EB5 Visas Issued as of June 2012

On July 11, 2012, Charlie Oppenheim, Chief of Visa Control at the State Department, provided the FY2012 Employment-Based Fifth preference (EB-5) issuance totals for the top five countries (89%), for the period October through June. 4,813 EB-5Visas have been issued up to date with top 5 countries as follows: China, Korea, Taiwan, Venezuela, Iran. 77% EB-5 visas have been issued to Chinese nationals from the Mainland China. He expects that the FY2012 EB-5 visa usage will be approximately 6,200. See illustration for breakdown in percentage of the top five countries and others.

For more information about EB-5 programs investment opportunities or capital lending structure, contact us today. 

Empire State EB5

Tel: (866) 763-6515

WEBSITE HERE or EMAIL HERE

 

 

 

USCIS Director Mayorkas Announces the Creation of a New EB5 Office

USCIS Director Alejandro Mayorkas has announced today the formation of a new office specifically designed to address and oversee issues related to the EB-5 Immigrant Investor Visa program. Below is his announcement:

To view announcement in .PDF form, go here - New EB-5 Program Office - Message from Director

Dear Stakeholder,

I am pleased to announce that U.S. Citizenship and Immigration Services (USCIS) will be creating a new office to oversee our administration of the EB-5 Immigrant Investor program.

The EB-5 program has spurred the creation of tens of thousands of new jobs and the injection of billions of dollars into the U.S. economy since Congress created the program in 1990. Interest in the EB-5 program has grown exponentially in recent years, both from domestic project developers seeking capital and foreign investors who have the capital that can fuel economic growth. USCIS has met this unprecedented growth and interest with a corresponding dedication of resources. USCIS has approved more than 3,100 Form I-526 petitions in Fiscal Year 2012 to date, more than triple the number approved in all of Fiscal Year 2009. 

Since 2009, we have quadrupled the size of the EB-5 adjudications team and brought on board eight expert economists dedicated to the EB-5 program to ensure that EB-5 cases are handled expeditiously and with appropriate expertise. In the next month, two full-time attorneys with substantial transactional experience will enter on duty as new additions to the USCIS EB-5 program team. And by the end of July, a special Review Board consisting of two Supervisory Immigration Services Officers and one economist will review every pending application for regional center designation for which a denial has been recommended, with applicants receiving the opportunity to discuss their cases in-person before any final adverse decision is rendered.

By now creating a dedicated program office, we will build on these steps toward ensuring that this important and complex program is appropriately resourced and managed under a single leadership structure.  

I am also excited to announce that the new office will be led by a new Chief of Immigrant Investor Programs, and that an advertisement for this new leadership position will be posting today. Our new program chief will have significant experience in the business world and will assume responsibility for ensuring that the program is administered efficiently, with integrity, with predictability, and with an understanding of today’s business realities.

We understand that more work needs to be done to further improve our administration of the EB-5 program. We are committed to this work. USCIS welcomes and appreciates your input as we stand up our new EB-5 Program Office.

Thank you.
 
Alejandro N. Mayorkas
Director
U.S. Citizenship and Immigration Services

Empire State EB-5 Regional Center - Approved as of July 2, 2012

APPROVED REGIONAL CENTER

As of July 2, 2012 - Empire State EB-5 Regional Center is OFFICIALLY an APPROVED Regional Center by the USCIS.

We are extremely gratified that all our hard work and dedication has paid off for this momentous occasion to finally come true. Empire State EB-5 Regional Center is now ready to enter the next step in funding the StoneWood Crossing Project located in Cuba, NY.

To review StoneWood Crossing Project - CLICK HERE

Will be posting more documentation soon on this historic achievement...stay tuned!

Need help getting your next development project off the ground...

CONTACT US TODAY!

2815 Monroe Avenue, Suite 2100
Rochester, New York 14618
Tel: (866) 763-6515

WEBSITE HERE or EMAIL HERE

On the road again...another day trip

Empire State EB5 will be on the road today visiting county officials and project developers in the North Country region in New York. We will be spending a good part of the day surveying the project site and discussing how EB5 can be a great alternative to financing the development. We appreciate the invitation to meet with these individuals. If your business is looking for an alternate way to finance a project/s then contact Empire State EB5 to further determine the steps needed to pursue EB5 financing.

CONTACT US TODAY!

2815 Monroe Avenue, Suite 2100
Rochester, New York 14618
Tel: (866) 763-6515

WEBSITE HERE or EMAIL HERE

USCIS on Economic Methodologies - Q&A

The USCIS public engagement mailbox is one that can be used to get some definitive answers pertaining to your EB-5 interests or concerns. It seems that the public.engagement@uscis.gov email address actually does have life and two responses below recently have been reported through the USCIS website. See comments from USCIS website below.

From the USCIS website:
Questions and Answers: EB-5 Economic Methodologies
On June 22, 2012, USCIS hosted a public engagement featuring two economists who work on the EB-5 Immigrant Investor program.  Following that engagement, some stakeholders sought clarification as to certain points raised by the economists.  USCIS is now pleased to provide clarification as to two of the primary questions raised.
EB-5 Projects Involving Hotel or Resort Development
Q:  When an EB-5 project involves the development of a hotel or resort, when is it economically reasonable to input projected funds spent by visitors into economic models to project indirect and induced job creation resulting from the spending of these potential hotel occupants (e.g. on rental cars, dining, etc.)?
A:  In general, job credit based on “visitor spending” is appropriate only where the applicant or petitioner can show by a preponderance of the evidence that the development of the EB-5 project or resort will result in an increase in visitor arrivals or spending in the area.  Applicants or petitioners should provide reasonable estimates of how new visitor spending and tourism demand is driven by the specific project that is the subject of the application or petition.  If the applicant or petitioner presents a reasonable case that the visitor spending and demand for tourism generated by a project is new then it may be reasonable to conclude that the specific project has generated an increase in demand, and thus, has generated increased employment in the region resulting from the projected increase in visitor spending.  If the applicant or petitioner meets this burden and the application or petition can otherwise be considered reasonable, new visitor spending revenue can be considered an eligible input to an appropriate regional input-output model.
Regardless of whether visitor spending is shown to be attributable to a particular project, jobs created from construction (lasting over two years), management, and operation of the hotel or resort, including hotel revenues, can be considered eligible inputs to an appropriate regional input-output model assuming that the application or petition can otherwise be considered reasonable.
Acquiring Real Estate
Q:  May a regional center use funds from EB-5 investors to acquire real estate?
A:  In general, yes, subject to the requirement of Matter of Izummi, 22 I & N Dec. 169 (Comm’r 1998), that the “full amount of money must be made available to the business(es) most closely responsible for creating the employment upon which the petition is based.”  For example, a job-creating enterprise may propose to allocate some EB-5 funds to purchasing land and allocate other EB-5 funds to developing and operating a business on the purchased land, and the jobs created by the enterprise can be apportioned among all the EB-5 investors.  It is important to note, however, that real estate acquisition is not generally recognized as a job-creating activity in and of itself.  Thus, it is not generally reasonable to treat funds spent on real estate acquisition as inputs to an employment impact model.  Where some EB-5 funds will be used for real estate acquisition, such apportionment should be detailed in the business plan.
USCIS does recognize that certain soft costs directly related to real estate transactions may reasonably be counted as valid job-creating expenditures and inputs to regional input-output models.  In addition, soft costs related to the development and construction of EB-5-supported projects on designated land parcels may be considered on a case-by-case basis.  If the input-output model utilized in the economic impact analysis provides specific categories for the soft costs, the multiplier categories specific to these costs should be used instead of bundling such costs under general construction expenditures.

New York City Trip meeting with Project Developers

Empire State EB5 is traveling this week and will be attending business in New York City. Meeting with potential clients who have exceptional projects that range from the Healthcare industry to the Entertainment industry. So far discussions have gone very well with these projects could create a much needed stability - JOBS!!!

Empire State EB5 is open for to discuss how EB5 financing can help your project development move forward. Contact us now!

CONTACT US TODAY!

2815 Monroe Avenue, Suite 2100
Rochester, New York 14618
Tel: (866) 763-6515

WEBSITE HERE or EMAIL HERE

EB-5 Stakeholder Engagement - Teleconference on Regional Center Discussion July, 26, 2012

The USCIS will be holding a teleconference on July, 26, 2012. The sign up deadline for participating ends June, 25, 2012. The USCIS focus for this engagement will address general thoughts and concerns of Regional Centers in the EB-5 program. Any interested EB-5 stakeholder is welcome to participate and there will be an open forum for additional questions. If you have interest in attending or looking for more information, follow the link below to the USCIS invitation.

EB-5 Stakeholder Engagement Invitation

Need more information regarding financing or investing in a project through EB-5:

Empire State EB-5

2815 Monroe Ave
Rochester, New York 14618
Tel: (866) 763-6515

WEBSITE HERE or EMAIL HERE