As we observe the solemn day of 9/11 nationally, we also are so grateful for the passing of Hurricane Irma but which affected so many in the Caribbean, Hurricane Harvey in Texas, and Irma in many parts of Florida. For some reason, we were spared the brunt of the storm and you will be pleased to know that our firm was unscathed in the process; our staff is diligently picking up the pieces and thank you for your continued concerns.
The President and Congress are expected to extend the EB-5 program through early December, the life of the continuing resolution 'as is'. This is not a time to be slack; it is a window of time to take advantage of some last minute preparations as the changes will be coming at the end of the year. Any investors who are undecided need to decide now; we are filing last minute investors as soon as possible. The President and Congress are expected to sign the Continuing Resolution before September 30.
If EB-5 investors are undecided, they need to at least start their source of funds analysis as the rest can be attended to in short order. Qualified CPAs in EB-5 are hard to come by, so please confer with our team for a list of the specialists.
In addition to the support of Congress, all members of the EB-5 Stakeholder community need to be wary of the changes which Congress has required and those of the Citizenship and Immigration Service by regulation. These are huge game changing changes which we will discuss in future newsletters as they are very extensive and have not been formalized, yet. That said, you can be assured of greater restrictions in the future so NOW is the time to implement any final decision.
ADVANCED PAROLE NOTICE:
For clients who have applied for Advanced Parole (travel outside the US) and even for those on L, K, or H visas, it is essential for you to know that border officials will cancel the application for travel if such departures are made before the approval is received. This process normally takes three months to secure (it has been quite timely in the past) and thus we highly recommend that all travel plans be delayed until such time as the parole is received. It normally is issued as part of an adjustment of status and contains a work authorization in a credit card size card with photo/fingerprints.
Clients with an urgent need to travel may wish to schedule an InfoPass with a local CIS office and request a supervisor to have an I-551 stamp inserted into the passport. Please use this process only for emergencies.
EB-5 PRIORITY DATE RETENTION:
Many investors from the Jay Peak debacle can now breathe a bit easier. We have it on confirmation from the Receiver, Michael Goldberg, that funds have been received reflecting the initial investment of $500,000 for the AnC Biomedical group as well as funds to complete the construction of the other various phases which had been suspended.
While investors have the choice to select their own new EB-5 project (or get a refund), the Receiver is in intense due diligence to select its own EB-5 project to help investors migrate to a project which he and qualified team deem worthy of migration for the 'orphan' EB-5 investors.
Note that efforts are also being made to preserve the priority dates as initially approved by USCIS on approved I-526 applications. This means that if investors and their project qualify they may proceed to filing I-829 applications as the two year period of waiting will start from the initial I-526 approval, even if in the AnC Biomedical or other Jay Peak project.
Note: if there is termination of a regional center or changes of 'materiality' in existing project, this may alter the ability to remain with the same project. This may prompt a shift in projects, but not to the protection of the priority date (i.e. the date at which the adjustment or consular process was completed as a result of an approved I-526).
EMPLOYMENT BASED INTERVIEWS:
As part of the President's 'extreme vetting' process, approved applicants of Employment based cases (EB 1-5) may be subject to an in person interview. This already occurs to those completing consular processing, but it will now become standard procedure for adjustment cases in the US. Clients do not need to be too concerned about this change of policy as such an interview will merely request confirmation of the approvals, the basis for the submission, and to reconfirm any criminal background or fraud, if any. We highly recommend contacting our office before such an interview as conditions will change on the ground as this policy is rolled out.
NON-US PERSONS INVESTING IN US BUSINESSES:
The US Tax Court recently rendered a landmark decision which held that if a non US person sells an interest in a partnership that is engaged in business in the US, the non US seller is NOT subject to US federal income tax on the gain from the sale.
This is huge news as it overturns IRS longstanding policy. An appeal by the IRS may be forthcoming however. Please consult your tax advisors.
ADMISSION TO QUEBEC BAR ASSOCIATION:
In addition to the Florida Bar, Mr. Behar has been formally approved by the Admissions Committee of the Quebec Bar Association and will be inducted as a foreign legal attorney in Quebec in US law. Counsel will be limited to US common law and primarily US Immigration matters to facilitate support of Canadian colleagues whose clients are expanding and investing in America. Mr Behar continues to be a member in good standing of the Florida Bar for the 38th year!
He has also obtained the Preeminent Status in Ability and Ethics from the evaluators at Martindale Hubbell, based on recommendations from colleagues in the Bar.
Congratulations to Lea Dimitri who has been an instrumental force in mobilizing legislation for the Temporary Protected Status for Venezuelans, now under consideration by Congress and CIS. This landmark effort of gargantuan proportions may evolve to the protection of Venezuelans who are now in the US and who seek shelter from the oppressive regime of the current administration.
Hailing Chen is on assignment in China until early November. She will be contacting EB-5 agents in support of our developer clients. Sonia Oliveri is on leave until early October in Italy. All inquiries may continue to be made to the Firm. Please note that our new assistant Jennifer Oliveira is fluent in the Portuguese language.
Irene Crawford has celebrated (we hope!) her 32nd year with the Firm. Thank you Irene for all the years of dedicated service and support. Your constant presence has been a force of stability in the Firm and to all our clients who so appreciate your dedication.
END OF SUMMER:
While summer will soon be over, it is always summer in Florida! We hope to be able to welcome back our international snowbirds who flock from all part of the world to our beloved state. Please let us know when you are back so we can welcome you properly.
And of course, thank you for your continued patronage and kind referrals!
Subscribe for News
This website is for informational purposes only and does not constitute an offer or solicitation to sell shares or securities. Any such offer or solicitation will be made only by means of an investment's confidential Offering Memorandum and in accordance with the terms of all applicable securities and other laws. This website does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or any invitation to offer to buy or subscribe for, any securities, nor should it or any part of it form the basis of, or be relied on in any connection with, any contract or commitment whatsoever. EB5Projects.com LLC and its affiliates expressly disclaim any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from: (i) reliance on any information contained in the website, (ii) any error, omission or inaccuracy in any such information or (iii) any action resulting therefrom.