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Monday, October 31, 2011

Enter the Draggin': Big Promises, Slow Execution Creates EB-5 Turmoil in China


 As busy as some EB-5 megaprojects are in China, and as much money as much as they are collecting, seems the "shovel" in the "shovel-ready" is a bit behind the momentum: our second full week in China has led to a number of conversations with Chinese brokers with clients who funded EB-5 projects many months ago...and are still on "hold".  The reason: most EB-5 projects being marketed in the Far East are EB-5 dependent for execution.  Translation:

  1. A bank promises the GP that they'll fund 33% if the project gets local government and EB-5 funding for the balance.
  2. The county/city (or both) agree to cover a third of the deal if the balance is covered by a bank and/or EB-5 funding SO...
  3. The GP shows up in China with "confirmed" investments from the bank and from the government...but can't even START till the last investor is funded.

There are but a handful of EB-5 projects which are:

  • not dangerous "troubled" enterprises and
  • already active and operating

It is these rare projects which offer immediate I-526 filings, no delays, and the assurance that the investor's green card doesn't depend on the GP's ability to secure ANOTHER 50 investors before the project can even get rolling.  The logical result of all this is pretty predicatable: Chinese agencies tired of making excuses for stalled EB-5 launches contacting Sharon and me to "switch" escrow to bona fide, working EB-5 ventures with no strings attached.
Fortunately for them, we happened to have precisely what they need. :-D


Written by Jose E. Latour creator of Immigration Insider.
Find original article HERE
Jose is  an A/V rated business/investment-based immigration attorney and former U.S. Diplomat/ Consular Officer. He is a member of the American Immigration Lawyers Association (AILA) and the Florida Bar. As a trusted colleague, Jose is an essential part of our team and to the EB-5 community. 

Sunday, October 30, 2011

USCIS - Checking Case Status

Here is a great tutorial video for applicants who are in need of checking there current case status through the USCIS website and are not quite sure how to go about checking your application process.


Saturday, October 15, 2011

USCIS will launch the “Entrepreneurs in Residence” initiative


USCIS will launch the “Entrepreneurs in Residence” initiative with a series of informational summits with industry leaders to gather high-level strategic input. Informed by the summits, the agency will stand up a tactical team comprised of entrepreneurs and experts, working with USCIS personnel, to design and implement effective solutions. This initiative will strengthen USCIS’s collaboration with industries, at the policy, training, and officer level, while complying with all current Federal statutes and regulations.

The initiative builds upon USCIS’s August announcement of efforts to promote startup enterprises and spur job creation, including enhancements to the EB-5 immigrant investor visa program. Since August, USCIS is:

  • Conducting a review of the EB-5 process
  • Working with business analysts to enhance the EB-5 adjudication process
  • Implementing direct access for EB-5 Regional Center applicants to reach adjudicators quickly; and
  • Launching new specialized training modules for USCIS officers on the EB-2 visa classification and L-1B non-immigrant intra-company transferees.

 Read full article here - USCIS will launch the “Entrepreneurs in Residence” initiative

Friday, October 14, 2011

The Woods at Bear Creek


Closed a $1,300,000.00 loan to purchase 750+ acres of land near Ellicottville, New York. The loan request was delivered to the lender on September 12, 2011, and closed on October 7, 2011, an astounding 20 days! The loan provided funds to purchase land that will be converted to outdoor concert series, lodging, restaurant facility, and recreational venues. 

Check out The Woods At Bear Creek Facebook Page Here
The Woods At Bear Creek is home to a 250 seat restaurant overlooking the lake plus 38 cabins, an office and lounge area, a recreational center with a stage, numerous other support buildings, athletic fields, tennis and basketball courts, a heated Olympic size swimming pool, a 1400 foot Zip Line, a ropes climbing course, miles of hiking and cross country ski trails and contains some of the best hunting and fishing in the area.



 

Saturday, October 8, 2011

DISCLAIMER: Statement of Non-Association

DISCLAIMER: Statement of Non-Association

Empire State EB-5 Regional Center located in Rochester, NY has  NO FINANCIAL AFFILIATION, BUSINESS RELATIONS, OR CONNECTIONS with the following EB-5 Regional Center in New York City in anyway known. The name of this organization is - Empire State Regional Center 

Thursday, October 6, 2011

The Balitmore Sun praises EB-5 Visa Program



Our view: Immigration program tied to investment in America makes sense
The private firms developing two major state-sponsored projects say they are trying to take advantage of a little-known element of immigration law that provides green cards to foreigners who invest $500,000 to $1 million in a job-creating enterprise in the United States. It’s apparently the first time something like this has been tried in Maryland, and it’s making some people uncomfortable, including Senate Minority Leader Nancy Jacobs of Harford County. She’s contemplating legislation to make the use of investor visas illegal for state projects, saying it sounds like we’re selling citizenship and “turning the country over to the Chinese.”

That’s nonsense. The program, which has been around since 1990 but has expanded significantly in the last few years, certainly needs close monitoring to make sure it is achieving its maximum potential in terms of creating jobs. But the idea that we should give priority in immigration to people who are already successful in their native countries and who have the capital to invest in the development of this nation is absolutely sound.

Complaining that this visa program — known as EB-5 — amounts to selling American citizenship reveals a misunderstanding of how our immigration system works. Our borders aren’t like a deli counter where people take a number and wait their turn. We give preference, and always have, to people who are most likely to integrate easily into American society and to contribute the most to it. Skilled workers, people with advanced degrees or promises of employment, or those with family members already here get pushed to the front of the line. The reason the investment visa is known as “EB-5″ is that there were already four other employment-based visa programs before it. The government allots 10,000 visas a year to the EB-5 program, or 7.1 percent of those allowed for all employment-based visas, though the quota has never been met.

Those who are concerned about immigrants in American society tend to raise several objections, none of which apply here. EB-5 visa recipients are not illegal immigrants; they broke no laws to get here. They are not taking away jobs that could have gone to native-born Americans. On the contrary, they are creating jobs that, by law, must go to American citizens or legal residents. They are not straining the social safety net. Instead, they are sufficiently rich to afford a six- or seven-figure investment, and they are volunteering to come here and pay federal, state and local taxes.....



Tuesday, October 4, 2011

Cuomo To Regional Councils: Cooperate Or Die



Not sure if the news here is good for us New Yorkers or just plan bad for us and business. "WE" need plan, action , and completion. Thought the goal was to have competition for the money, but as with what the past tells us of businesses competitive nature, no one likes to play fair. If "WE" can not play nice with each other, then how do "WE" ever break this downward spiral of economic collapse?

Monday, October 3, 2011

Orlando: EB-5 Financing of Real Estate

Well,  Brian Su's first "real-estate-focused" EB-5 event yesterday ROCKED...as expected.  The room was packed with the usual suspects -- and a lot of new folks -- and the topical theme was definitely more advanced than Brian's prior events.

Opening speaker Robert Divine - a top-tier EB-5 attorney -- delivered a clear and consice explanation of how construction jobs interplay within job count dynamics in Regional Centers.   Ronnie Fieldstone -- whose excellent article on securities compliance issues for EB-5 I published in Wednesday's Immigration Insider -- did a masterful job in clarifying SEC-related issues.  (I was delighted to see his new partner -- my OLD partner in the 90's -- Randy Sidlosca in attendance!).

Candidly, when you are part of these events on a regular basis, you tend to measure the usefulness of the seminar by the amount of notes you find yourself taking.  Using that yardstick, yesterday's seminar was the most productive EB-5 event I've attended.  Lots of notes, lots of new perspectives.  The speakers were great, the questions were smart, and the event reflected Brian's evolving awareness of the need for more sophisticated EB-5 events.   My old friend Ed Beshara - we were friends 20 years ago, when this whole EB-5 thing was new and very scary -- is now among the country's most experienced EB-5 attorneys and shared his insight with an appreciative crowd. My partner in crime, economist Scott Barnhart, brought the house down Friday afternoon with his "economics-professor-meets-Jon-Stewart" shtick, keeping things fun.  As usual, I was the target of much of his abuse but as always, a steady stream of minor epiphanies about the intricacies of job count calculation were revealed.   Absolutely priceless education you CANNOT get anywhere else.  Thanks as always, Dr. B.

Written by Jose E. Latour creator of Immigration Insider.
Find original article HERE
Jose is  an A/V rated business/investment-based immigration attorney and former U.S. Diplomat/ Consular Officer. He is a member of the American Immigration Lawyers Association (AILA) and the Florida Bar. As a trusted colleague, Jose is an essential part of our team and to the EB-5 community. 


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