EB5 BRICS LLC Comments on EB-5 Visa Settlement Agreement between Industry Stakeholders and USCIS
The EB-5 program is officially back in operation after several EB-5 industry stakeholders reached a settlement agreement with the United States Citizenship and Immigration Services ("USCIS") that safeguards EB-5 investors and re-authorizes previously approved regional centers.
This settlement affects two cases: Behring Regional Center LLC, et al. v. Mayorkas, et al., No. 3:22-cv-2487-VC (N.D. Cal.) and EB5 Capital, et al. v. DHS, et al., No. 3:22-cv-3948-VC (N.D. Cal.). Invest in the USA ("IIUSA"), a trade association, and six of the top operators of EB-5 regional centers (EB5 Capital, CanAm Enterprises, Civitas Capital Group, Golden Gate Global, Pine State Regional Center, and Behring Regional Center) are among the plaintiffs.
"This is a welcome development and we're excited to usher in a new era of the EB-5 program - one that truly creates a win-win situation for EB-5 investors and their families and the U.S. economy and job creation," said Vivek Tandon, Esq Founder of EB5 BRICS.
Here are the key points of the settlement.
- Previously approved and authorized regional centers to retain their authorization;
- Previously authorized regional centers must submit a Form I-956 by December 29, 2022, along with the applicable filing fee, in order to keep their authorization;
- Previously authorized regional centers need not wait for approval of their Form I-956 to file and receive adjudications from USCIS;
- Previously authorized regional centers may immediately file project applications;
- Investors may utilize additional documentation of the I-956F filing (such as a receipt for a lock box, a cashed check, or a credit card charge;) in their I-526E petition if a regional center does not give them a formal receipt notification following the filing of a form within ten calendar days of delivery to USCIS.
- USCIS will not, on its own, reject an investor's I-526 or I-829 petition if a previously approved regional center fails to submit a Form I-956 application or revision;
- USCIS will update its website, forms, and instructions to comply with the terms of the settlement agreement.
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