There has been a significant increase in the number of enquiries from wealthy Russian and Ukrainian business people who have looked at the fastest way to gain permanent residency in the USA for themselves and their families.
Interest in the EB-5 regional centervisa, which requires putting $500,000 into a US Government approved regional center program, has increased over the past two months from both Russia and Ukraine. Wealthy clients are looking to start the process as soon as possible; this visa route is currently due to end in September 2012.
Russian businessmen have been concerned by the potential election of Vladimir Putin as President with concerns on possible tax implications and a hardening of attitudes towards business people. The likelihood of Putin returning as President may coincide with the Russian economy slowing down due to a fall in demand and prices for raw materials which account for 60% of Russian export earnings. A number of wealthy Russians are seeking to move to The USA before this happens.
The prosecution and jailing of the former Ukrainian prime minister and opposition leader Yulia Tymoshenko has been a matter of concern to many people there as it’s seen as a move towards a more authoritarian administration. There has been widespread commentary and concern that the jailing could be a sign that Ukraine is heading towards possible autocratic rule.
At any one time it is likely that a number of those involved in the EB-5regional center visa business are on a selling trip to China, they are selling their programs to third-party Chinese agents or directly to Chinese consumers. This focus on China is due to the fact that such a high percentage of EB-5 applicants are from China.
Unfortunately, not all the people advising on the EB-5 will have got in their cars or taken plane journeys and actually travelled to the various regional center programs, spent several days looking around areas and carried out detailed due diligence on the area surrounding a regional center project.
The importance of independent advice and detailed due diligence cannot be understated. The United States Citizenship and Immigration Service (USCIS) have already closed two regional centers. Both these centers had already attracted investors from China. If those clients had sought the right independent expert advice before choosing those centers, they could have been warned about potential inadequacies with these centers.
A number of centers have had I-829 refusals, leaving the unlucky EB-5 visa holders facing potential deportation at some stage in the future. Again one wonders if these people received detailed due diligence information prior to their choice.
Another program failed to create the necessary ten jobs; result, the unlucky clients failed to get I-829 approval and after settling down in the USA will now face potential deportation.
It needs to be realized that the EB-5 visa program is about far more than sales. At the end of the day immigrants are putting their trust, their families trust, their future and $500,000 of assets on the basis of choosing the program that best matches their needs, the need for adequate due diligence should never be underestimated.
Many who are starting the EB-5 process have found it useful to begin researching the EB-5 by reading the only published consumer guide on the EB-5 visa pilot program: Green card via the Red Carpet.
The expansion of the EB-5regional centervisa program to approaching 200 regional centers, some of which seem both unproven and speculative, along with aggressive selling techniques entering the equation, has raised some concern. Certainly the range of projects on offer is now varied both in content and quality and there have been some well publicized failures.
It is particularly worrying, when a regional center identifies supposedly positive features that are aimed to appeal to overseas clients who are often thousands of miles away and are not in a place to judge for themselves, the validity of the information provided.
A number of regional centers have highlighted their positive features such as offering “solid investment opportunities” and “looking out for potential investors’ best interests”. However, certain claims may only give the positive half of the story and not the negative half. We have researched many regional center programs and identified a number of anomalies not always bought to the attention of potential EB-5 visa applicants.
A number of regional centers claim that on their program not a single I-526 petition has been denied to date. While this claim may be true it is only half the story. From the EB-5 clients’ perspective, the removal of conditions after two years, (I-829) and the return of their $500,000 capital may be of equal importance, after all failure to achieve the I-829 can lead to possible deportation from the USA for the whole family.
A majority of early year EB-5 visa clients have been successful in obtaining both their I-526 and I-829 approvals and indeed a number have received their full $500,000 back, for the unfortunate few there have been less satisfactory outcomes.
The clients in one Regional Center program did not receive I-829 approvals as the regional center concerned had switched their funds to a different program. Although the decision behind the switch was to protect the clients’ immigration status, USCIS were not satisfied that the switch achieved compliance with their specific requirements and thus did not approve the I-829 petitions.
There have also been a number of program failures at an earlier stage. One California Regional center had its USCIS approval to operate programs withdrawn following an investigation by USCIS; but not before a number of Chinese investors had funded their $500,000 of capital into the program.
At the time of writing another Regional Center is the subject of concern following work stopping on the construction of a factory, again a number of Chinese EB-5 applicants have already committed funds to the program.
There have also been issues where a center promotes its relative safety given that is apparently State run and therefore subject to State controls. However, the programs themselves and the capital from EB-5 participants are in private sector enterprises which could fail and it does not seem likely that the State, in such circumstances, would reimburse capital in the event of failure.
It is absolutely imperative that before deciding upon a regional center program potential EB-5 visa applicants are given detailed positive and negative information from specialists.
For a detailed discussion on the suitability or otherwise of using the EB-5 visa program please take advantage of a free in-depth EB-5 Visa consultation with the principals of Which EB5 who themselves are first generation immigrants to the U.S.A.
There has been a mixed selection of news on the EB-5 this week with good news concerning a consistent stream of EB-5 immigrants receiving I-829 approval. Bad news regarding alleged potential problems with one program and no news regarding the extension of the EB-5 regional center pilot program or the introduction of premium processing.
Good News
There has been a regular ongoing stream of clients receiving I-526 approvals which is always important. Additionally for those clients we worked with several years ago, there has also been an ongoing stream of I-829 successes. (The I-829 stage removes the conditions from visas and provides permanent green cards). As one client who received news of I-829 success commented, “the program we selected has done exactly as stated and we are delighted our relocation to The USA has worked out so well for us”.
Bad News
There has been bad news this week reported by CBS Money Watch regarding alleged issues with a particular program that had been promoted in China on a Chinese website. Currently the Attorney General in the State concerned is reported to be looking to see if any civil or criminal laws have been violated. We will keep you informed of developments on this issue.
No News
There continues to be no definitive news regarding an extension of the EB-5 Regional center program beyond September 2012 or indeed the introduction in the near future of what is termed premium processing which would greatly shorten the application process. Given the lack of news on these points those of you currently considering the EB-5 visa as your best method of achieving permanent residence in the USA may wish to act sooner rather than later.
Many who are starting the EB-5 process have found it useful to begin researching the EB-5 by reading the only published consumer guide on the EB-5 visa pilot program Green card via the Red Carpet.
The advantages of US higher education qualifications to your future career is evident by recent rankings showing the United States being home to 7 of the top 11 ranked universities in the world.
An increasing number of overseas students want to attend these and other highly regarded US Universities.
Many of these students also require the opportunities to work without restrictions in the USA while they undertake at least a four year course of study they also want to be free to work wherever they want in the USA after graduating. Additionally, many would like the opportunity to pay the often lower tuition rates for in State students rather than the much higher charges for overseas students.
The EB-5 program can, in certain circumstances provide an excellent opportunity for affluent overseas parents to send their children to American Universities without having to be concerned about the restrictions of a Student Visa.
With a commitment of $500,000 in an EB-5 Regional center program, families can obtain their U.S. Green Card for their husband or wife and any children under 21 years old.
Unlike a U.S. Student Visa the EB-5 Visa allows you to become a full time resident and gives you the opportunity to work however much you want while attending a US University.
Many have found it useful to begin researching the EB-5 process by reading the only published consumer guide on the EB-5 visa pilot program: Green card via the Red Carpet.
If you are considering the EB-5visa as your best method to gain permanent residence in the USA you may need to act in the next three/four months to make certain of obtaining the visa.
Currently applications are taking approximately six months for your initial petition to be processed by USCIS and a further three to four months for either an adjustment of status or consular processing. If you want to be sure you have enough time to go through the process with a margin of safety you probably need to apply before the end of December 2011.
The program has faced closure before but Congress has granted typically last minute extensions. However, this time closure is due in the period of a run up to The Presidential election, this adds some uncertainty to the process.
There has been lots of talk that premium processing would be introduced for the EB-5 visa program which could reduce the processing time down from the current six months to a few weeks. While this is currently under continued discussion it could take many months to implement. Meaning it MAY NOT be available until late into 2012. This would leave many applicants exposed to perhaps not getting their petition adjudicated prior to the expiry of the program.
It is very important for you to carry out full due diligence before committing to a particular Regional Center program. A number of Regional Centers have received Requests for further Evidence (RFE), some have had refusals at the initial (I-526) stage and others, more alarmingly, have had refusals at the removal of conditions (I-829) stage.
If you would like to discuss the implications of this program, or would like impartial information about the various Regional Center programs, our network of consultants and attorney’s can provide a free in-depth personal consultation to you. We currently have over 250 clients and a 100% record success record.
It’s been a busy time over the past few weeks, discussing the various regional center programs with many European families planning immigration to the USA on the EB-5 visa. For many the popularity of the program is that it offers permanent residence for the applicant, as well as their spouse and children under 21.
With the EB-5 Regional Center pilot program due to end in a year, and some of the most popular projects likely to be fully subscribed by the end of September, there has been a rush of prospective immigrants keen to apply before time runs out.
It is interesting that many of those I speak to raise similar issues of concern regarding the EB-5 program, such as:
What is the success rate of the various programs?
Has anyone got their $500,000 back?
What have I found hidden away when I have visited various regional centers?
What is the rate of interest paid by the various programs?
I understand from my partner Steve Parnell, who carries out similar discussions with families in North and South America, Asia and Africa that he is also asked similar questions, and yet some of the most important questions that are vital to a family making a good choice of program are not often asked. These questions are important to you in that they may affect your ability to maintain permanent residence after 2 years. Other important questions need to be asked that can be an indicator to the timely return of your $500,000 capital too.
For details of these all important questions contact Chase Brodsky at Which EB5 to set-up a free, in-depth personal consultaion for you.
Ongoing problems in a number of Arab countries have seen an increase in inquiries for obtaining the fastest route to permanent residency in the USA.
Many families have discovered this to be the EB-5visa which requires a $500,000 investment in an approved Regional Center program. This visa provides permanent residency for the applicant, their Spouse and unmarried children under 21.
A rising number of people from Arab countries feel concerned for their families safety in the uncertainly of the turbulent political situation. As a result they feel life in the USA offers many potential advantages, including world leading education for their children.
The EB-5 visa does not have any language or educational requirements and as long as applicants can satisfy the U.S. authorities on the source of their investment funds and can satisfy health and legal requirements the application can be a relative straight forward process.
The Regional Centers offering programs that meet the EB5 visa criteria seem at first sight numerous(over 150) however, in reality, very few of these have a 100% measurable record over at least a three year period.
There are a number of questions many EB5visa applicants ask when trying to identify a shortlist of potential regional center projects.
Even the simplest question can raise further issues when examined by a knowledgeable and experienced expert. For example, is center xxx a good choice, as it has sold all of its projects so far? At first sight this seems a reasonable point, however, it does raise several other questions all of which need proper consideration –
• Where did all the clients come from?
• Are they all from one country?
• If so, did they use agents based in that country?
• If so, what are the implications of those actions?
• Why do EB-5 investors from one country have a very different set of priorities to those of another country?
• Have these agents actually visited the regional center project?
• Have these agents presented the negative aspects of the program as well as the positives?
• Will the agents be there to provide advice if anything goes wrong after a few months or even a few years?
• Did the investors understand English?
• Did the project attract investors from the USA? What are the positive and negative implications of this?
• How many other regional centers provided an alternative project at that time?
• Has there been any negative press reaction to the program?
The above points illustrate why a simple question and answer is not enough information for you to come to a conclusion. If you would like to discuss these points with one of our Senior Partners please email Chase Brodsky to set-up a telephone appointment.
September 5th 2011 is the 20th anniversary of my arrival here in the USA. The latter years of this period have been very good to me, in stark contrast to those early years when I made every mistake a new immigrant can make.
Some of you reading this blog have perhaps heard some of my own experiences as a first generation immigrant during our long telephone consultations. Some of you already know that a large part of my motivation in this business is to help you avoid the mistakes a new arrival to the USA can so easily make.
For those of you yet to spend time with me on the phone or in-person, discussing your immigration goals, I want to let you know that I have experienced a lot of the same feelings and fears you have about making the USA your home.
Arriving in a new country, particularly with young children (mine were 10 and 12 back in 1991), can be a very tough challenge.
Although I did not have the advantage of being able to utilize the most predictable path to permanent residence (the EB-5 visa), I have made it through all the trials and tribulations any immigrant could be expected to encounter. It is armed with that personal experience that I urge you to not miss out on the predictability the EB-5 program can offer you and your family. Call me or email me and I will be only too happy to arrange a free one-on-one consultation with you.
Remember, the EB-5 VisaPilot Program is due to end on September 30th 2012 unless we are able to secure an extension or permanent program by that time. If you want to make sure you can take advantage of the current program you may need to file your application by the end of January 2012.
As a first generation immigrant to The USA, and now a proud American Citizen, it would be my pleasure to assist you in any way I can. I look forward to hearing from you.
WhichEB5.com, its owners and associates, do not function as attorneys or legal counsel and do not attempt to interpret immigration law and do not provide or offer legal advice or legal services or investment advice. Anyone considering an Investment based Visa should seek independent professional advice. The information on this site is intended to be general on the subject of the EB5 investment visa green card program and should not be relied upon for any specific situation. Any reference to designated regional centers on this website is posted as reference material only. For legal advice, please contact one of our attorneys. Prior results do not guarantee a similar outcome. Results depend upon a variety of factors unique to each person. Which EB5 is a service of Ireeco LLC 1515 N.Federal Hwy. Suite 300 Boca Raton Florida 33432 USA Telephone: +1-561-771-1330.
