August 20th, 2010 |
As the EB-5 visa has become increasingly popular among people looking to immigrate to the USA, questions are being raised about the quality of advice they are receiving. Is it impartial and what are the motives behind the information they are given?
By way of background, the EB-5 visa has a pilot program which is due to end in 2012. The program requires an investment of $500,000 which needs to be in one of approximately 100 government approved regional centers. These regional centers need to create ten jobs per investor in what is termed a Targeted Employment Area (TEA), in areas of specific higher unemployment.
The attractiveness of the visa program is that it can provide one of the fastest routes to permanent residency (Green Card) in the USA for the applicant, their spouse and children.
Many potential applicants who seek impartial and independent advice on the advantages and disadvantages of the various EB-5 programs tend to approach attorneys or consultants to provide them with the facts. However, recent feedback has highlighted issues with some of the advice that is given.
EB-5 applicants require detailed specific legal advice on the visa itself. There are a number of specialized immigration attorneys who have successfully processed multiple EB-5 applications. Interestingly a number of the most respected and experienced of these specialist attorneys have voiced concern over a possible conflict of interest if the EB-5 attorney/lawyer also recommends a particular regional center investment (which pays them a finder’s fee) as well as carrying out the applicants legal work.
Another consideration may be how much knowledge the attorney has on the pros and cons of the various centers. It certainly is more difficult to know all the ins and outs of the various centers without visiting them and having a good look around, how many attorneys have done that?
Applicants also may turn to consultants who specialize in the EB-5 visa for advice and again there have been concerns raised about the actions of some of these people.
Problems may occur if consultants only work with one or two centers and are in reality agents of those centers. Given that there have been issues with some regional center programs leading to rejection of visa applications, as well as instances of funds being allegedly stolen, it is important to get all the facts from ethical experienced EB5 consultants with a proven track record.
There are also concerns if consultants have a potential conflict of interest in that they also market their services to regional centers to advise them, provide marketing or sales advice, or set out to recruit applicants for them. Concern is focused on a possible conflict of interest if a consultant is being paid an advisory fee by one or more regional centers and giving advice on how to target applicants as well as providing, on the face of it, impartial advice to prospective applicants.
One of the few published books on immigration using the EB-5 suggests, when selecting an EB5 consultant, the following questions should be asked:-
- Do you also provide paid advice to any regional centers?
- Have you ever been paid to advise regional centers?
- Do you have an immigration attorney working with you who has made multiple successful EB-5 applications to different regional centers?
- How many successful and unsuccessful EB-5 applicants have you advised?
- Which countries do these applicants come from, can we speak to them?
- Have any of your senior officers ever had any convictions or citations or debars from any national, state business or professional organization?
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Tags: attorney, consultants, eb-5, green card, immigrate, permanent residence, pilot program, regional center, USA, visa
Posted in Immigration | No Comments » |
August 19th, 2010 |
The EB-5 regional center pilot program visa provides the opportunity for green cards and permanent residency in the USA for the applicant, their spouse and children under 21. The U.S. government, through The United States Citizenship and Immigration Service (USCIS) has so far approved approximately 100 regional centers to offer programs that qualify for this visa which requires an investment of $500,000 if the program is in a Targeted Employment Area (TEA).
One of the questions sometimes asked by potential applicants is do I have to live in the area that I invest in? The simple terms answer is no. Under the regional center pilot program you are free to invest in any of the regional center programs and can live wherever you want, regardless of where you invest.
Having established you do not need to invest where you live, it is worth examining why you would even want to.
It is a reasonable assumption that most families looking at the EB-5 regional center route to permanent residency in the USA, wish to invest in program that best matches their priorities and requirements, which according to leading EB-5 consumer advocates, has:-
- A good track record of approvals.
- Clear evidence that the program will create 10 jobs per investor, or in certain cases save jobs, and return the $500,000 investment.
- A fixed term so they know exactly when their investment will be returned.
Most don’t want
- Ambiguity regarding the term, particularly in the current economic climate
- A project that has experienced refusals, particularly at the I-829 stage. (This relates to the removal of conditions after two years).
- A center currently experiencing litigation or potential shut down by USCIS.
- Directors with an ambiguous or troubled history.
- A regional center program that simply views the program as an easy and cheap way to raise cash, from captive and unprepared overseas investors.
As you can from the above criteria, the key is to find the best program to match your requirements rather than focusing on a program in the location you are planning to reside in. It is imperative you chose the most appropriate regional center program regardless of where it is located, as you require it to work, so the necessary jobs are created, the program succeeds and your investment is returned. It is pointless choosing a program in the area you are planning to live in unless it can deliver these essential requirements.
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Tags: eb-5, green card, I-829, permanent residence, pilot program, regional center, USA, uscis, visa
Posted in Immigration | No Comments » |
August 4th, 2010 |
 The EB-5 visa has been available in its current format for several years and as a result there is a fair amount of evidence to draw on regarding its success, as well as some failures.
For those of you considering the EB-5 as your gateway to permanent residence in the USA you will need to invest $500,000 in one of many government approved regional center programs typically for five to six years. In return, if you fulfill the requirements of investing in specific areas, and the program creates ten jobs per investor, you, your spouse, and children under 21 get to achieve permanent residency (Green Card) status in the USA.
Those brave pioneers who first used the EB5 route some six years ago are now in a position to have received their investment back and obtain US citizenship if they so choose. Going back six years there were literally only a handful of programs available to choose from. These programs still exist, but only one has repaid their initial investors in full. That program had a clear and fixed exit strategy covering repayment of the investment.
So, for many people, that raises the question; will I get my money back? The answer in the case of that project is yes. However, in the case of other centers, without that clear exit strategy in writing, there is still no answer.
The EB5 investor visa program has many benefits but an ongoing problem remains for those that seek information direct from the regional centers rather than experienced independent advisers. The regional centers want, and indeed need to sell places and sometimes they may be economical with the facts in order to win you over and steal you away from a competing regional center project.
For example, are you in a hurry to obtain your EB5 visa? If so you may be drawn to a particular regional center that makes a number of claims including that it has a faster processing time. Here is a direct quote from their website and promotional material:
“Credibility of the State of XXXXXXX with governmental responsibility and oversight means that investors’ petitions are given priority by CIS, resulting in a faster path to approval”
Enquiries into the accuracy of this statement by independent EB5 investigators to the USCIS (the U.S. Government) resulted in the following response:
“XXXXXXX Regional Center petitions are not given priority over other Regional Center petitions”.
Are any other statements on that website inaccurate? I’ll leave you to be the judge.
Another regional center claim a100% track record but there has been a number of refusals which are not highlighted in their sales material.
Sometimes families researching the various EB5 programs are attracted by well known names associated with particular regional centers yet with a little help it is not difficult to discover there a number of less well known, mundane, and frankly boring programs with excellent track records, well thought through, and certainly in the current economic climate, worthy of attention.
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Tags: citizenship, eb-5, eb5, green card, investor visa, permanent residence, regional center, USA, visa
Posted in Immigration | No Comments » |
July 29th, 2010 |
 The gentleman and his wife had relocated to the USA from Pakistan nine years ago. Initially he came over as a student on an F1 visa and after graduation worked for a major financial sector company in New York. After working for six years on an H1-B visa, he faced a problem with the uncertainty and waiting time required for labor certification cases and adjustment of status. All this despite both his desire to remain in his job and his employers willingness to help him, could have meant he would have to leave his home in the USA and return to Pakistan. After a meeting with Stephen Parnell in New York, and discussions with an experienced EB-5 attorney, he looked at the EB-5 regional center pilot program in more detail and specified project track record, speed of obtaining the green card and investment with a company that offered a specific exit strategy as important criteria for him. He decided to invest $500,000 in a limited partnership project in an approved and proven regional center program for the development of a project in California. Approval took a little less than three months and the applicant received his green card a month later.
Read more EB-5 Success Stories here
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Tags: adjustment of status, attorney, california, eb5, F1 visa, green card, H-1B, labor certification, New York, Pakistan, pilot program, regional center, stephen parnell, USA
Posted in Immigration | No Comments » |
July 21st, 2010 |
 An Irish family who had significant agricultural holdings had been monitoring the progress of the EB-5 visa for several years. They had originally purchased property on the east coast of Florida and taken lengthy holidays to see how they would adjust to the American way of life. They then purchased other properties for rental, taking advantage of the bottoming of the property market and to build an earnings portfolio for eventual relocation. They required a visa route that offered permanent residency and green cards for all the family, and wished to increase their property portfolio once they had resettled in Florida. After a detailed briefing with us they decided the EB5 pilot program was the most appropriate option and looked into the various programs in more detail. They emphasized that they required a program which had not suffered from long delays caused by requests for further evidence (RFE’s), they were also concerned that the program had been operating for several years, complied with job requirements and had a clear and specific exit strategy. After investigating the alternatives and narrowing them down to two options they opted for a project which to date has a 100% track record of approval. Following clarification on a number of issues they invested $500,000 – there where additional administration and attorney fees. The family required an Attorney based in Florida with a track record of working on EB-5 applications and also had a number of questions for us regarding possible locations to resettle in, the schooling system, removals, property, transfer of pets, health coverage etc. The I-526 approval took three months and the couple were then interviewed at the U.S. Consulate and granted visas.
Read more EB-5 Success Stories here
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Tags: attorney, consulate, eb-5, exit strategy, florida, green card, I-526, Irish, permanent residence, Relocation, removal of conditions, visa
Posted in Immigration | No Comments » |
July 15th, 2010 |
 The gentleman had relocated to the USA from India several years ago. After working in the USA for a number of years and renewing the H1-B visa he faced a problem with the waiting time required for a further renewal of the H1-B. This, despite both his desire to remain in his job and his companies willingness to help him, could have necessitated his departure from the USA. After a discussion with Stephen Parnell he looked at the EB-5 regional center pilot program in more detail. Project track record, speed of obtaining the green card and investment with a company that offered a specific exit strategy were important criteria for him. He decided to invest $500,000 in a well established center that had an existing program loaning development funds over five years for the expansion of a major state/city conference center –he was less concerned about the modest interest rate on the loan as his focus was on minimizing risks regarding the return of funds. The I-526 approval took just over three months and the applicant received his green card a little more than a month later – the process taking a total of just over four months. We have continued to keep in touch and checked out issues that have come up with him for the benefit of new investors.
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Tags: eb-5, green card, H-1B, I-526, regional center, USA
Posted in Immigration | No Comments » |
July 13th, 2010 |
 A Canadian businessman’s main priority when looking at relocation to the USA via the EB-5 visa was selecting a regional center to obtain a green card as fast as possible then to recover the initial capital invested as quickly as possible. A return on the investment was felt to be a bonus but not a priority. The businessman initially expressed a preference for a center with a simple business plan that invests in a tangible asset as opposed to providing business loans. He had some concerns regarding a few of the asset based programs compared to loan ones given their potential vulnerability at I-829 stage in relation to job creation, poor returns from the initial programs (i.e. less than the initial investment), and ambiguous exit strategies. The actual process from investment to approval took just under four months and he has now resettled in the USA and remains pleased with his choice.
Read more EB-5 Success Stories here
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Tags: canadian, eb-5, green card, I-829, regional center, USA, visa
Posted in Immigration | No Comments » |
July 8th, 2010 |
This family owned a large business in Australia and the UK. They required a visa that offered permanent residency and green cards for the whole family as they had older teenage children they were concerned that otherwise there was too much risk for their future. They decided to invest $500,000 in a Limited Partnership under a Regional Center in a Targeted Employment area. The Project involved the demolition, renovation and construction of a warehouse/storage complex for mixed use. Upon completion of the construction the new structure housed tenants and created 10 direct/indirect jobs for each of the Investors in the project The I-526 approval took several months and the couple were then interviewed at the U.S. Consulate and granted visas. The family have now had their conditions removed (I-829 stage) and are considering US citizenship.
Read more EB-5 Success Stories by clicking on this link
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Tags: eb-5, green card, I-526, I-829, regional center, targeted employment area, USA, visa
Posted in Immigration | No Comments » |
July 7th, 2010 |
 An Argentinean family, father (in the legal profession), mother and their children had spent several months looking at their options for immigration to the USA. Time was a key factor as they wanted their children to be able to start school at the beginning of the school year in August. Like a number of families in the current world economic climate they placed emphasis on a regional center with a fixed term exit strategy, and a reliable policy to create the necessary ten jobs, rather than an unknown and potentially unspecified exit strategy. From the time of the filing of their application to the successful approval of their I-526 took three months and the family achieved their timetable objectives to relocate in the USA.
Read more EB-5 Success Stories here
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Tags: eb-5, green card, I-526, USA, visa
Posted in Immigration | No Comments » |
June 7th, 2010 |
 All over the world there are people who want to live in the USA but despite their qualifications find that they are unable to obtain business sponsorship, labor certification or a suitable offer of employment.
As specialist EB5 Immigration Attorney Anthony Olson recently explained, labor certification is dependent on the sponsoring employer not finding a qualified, willing, able, and available worker in the local job market. In the current market there are many well-qualified people out there looking for jobs thus labor certification is not looking very promising as a vehicle to permanent residence. This could well be one of the reasons for the growing popularity of the US EB-5 investor visa green card.
Which EB5 research all EB-5 investment visa options and our impartial advice has helped many families obtain Green cards and permanent residence in the USA. For more details of how the EB5 program can help you read the Guide to the EB5 immigrant investor visa program.
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Tags: eb-5, eb5, green card, immigration attorney, investor visa, relocate, USA
Posted in Immigration | No Comments » |
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