ON THE ROAD with CMB! Noreen Hogan, President of CMB Regional Centers, shared insights on the EB-5 program at the 2024 EB-5 & Global Immigration Expo in Newport Beach today. Her panel focused on strategies to evaluate EB-5 investment projects.
Effective Date June 9, 2022
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EB-5 Immigrant Investor Program in the United States allows successful EB-5 investors to apply for a green card (permanent residence) for themselves and qualified family members under the age of 21.
Currently the minimum investment amount for an EB-5 visa is $800,000 plus other associated costs.
View our past and current EB-5 projects..
A limited partnership combines corporate limited liability with partnership taxation and consists of a general partner and one or more limited partners. A CMB affiliate forms each limited partnership to act as the “new commercial enterprise” under the EB-5 program. The limited partnership agreement details, among other things, the rights and powers of the limited partners and general partner, percentages of ownership, how distributions of profits can occur, and the compensation paid to the general partner. The general partner manages the day to day operations of the limited partnership. The limited partners have limited duties and decision making powers within the partnership, but are liable only for the amount of their investment.
The EB-5 program requires that the EB-5 investor make an “at-risk” investment, which means there must be a risk of loss and a chance for gain. CMB has attempted to structure our EB-5 partnerships to mitigate risk given the legal requirement that the EB-5 investments be truly “at-risk.” This is why CMB enters into loan agreements with private/public partnerships or private entities that have demonstrated the capacity to payback our loans and an ability to service the debt. CMB requires its borrowers to identify sources of revenue for the repayment of the loan. We also require many different types of collateral for the loans, such as membership interest pledges, payment guarantees, and intercreditor agreements to secure repayment of the loans.
The answer is no, because the EB-5 program requires that the investor make an “at risk” investment, in which the investor cannot receive any guarantees of repayment or any redemption rights, and there must be a risk of loss and a chance for gain. CMB goes to great lengths to try to minimize or mitigate risk in our EB-5 offerings, while still maintaining the at-risk requirement. Prospective EB-5 investors should be extremely cautious of any regional center that indicates the individual investor’s EB-5 investment is guaranteed, as that is prohibited and would result in a denial of the petitioner’s immigration petition.
Under the EB-5 program, the investor must be “active” in the management of the EB-5 investment, which means the investor must, in some form, engage in the management of the new commercial enterprise, either through day-to-day managerial control or through policy formulation. The EB-5 program specifically states that an investor will qualify as “active” if they are a “limited partner” and the limited partnership agreement provides the investor with certain rights, powers, and duties normally granted to limited partners under the Uniform Limited Partnership Act. This allows the investor limited participation in the EB-5 partnership’s day to day activities. Additionally, this structure allows the investor to live where he or she pleases without any obligation to actively manage the EB-5 investment. Most importantly, the limited partner is only liable to the partnership to the extent of their investment. This structure protects the investor, allows limited participation, and is accepted by the USCIS.
A green card is not guaranteed through participation in the EB-5 program, as no one can ever guarantee the outcome of any immigration petition. The EB-5 program involves both an investment and an immigration program. You cannot be guaranteed any particular outcome regarding the investment or your immigration status. This is why a very careful analysis of the merits of each EB-5 offering as well as the claims of success made by regional centers and other EB-5 practitioners is very important when performing your due diligence.
The USCIS website (www.uscis.gov/eb-5) has information about the EB-5 program laws, regulations, and policy.
The I-526E Immigrant Petition by Regional Center Investor is the first step in the EB-5 process. It is filed after an EB-5 investor funds their investment. The petition is adjudicated by the USCIS (the United States Citizenship and Immigration Services) to determine that the investment is likely to meet all EB-5 requirements, which include the at-risk investment and the projected creation of 10 full-time jobs.
Investors already in the U.S. on a non-immigrant visa are eligible to apply for EB-5. When they receive an I-526E approval they will apply for an adjustment of status, rather than a consular interview.
A successful EB-5 investment grants permanent residency to the primary investor, their spouse, and any unmarried children under the age of 21.
Under existing EB-5 rules, approximately 10,000 visas are allocated to the program each year. If all 10,000 visas are used, each country is capped at a maximum of 7% of the total. As a result, countries with a large number of applicants may see longer wait times to begin their period of conditional permanent residency. Currently, China is the only country affected by retrogression. The USCIS posts quarterly updates on this topic.
Yes, you are allowed to travel abroad during your conditional residency stage. You are however required to reside in the United States for a minimum amount of time each year, so please consult with your immigration attorney.
The EB-5 program requires that the EB-5 investor make an “at-risk” investment, which means there must be a risk of loss and a chance for gain. The investment must not contain any right of redemption of capital, meaning an investor must not have any payment guarantees or the ability to redeem their investment amount at their discretion.
Just because the EB-5 program requires that the investment be “at-risk” does not mean it has to be “risky.” Investors should perform thorough due diligence during their project selection with the main considerations being the likelihood of obtaining a green card and a return of their capital.
No, the EB-5 program does not include any language requirements.
A Regional Center is an entity, public or private, in the United States designated by the USCIS to promote economic growth through the EB-5 immigrant investor program.
We are one of the oldest active EB-5 regional center operators in the EB-5 industry with over twenty nine years of experience. Patrick F. Hogan, our CEO and Founder, has been involved in the EB-5 industry since 1994, and established our first regional center in 1997.
At CMB we focus solely as a regional center operator and a fiduciary to our investors. Over 7,000 investors from over 100 countries have subscribed to CMB EB-5 partnerships to pursue permanent residence in the United States.
To date, CMB has released over 90 separate EB-5 offerings, representing over $3.8 billion worth of investment capital, which has been combined with over $18 billion in public and private funds. These EB-5 offerings financed the development and construction of over 100 projects in 20 states across the U.S., which are projected to create more than 215,000 new American jobs.
Since our first EB-5 partnership, Group A, we have a 100% project approval rate. CMB EB-5 investors have achieved over 5,700 I-526 petition approvals, over 3,200 I-829 petition approvals, and we have returned over $1.6 billion in investment capital to our investors.
In 2014, we were the first regional center to commission independent third-party audits of all our EB-5 partnership financials according to GAAP (Generally Accepted Accounting Principles) and petition approval statistics. We have commissioned the same audits each year since, and will continue to, thereby setting a standard of transparency for the industry.
We were the first regional center to rely solely upon economic model derived job creation, and were the first to introduce what is commonly referred to as the loan model. Over the years, the EB-5 industry has continued to evolve and many of the structures and methodologies that we pioneered have become widely used throughout the industry.
The first CMB Regional Center, CMB Export, was authorized in 1997. At the time the EB-5 program was very new and relatively unused. CMB’s Founder, Patrick Hogan, identified a desperate need for capital investment in former military bases located in California that were affected by BRAC (Base Realignment and Closure).
Several large military bases in California had been relocated or shut down, which resulted in the loss of tens of thousands of jobs. Mr. Hogan sought to use EB-5 investment to revitalize those regions. These former military base communities faced serious challenges in the effort to reinvent their economy. They included the need for asbestos abatement, contaminated water tables, and roads in very poor condition. CMB, an acronym for ‘California Military Base’, is named after the effort to improve the infrastructure in these areas.
CMB Export’s first 10 EB-5 partnerships focused on solving these infrastructure issues at the Norton Air Force Base in San Bernardino and the McClellan Air Force Base near Sacramento. CMB was able to utilize EB-5 funds to rebuild roads and bridges, install rooftop solar systems, implement public transportation systems, and remove environmental hazards that discouraged private sector investment.
Today, the former McClellan Air Force Base is now McClellan Park, the largest master-planned community in California. It includes office space, warehousing, retail space, and manufacturing facilities.
The former Norton Air Force Base is now the San Bernardino International Airport. The site also serves as a major logistics and warehousing hub for Southern California. Tenants such as FedEx, UPS, Pepsi, and Stater Bros. all maintain facilities on or near the former base.
These EB-5 success stories show the profound impact the EB-5 program can have to channel investment capital into underserved parts of the United States and spur job creation.
Today, CMB operates 13 Regional Centers, with EB-5 investment projects across the United States. We were able to apply the conservative, infrastructure-focused approach that helped revitalize closed military bases in California to EB-5 projects in sectors like residential construction, industrial warehousing, and renewable energy.
Over 7,000 EB-5 investors have trusted CMB with their immigration pursuit since those early days. CMB has worked with investors from over 100 countries, and we still maintain a worldwide presence, conducting in-person meetings with prospective investors around the world every year.
As a leader in the industry, CMB continues to create high-quality EB-5 offerings for investors interested in pursuing a permanent residency in the United States.
Our approach is simple: Traditionally, our EB-5 partnerships provide a six-year loan to a developer of a project that requires interest-only payments. Depending on the particular project, these loan agreements may be with government agencies, public/private partnerships, or experienced private developers. Our EB-5 investment capital is combined with additional public and private funds to finance the development and construction of the specific project or projects. The benefit of this early-stage “seed” financing is to jump-start the activity of construction, improvements, or repair in the absence of other funding sources. The timing and resources necessary to complete each project will vary depending on the nature of the project. Some projects are one-time events within a single development, while other projects are multi-phase long-term projects. The availability of early-stage alternative financing for infrastructure and construction projects initiates a chain reaction of economic development that results in significant new American job creation.
Chief Executive Officer
Patrick F. Hogan is the CEO and Founder of CMB Regional Centers. Mr. Hogan’s considerable experience dating back to 1994 establishes him as one of the most experienced practitioners in the EB-5 industry. In fact, Mr. Hogan has been involved in EB-5 since the creation of the Regional Center Program. Mr. Hogan founded CMB Regional Centers with the creation of CMB Export, LLC in 1997.
Mr. Hogan, a lifelong entrepreneur, opened his first of many businesses in 1978. Currently, Mr. Hogan is the CEO of two companies that are the leaders in their industries: CMB Regional Centers and Rock Island Auction Company. Today, Rock Island Auction Company is the #1 antique and collectable firearms auction house in the world and CMB Regional Centers is the most successful EB-5 Regional Centers in existence. Mr. Hogan is considered a seasoned expert in the EB-5 industry. He sits on the Board of Directors for the Association to Invest In the USA (IIUSA) and has been an active participant in furthering industry best practices as well as program reauthorization and reform.
President
Senior Vice President
Pam Ellis serves as the Senior Vice President of CMB Regional Centers. She joined the organization in 2009 and previously served as the Vice President of Company Operations from 2013 to 2015. Ms. Ellis manages the day-to-day company operations as well as directing multiple department during the comprehensive development of all CMB file submissions to the USCIS on a yearly basis. Ms. Ellis has over thirty years of management and customer service experience that has built the foundation for her to manage this industry leading staff. Ms. Ellis served as the Vice President of Visitor Services for the Quad Cities Convention & Visitors Bureau for twenty years. Today, Ms. Ellis supervises the various services CMB Regional Centers provides to over 6,500 clients, as well as supervising over 50 full-time employees.
Senior Vice President: Asia
Ky Boyle is the Senior Vice President of the Asia Market for CMB and is responsible for coordinating CMB’s network of relationships throughout Asia. Mr. Boyle has been involved in the EB-5 industry since 2010 and is a frequent panelist and speaker at EB-5 industry events. Mr. Boyle has over thirty years of business leadership and management experience and has been active in economic development throughout the past three decades. As a member of the State of Iowa’s trade delegation, Mr. Boyle participated in economic trade missions in Asia. Mr. Boyle spent twelve years with MidAmerican Energy Company (a Berkshire Hathaway company) providing consulting services to major commercial energy consumers such as, 3M Corporation, Hormel Foods, Musco Lighting, The State of Iowa, component suppliers to John Deere, and municipalities in the State of Iowa. Mr. Boyle has a Bachelor’s degree from the University of Phoenix and a Master’s degree in Business Leadership from William Penn University.
Senior Vice President of Project
Development
Matt Hogan is CMB Regional Centers’ Senior Vice President of Project Development. Mr. Hogan oversees CMB’s team responsible for the identification of new opportunities, initial project underwriting, negotiating and structuring of each of CMB’s EB-5 partnership loans. In his role as Senior Vice President of Project Development, Mr. Hogan is directly involved in the development of all project related documentation needed to support each EB-5 partnership’s USCIS submissions. Mr. Hogan is also instrumental in developing and maintaining both new and ongoing business relationships. Since joining CMB in 2011, Mr. Hogan has been involved in the structuring of over $2.5 Billion in CMB’s EB-5 investment loans spanning over 65 EB-5 partnerships. Mr. Hogan has been featured as a speaker in multiple EB-5 related events including, Invest in the USA (IIUSA), EB-5 Investor Magazine, the Asian Real Estate Association of American Global and Luxury Summit, Global Immigration and Investment Summit, International Real Estate and Investment Expo, and the CDFA National Development Finance Summit and many more.
Senior Vice President/Chief Financial
Analyst
Neal Lee is CMB Regional Centers’ Senior Vice President and Chief Financial Analyst. Mr. Lee leads CMB’s finance team in the due diligence and structuring of CMB’s EB-5 investments. To date, Mr. Lee has overseen in excess of $2.5 billion in CMB EB-5 transactions. Mr. Lee further supervises the activities of CMB’s project compliance team, through the lifecycle of each CMB EB-5 loans. Prior to CMB, Mr. Lee worked as an investment portfolio manager at a global real estate investment / EPC / general contractor firm, based in Seoul, Korea with offices in over 30 countries worldwide. Mr. Lee holds a Master’s degree from Massachusetts Institute of Technology, Cambridge, Massachusetts, and a B.A. in Economics from Yonsei University, Seoul, Korea.
Senior Vice President & General Counsel
Tara Moffit is CMB Regional Centers’ Senior Vice President and General Counsel, directing CMB’s legal team with the composition and structuring of legal documents for the CMB partnerships. Ms. Moffit obtained her Juris Doctorate from the Drake University Law School in 2002, graduating with highest honors. She also holds a Bachelor’s degree in history from Marycrest International University, graduating Summa Cum Laude. Prior to working with CMB, Ms. Moffit was employed with a general practice law firm in Davenport, Iowa, working in several fields, including foreclosure, bankruptcy, real estate, construction law, and personal injury.
CMB Swiss Co is an affiliate of CMB Regional Centers. Through worldwide marketing campaigns, Swiss Co engages in sourcing prospective individuals interested in immigrating to the U.S. through the EB-5 Visa Program. CMB Swiss Co also interacts and enters into agreements with licensed immigrations agencies, immigration advisors, and other individuals to refer potential EB-5 Investors who are seeking to invest in CMB EB-5 opportunities. Learn more about CMB Swiss Co.
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