Latest from OZ and EB-5 Investments

Ronnie Fieldstone and Jay Rosen, Partners at Saul Ewing Arnstein & Lehr (SAUL) will be participating in a joint webinar with EB5 Affiliate Network (EB5AN), a leading EB-5 regional center network, to share their advice and experience working with EB-5 project sponsors and developers who have…
Continue Reading <a href="/blogs/70763"><h3>EB-5 Redeployment Webinar with Ronnie Fieldstone and Jay Rosen</h3></a>

As expected, Senator Grassley, with significant support, including the support of IIUSA, has proposed a bill to reauthorize the EB-5 Regional Center Program (the “EB-5 Program”) in order to “prevent fraud and promote and reform foreign capital investment and job creation in American communities.”…
Continue Reading Newly proposed Senate Bill by Senator Grassley entitled &quot;EB-5 Reform and Integrity Act of 2020&quot;

On October 27, 2020, the United States Court of Appeals for the District of Columbia Circuit issued a decision discussing the investment in a new commercial enterprise (an “NCE”) of loan proceeds by investors seeking to obtain visas under the employment-based, fifth preference immigrant visa…
Continue Reading U.S. Court of Appeals Holds That Loan Proceeds Qualify as Cash, Not Indebtedness, For EB-5 Purposes

Following its landmark release of an EB-5 Policy Manual on June 14, 2017 (the Policy Manual), until July 24, 2020, the United States Citizenship and Immigration Services (USCIS) had only made some minor updates over the last three years. On July 20, 2020, however, USCIS, issued certain “…
Continue Reading USCIS Issues “Clarifying Guidance” to Redeployment Under its Policy Manual

USCIS New Policy Guidelines for Managing EB-5 Visa Petition Inventory & Other Updates
Last week, USCIS issued significant Policy Guidelines concerning its stipulated attempt to address fairness concerns with coordinating I-526 petition adjudications with U.S. State Department visa allocations. In its release, USCIS announced that starting March 31, 2020, it will change the adjudication process for Form I-526 Petitions from a first-in, first-out basis to a visa availability approach. USCIS will host a public forum on March 13, 2020, at 11:00 am EST, to provide further information on this change. However, we suspect as with past stakeholder engagements, that the
Continue Reading USCIS New Policy Guidelines for Managing EB-5 Visa Petition Inventory & Other Updates

This blog shall provide a brief summary of the status of the pending lawsuit related to the New Regulations issued by USCIS and effective November 21, 2019, as well as a status report on pending legislation.
Needless to say, the market is in a confused state given the uncertainty of what will transpire going forward. As an industry, we are now dealing with the New Regulations which in effect eliminates non-TEA projects from the marketplace since it is very doubtful that investors will invest $1,800,000 to obtain a green card, especially given all the delay and extra costs being encountered
Continue Reading Update Regarding Regulations And Legislation

For the past 4 weeks, the EB-5 industry has been anxiously awaiting the status of the pending complaint filed in the United States District Court in the District of Columbia by a Florida regional center against USCIS and other related parties in order to block the enforceability of the New Regulations published by USCIS that became effective November 21, 2019 (the “New Regulations”). As a result of such action, industry experts are taking a precautionary standpoint in analyzing how to deal with investors who would otherwise invest at a $900,000 level, assuming that the new TEA standards have been satisfied
Continue Reading EB-5: STATUS UPDATE

On December 6, 2019, the Treasury announced that the final regulations had been issued and sent to OMB for approval. On December 19, 2019, the final regulations package, totaling over 500 pages, was officially published. Separate blogs will be posted after we digest the contents of the final regulations.
“Opportunity Zones are helping to revitalize communities and create jobs for hardworking Americans,” said Secretary Steven T. Mnuchin. “These regulations provide clarity and certainty for investors, which will enhance the flow of capital to new and expanding businesses, and create sustained economic growth in communities that have been left behind.”
Continue Reading In Time for the Holidays: An Opportunity Zone Status Update

Saul Ewing Arnstein and Lehr LLP has been extremely active in navigating the current status of the EB5 industry and determining what courses of action need to be taken given the existence of the new regulations (“New Regulations” or “REGS”), the possibility of the pending legislation being adapted, and the recently-filed temporary restraining complaint against USCIS and related parties in order to invalidate the REGS.
The current EB-5 Regional Center Program has been extended by a continuing resolution until December 20, 2019.  However, on July 24, 2019, USCIS published new regulations that became effective on November 21, 2019, and until otherwise modified by
Continue Reading EB5 Industry 2019 – Where Are We Now?

On September 27, 2019, Francis Suarez, the Mayor of Miami, sponsored an OZ Expo conference for the City of Miami.  Prior to the conference, one of our clients hosted a lunch for the dignitaries who attended the conference that included Secretary of HUD Dr. Ben Carson, Mayor Francis Suarez, the Acting Administrator of the of SBA for the United States, Chris Pilkerton, as well as national and local representatives of the SBA, representatives from HUD, representatives from the Opportunity Zone Division of the Federal Government including Scott Turner, Executive Director, White House Opportunity and Revitalization Council, representatives of the local
Continue Reading Opportunity Zone Summit

Updated Information After the Annual IIUSA Meeting Held in Washington, DC May 6 and May 7, 2019
IIUSA hosted a very targeted annual conference in Washington, D.C., to discuss the status of the EB-5 industry and focused on various specific matters of interest to the group.
The major takeaway from the meeting was a speech by Charles Oppenheim, Chief Analyst for USCIS, who provided overall information related to retrogression in various countries, the visa backlog, the utilization of the program among the major countries and the rest of the world as well as the panelists’ general comments related thereto.  In
Continue Reading Updated Information After the Annual IIUSA Meeting Held in Washington, DC May 6 and May 7, 2019

Five attorneys of the Saul Ewing Arnstein & Lehr LLP firm attended the annual OZ Expo Conference in Las Vegas.  The conference was very well attended with an estimate of 1,400 participants and further solidifying that the OZ Expo team is best in class with its reach and expertise in this space.  The two-day event had an extremely diversified agenda that addressed many of the issues currently faced in the industry.  Takeaways from the meeting can be summarized as follows:
1. Various governmental agencies were represented at the conference, including specific states as well as a contingency from Puerto
Continue Reading OZ Expo Conference in Las Vegas May 9th & 10th

The Treasury Department has just released the second round of proposed regulations on opportunity zones. This 169-page regulatory package addresses some of the questions raised after the first round of regulations, and may make it easier for operating businesses to qualify as eligible opportunity zone investments.
In addition, recognizing concerns about whether opportunity zone investments would have the appropriate social impact, Treasury Department announced that it may request more information reporting to help it gather data on the impact of opportunity zone investments, and is seeking public input on what information should be collected and how.
We are reviewing the
Continue Reading Second Round of Opportunity Zone Regulations Have Been Released