On Apr 07 2017 by H. Ronald Klasko
Spring 2017 – Coming Events
The EB-5 Reform and Integrity Act of 2022 brought many changes to the EB-5 program. For the latest information, please click here.
Periodically, we like to update our readers on interesting events at which members of our EB-5 team will be presenting. The next two months feature an unusual number of such events.
First, on April 19, our law firm will be hosting its Annual Corporate and University Immigration Seminar in Philadelphia. I don’t usually make reference to this seminar on an EB-5 blog. However, I am doing so this year for a couple of reasons. One reason is that many of our clients hire foreign nationals and have retained us to file H-1B petitions, labor certification applications for permanent residence or other visa options. With the new Administration plotting significant changes to the legal immigration system, pre-registration for this seminar is the highest ever.
In addition, interest in alternative visa categories has increased within the EB-5 community. For Chinese investors, subject to long waits before they can enter the U.S., the L-1 visa and the E-2 visa (through third country citizenship) have been utilized far more frequently than in the past. Even for investors from countries with no quota backlog, an approximate 22 to 24 month waiting period from the filing of the I-526 petition until entry to the U.S. as a conditional permanent resident is the norm. H-1B, L-1 and E‑2 visas may enable the investor and his family to be in the U.S. while awaiting conditional resident status. We will be discussing these visa options on April 19.
Anyone interested in attending the Klasko Corporate and University Immigration Seminar on April 19 can register here.
April 27 – 28
IIUSA will be holding its semi-annual seminar on April 27-28 in Washington, DC. Two members of the Klasko EB-5 Team will be presenting.
Dan Lundy will be speaking on the subject of EB-5 Litigation. Unfortunately, litigation has become a more significant part of our EB-5 practice than ever before. Unprecedented delays in processing I-526, I-924 and I-829 applications have resulted in more frequent need to file mandamus actions in federal court to get action from USCIS on behalf of our clients’ petitions. We are also being brought in as counsel to investors, regional centers and/or receivers on projects where the project has varied from the original business plan, USCIS has denied (or indicated an intent to deny) a petition or there has been a failed project or fraudulent activity. Our most famous representation in this area has been our representation of the receiver in Jay Peak, in which capacity we are doing everything possible to protect the interests of all investors.
In addition to Dan, Jessica DeNisi will be presenting on the topic of Regional Center Audits. Jessica, a lawyer on our Klasko Compliance Team, will be discussing the roll out of the new USCIS program to audit regional centers, as well as how developers should prepare for, and what developers should expect during, project site visits. She will explain the services of Klasko Compliance, which many clients are already utilizing, including how Klasko Compliance enables regional centers and developers to be in full compliance with audits and site visits and to be prepared well in advance of when the government comes knocking.
May 5 – 13
As I have done for the past few years, I am serving as one of the conference planners for the Invest in America Summit, which this year will be held in Shanghai (May 6), Beijing (May 7), Shenzhen (May 13) and Guangzhou (May 14). Every year, this is one of the most important and well attended EB-5 conferences in China. Anyone interested in attending or exhibiting at this conference, please click here for more information.
I will be speaking on two subjects in Shanghai, Beijing and Shenzhen. One subject is other visa options available to EB-5 Investors. As noted above, many Chinese investors are seeking legal ways to spend the long EB-5 quota waiting period in the U.S. and, in some cases, obtain permanent residence through an alternate option. On this panel, we will discuss mostly L-1 visas, E-2 visas preceded by obtaining citizenship by investment in a country with a bilateral investment treaty with the U.S. and multinational manager immigrant status.
The other panel that I will speak on involves strategies for dealing with the Chinese quota backlogs. Among other topics, I expect that we will discuss the impacts on job creation; repayment of EB-5 loans and redeployment of the investment funds to keep the investment at risk; changes in the project during the long period of time between investment and condition removal; avoiding aging out of children; and minors as investors; among other issues.
May 17 – 18
The next EB-5 Investors Magazine Conference in China will be held in Beijing on May 17 – 18. Our firm will be one of the sponsors of this program. This program usually attracts agents from throughout China, as well as regional centers, project developers, investors and EB-5 professionals.
As a sponsor of this program, we are able to offer complimentary registration and hotel accommodations to a limited number of agents who wish to attend. Any agent interested should click here for more information or contact me directly no later than April 17.
June 5 – 7
I have mentioned in previous blogs that our law firm is the North American Regional Representative Office for the Geneva-based Investment Migration Counsel. This is the first international organization devoted exclusively to people who choose to migrate to a different country based upon investment. The annual forum of this organization will be held in Geneva from June 5 – 7. Members and forum attendees include government representatives, wealth managers, lawyers, bankers, accountants, other professionals and academics, as well as migration agents, who deal with worldwide investors. The EB-5 program will be one of the topics discussed, as well as citizenship and residence by investment programs throughout the world. I will moderate a multi-national panel dealing with EB-5 and other investment programs. For a limited time, two attendees can register for one registration fee. Information about this conference can be found here.
On June 9, I will be presenting on a number of different EB-5 issues to an audience of developers and regional centers at the Arnstein & Lehr EB-5 Seminar. This year’s seminar will be held in Miami.
Finally, I want to provide this first advance notice of the just-scheduled date for the Annual Klasko Immigration Law Partners EB-5 Seminar. This year it will be held in Philadelphia on Friday, September 29. More details, including registration information, will follow in the coming weeks.
We hope to see you at one or more of these events.