Managing Partner Bernie Wolfsdorf was recently featured on the very first episode of the EB5 Investor’s podcast. In this insightful conversation with Ali Jahangiri, Bernie explains new program requirements since June 2nd, 2022, and gives his insight on the Behring case.
Watch the podcast here.
By: Bernard Wolfsdorf and Joseph Barnett Yesterday USCIS released new guidance on the EB-5 Visa which updates the adjudication policy on issues related to Form I-526 and Form I-829 petitions. In particular, the new guidance attempted to clarify the “at risk” requirements for Form I-526 approval and the “sustainment” requirement for Form I-829 approval. We blogged on the specifics yesterday, and now we’ve had time to digest the changes. Here are 3 things we like, and 3 things we don’t like, about USCIS’ new guidance: Things We Like USCIS Policy Now Consistent with EB-5 Regulations. Applicable regulations indicate that a Form I-829 must be accompanied by evidence that the EB-5 investor “in good faith, substantially met the capital investment requirement of the statute and continuously maintained his or her capital investment over the two years of conditional residence.” USCIS has now clarified its policy to be consistent with the regulations: “The sustainment period is the investor’s 2 years of conditional permanent resident status. USCIS reviews the investor’s evidence to ensure sustainment of the investment for 2 years from the date the investor obtained conditional permanent residence. An investor does not need to maintain his or her investment beyond the sustainment period.” USCIS Shows Understanding of Reality of […]
By Joey Barnett The U.S. Department of State (“DOS”) finally released its long-awaited Report of the Visa Office 2023 over the weekend. In particular, we have been waiting for the release of Table V, which counts the full number of immigrant visa numbers issued in FY 2023 – both immigrant visas issued abroad by U.S. consulates and embassies and adjustment of status applications approved by U.S. Citizenship and Immigration Services (“USCIS”) for those in the U.S. Here are 5 things to know: 1. Total Number of EB-5 Visas Issued9,817 unreserved EB-5 visa numbers were used in FY 2023. This actually exceeds the annual limitation for unreserved. To understand how and why that occurred, make sure to listen to former Head of Visa Controls at DOS, Charlie Oppenheim, during our Chatting with Charlie: Live EB-5 Investor Outlook on March 28 at 11:00a PST. 2. Adjustments v. Immigrant VisasDespite the ability of those lawfully in the U.S. to now file an adjustment of status, 85% of unreserved EB-5 visa numbers came from visas issued abroad. Over 63% of all unreserved visa numbers were issued to mainland-Chinese nationals who generally have the earlier priority dates. 3. No Reserved Visa NumbersNo reserved visa numbers […]
