By: Joseph Barnett The Form I-829, Petition by Investor to Remove Conditions on Permanent Resident Status (“Form I-829”) is the final step of the EB-5 process in which the immigrant investor provides evidence of one’s sustained investment and job creation. A Form I-829 must be submitted within the 90-day period immediately preceding the second anniversary of obtaining conditional permanent resident status. Here are five things to know about Form I-829 filings in troubling situations. 1. Regional Center Termination. For those with conditional permanent resident status, the termination of a sponsoring Regional Center’s designation will not result in the termination of the immigrant investor’s immigration status. The EB-5 investor can still file the Form I-829 and get adjudicated with reliance on indirect job creation. 2. Bankruptcy of Job Creating Entity. USCIS has expressed in draft guidance that compliance with the requirement for an EB-5 immigrant investor to continuously maintain his/her capital investment over the two years of conditional residence may still be met in the event of a bankruptcy by the job creating entity. Note, if funds were repaid to a new commercial enterprise through a creditor claim in bankruptcy, USCIS will require an investor to demonstrate redeployment of such capital during […]
