (“Program”) was reactivated on March 15, 2022, with the passage of the EB-5 Reform and Integrity Act of 2022 (RIA). The RIA set forth a new process by which Regional Centers should seek designation with the United States Citizenship and Immigration Service (USCIS).
On April 11, 2022, USCIS published an update on its website stating its interpretation of the RIA to mean that all existing Regional Centers were no longer authorized and would be required to seek designation. On April 29, 2022, USCIS published a detailed Q&A clarifying that Regional Centers needed to re-apply for their Regional Center licenses by filing an I-956, a newly published form for this purpose.
The industry, and some of the key members of Congress who helped draft the RIA, strongly disagree with USCIS’ interpretation of the RIA and its decision to deauthorize existing Regional Centers and require them to apply for redesignation. One Regional Center lawsuit against USCIS has already been filed on this issue and is pending in the District Court of Northern California. Other Regional Centers, including EB5 Capital, may also decide to bring legal action against USCIS.
Below are answers to this topic’s most pressing questions
Has EB5 Capital filed new I-956s to have its licenses redesignated with USCIS?
Yes. Our team had been preparing our redesignation packages in advance of the new Form I-956 becoming available based on years of past experience. As soon as Form I-956 was published on Friday, May 13, 2022, our team finalized our new applications that weekend and filed them the morning of Monday, May 16, 2022.
After USCIS approves the I-956, what else needs to be submitted before submitting I-526 Petitions?
Our team had also been working to finalize our I-956F (“Project Exemplars”), which needs to be filed before any associated I-526 Petition can be filed. Our Project Exemplar for our current project, JF30 – Takoma Park, is finalized and will be filed as soon as our Regional Center for Washington, DC, is redesignated.
THREE IMPORTANT ITEMS TO NOTE:
First, Project Exemplars only need to be filed to allow I-526 Petitions to be filed, and do not need to be approved
Second, USCIS will likely publish a new Project Exemplar form for Regional Centers to use
Third, Project Exemplars were optional for Regional Centers in the past but are now a USCIS requirement per the RIA.
Are past investors, who already filed I-526 Petitions prior to the RIA, affected by the latest developments?
No. USCIS stated in an alert on April 11, 2022, that the agency has resumed processing I-526 Petitions that were filed on or before the sunset of the previous Regional Center program on June 30, 2021. USCIS also stated that previous I-526 Petitioners no longer need a Regional Center to be designated in order to maintain their status in the Program.
Has USCIS indicated how long these I-956s will take to be approved?
Not yet, and this is the big question we are all hoping to be answered soon.
Has EB5 Capital received any I-526 Petition approvals since the RIA passed?
Yes, the first I-526 Petition approval we received since the RIA passed occurred on May 9, 2022.
Currently, what can investors do to put themselves in a position to be able to file their I-526 Petition as soon as possible?
Investors can begin reviewing project offerings and start their source and path of funds documentation with an immigration attorney.
Does EB5 Capital have any offerings that are available for new potential investors?
Yes. Please reach out to us at info@eb5capital.com to connect with one of our Investor Relations team members.
Downtown Los Angeles Proper (JF12) Ranks #1 on Tripadvisor
Downtown Los Angeles Proper Hotel opened less than six months ago, and it has already achieved the #1 Tripadvisor rating (out of 420 hotels) for Los Angeles!
Downtown LA Proper is a 13-story, 148-room luxury lifestyle hotel in the heart of Downtown LA. The property showcases the vision of internationally acclaimed designer Kelly Wearstler, who blends modern influences with vintage elements, referencing the site’s history. The property was initially a private club in the 1920s frequented by members of Hollywood. EB5 Capital invested more than $65 million in this project from investors representing over a dozen countries.
To learn more about Proper L.A., please visit https://www.properhotel.com/downtown-la/
Filing Date For EB-5 Regional Center Program Fast Approaches on May 14, 2022
The EB-5 Regional Center Program (“Program”) was reactivated on March 15, 2022, when President Biden signed H.R. 2471, the “Consolidated Appropriations Act of 2022.” This legislation enables foreign entrepreneurs to once again invest in job-creating projects sponsored by U.S. federal government authorized Regional Centers. Through this Program, qualified investors are eligible to apply for permanent residency in the United States. The passing of the EB-5 Reform and Integrity Act of 2022, which is part of H.R. 2471, marks the first time since 2015 that the Program has been authorized for longer than just the fiscal year’s appropriations process.
EB5 Capital Donates to World Central Kitchen to Support Ukrainian Relief Efforts
In response to the Russian invasion of Ukraine in February, World Central Kitchen (WCK) immediately established partnerships with restaurants and food trucks across Ukraine, Poland, Hungary, Moldova, and Romania to distribute meals to people at border crossings, shelters, train stations, and other locations across the region.
Founded in 2010 by Chef José Andrés, WCK has served more than 60 million fresh meals to people impacted by natural disasters and other crises around the world. The organization is currently serving over 180,000 meals on a daily basis to people displaced by the war.
EB5 Capital has donated to WCK, and we hope you do too! #chefsforukraine