Court strikes down plea: Higher investment limits for US investment visa to continue
The investment limits for EB-5 visa were significantly hiked some months ago. Recently, the US districy court has denied a preliminary injunction plea filed by a Florida-based regional center, that had sought a stay from implementation of the revised norms.
Florida EBS Investments a regional center, which sponsors capital investment projects, using funds from foreign investors (applicants) who are seeking an EB-5 visa moved the district court for a preliminary injunction against the application of the revised norms. These norms had come into effect from November 21 last year.
Florida EBS Investments, the plaintiff in this case, submitted that the revised norms “Will have a devastating, irreparable impact on EB-5 Investments" by deterring foreign investors from using the EB-5 Program. It also provided an example of a real estate development project in Florida, which lost some of its potential investors.
However, Judge Richard J. Leon, in his order dated March 5, held that the plaintiff was unable to prove ‘irreparable harm'. A preliminary injunction will not be granted against something merely feared as liable to occur at some indefinite time, he held while dismissing the plea.
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