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USCIS posted “Clarifying Guidance” on redeployment of EB-5 capitalSeptember 21, 2020

 

IIUSA and American Immigration Lawyers Association Combine to Provide Comment on USCIS’ Recent Amendments to Policy – CMB Regional Centers calls for Greater Engagement


In late July, 2020 USCIS posted what they called “Clarifying Guidance” for the incredibly important topic of redeployment of EB-5 capital.  This topic has become more important over time, as adjudication times have lagged and more countries have become backlogged by visa capacities.  The guidance from USCIS in the past was limited and required, among other things, that EB-5 funds must be redeployed within a commercially reasonable period of time and redeployed in a manner consistent with the scope of business of the new commercial enterprise (which could be amended if need be).  However, the new policy guidance goes even further by stipulating, among other things, that redeployment must occur within one year and the redeployment must take place within the geographic scope of the regional center.

In a combined message of concern IIUSA (the leading association of regional centers) and AILA (the leading association of immigration lawyers) provided comment to USCIS on this important issue.  The jointly-developed communique lays out 30-pages of examination how the abrupt changes outlined in the new guidance – amending previous policy – are not “minimal,” particularly when applied retroactively. The document concludes that significant harm is imposed on investors where redeployment has already occurred under the previous guidance as well as consequences to investors where redeployment was being negotiated or otherwise considered.

CMB Regional Centers has maintained its position at the forefront of this issue from the very beginning, calling for greater engagement with USCIS from the first days the new guidance was published. As the leading regional center in the EB-5 industry, we appreciate the efforts of USCIS to provide increased guidance on this important topic.  CMB continues to strive to maintain strict adherence to USCIS’ policies, and will continue to do so.  However, we maintain our call to USCIS to increase their transparency as well as their level of engagement on this important topic.
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