South Dakota argues EB-5 participation shouldn’t be ended
South Dakota is arguing to a federal immigration agency that the state can effectively manage its troubled program that recruits wealthy foreign investors for projects in exchange for green cards.
An attorney retained by the state argued in a Monday letter that the South Dakota Regional Center’s participation in the federal EB-5 investment-for-visa program should not be terminated.
U.S. Citizenship and Immigration Services said in a July notice that participation should be terminated for reasons including the diversion of millions of investor dollars away from intended purposes.
The agency sent its decision to its own Administrative Appeals Office for review.
The attorney for the state says in the letter that past problems don’t mean the Regional Center can’t appropriately operate to encourage economic growth in the future. The state says termination would have a “horrific impact” on innocent investors.
http://www.washingtontimes.com/news/2016/aug/9/south-dakota-argues-eb-5-participation-shouldnt-be/
Mentions
States
- South Dakota
Securities Disclaimer
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.
