Authored by Joseph Barnett and Bernard Wolfsdorf, on behalf of AILA EB-5 Committee There has been a lot of recent interest from prospective immigrant investors in direct EB-5, including “pooled direct” investments. This is partially because the more popular EB-5 Regional Center program is waiting for reauthorization, and the (likely temporary) minimum investment requirement presently at $500,000 for job creation in a Targeted Employment Area (“TEA”).[1] As a result, the AILA EB-5 Committee would like to share their thoughts on specific issues related to the representation of direct EB-5 clients, as a high percentage of direct EB-5 cases appear to run into difficulties. Limited Scope of Representation. As lawyers, we can rely on outside professionals (such as accountants and business advisors) to provide advice in areas we are not competent to handle. Being a good immigration lawyer and advising clients regarding investor visas does not require that every lawyer handling these cases must be competent in the tax, business, and accounting work that is a critical part of the EB-5 framework. It is correct to state that EB-5 requires a team including the immigration lawyers, corporate lawyers, franchise lawyers, securities lawyer, business plan writer, accountant, banker, and the list goes […]
