Live In America EB-5 Newsletter
Another Live In America EB-5 Sponsored Project is USCIS Approved and Live In America EB-5 Reaches New Approval Milestone
May 21, 2018 – The Live In America EB-5 team is pleased to announce that another one of its Live In America – New York Regional Center sponsored projects has received its I-924 exemplar approval from the United States Citizenship and Immigration Service (USCIS).
The One Park project, being developed by DMG Investments LLC, an affiliate of DoThink, a long standing real estate developer and investor in China, was approved by USCIS on May 21, 2018. The Project is a residential condominium development with 209 units located in Cliffside Park, New Jersey, on the banks of the Hudson River (facing Manhattan). The project is well underway and jobs are being created. The project is scheduled for completion in late 2018.
USCIS has a stated policy to provide deference with respect to the I-924 petition project documents to any I-526 petition filed by an individual investor associated with the project, thus USCIS will only examine the personal documentation of all investors in the project.
Live In America EB-5 is proud to announce that we have a record of 100% approval of projects and investors who have been adjudicated by USCIS. The Live In America EB-5 team has helped over 1,000 foreign investors on their path to permanent residency. With the One Park project approval, Live In America EB-5 has now reached a new milestone, fourteen (14) I-924 project approvals and over five-hundred and fifty (550) I-526 petition approvals!
To find out more about our current EB-5 projects and how we can assist you with immigrating to the U.S., please reply directly to this email with your phone number or send your questions to:
Senate Judiciary Committee Hearing on the EB-5 Program
On June 19, 2018, the Senate Judiciary Committee held a full committee hearing about the EB-5 Investor Visa Program at the Dirksen Senate Office Building. Chairman Chuck Grassley presided with USCIS Director L. Francis Cissna as the sole witness.
Senators and Director Cissna discussed reforms to the EB-5 Program as proposed in draft regulations and other potential program enhancements which the Director thinks would help the program. The EB-5 Regional Center Program is set to expire on September 30 of this year, and several members of the Committee want reforms enacted for continued reauthorization.
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Among the proposed changes, which will affect all future EB-5 investors once the rules become effective, are new minimum investment amounts and targeted employment areas (TEA) definitions:
Minimum Investment Amount
- Under the current regulation, an EB-5 investor is required to make a capital contribution of $1,000,000 unless the new commercial enterprise where the capital is invested into is principally doing business in and creates jobs in a targeted employment area, in which case, the investor must invest a minimum of $500,000 in capital.
- The new rule proposed $1,800,000 for a non-TEA and $1,350,000 for a TEA.
- Director Cissna answered one of Senator Grassley’s questions about the investment amount by suggesting that $500,000 increased for inflation since the beginning of the program would be a little more than $900,000. This hints that the investment levels that might be published in the new regulations might change, but they are still likely to involve a large increase.
Targeted Employment Area
- Under the current regulation, a TEA is a rural area or an area that has experienced high unemployment of at least 150 percent of the national average rate. An investor is required to submit, among other evidence, a letter from the state government designating a geographic or political subdivision located outside a rural area but within its own boundaries as a high unemployment area to demonstrate that the TEA meets the statutory and regulatory criteria.
According to the new rule, USCIS would determine which areas qualify as TEAs by applying new standards contained in the proposed rule to evidence presented by petitioning EB5 investors and regional centers, removing the state designated authorities, to ensure consistency in TEA adjudications.
Director Cissna acknowledged that the regulations are not likely to be put into effect before the current expiration of the Regional Center Program on September 30, 2018.
Director Cissna also reported on the current performance of the administration of the program, including the fact that USCIS has been vetting regional centers and their projects, and conducting site visits.
Live In America EB-5 will continue monitoring news about the EB-5 Program and share critical updates as soon as they become available.
To find out more about how we can assist you in the light of possible regulation changes to the EB-5 Program, please reply directly to this email with your phone number or send your questions to firstname.lastname@example.org.
Testimony from The Honorable L. Francis Cissna, Director of United States Citizenship and Immigration Services, can be downloaded via the link below:
Nur Altiok Kan – Vice President Investor Relations, Turkey
Helping EB-5 Investors Plan Their U.S. Journey
Live In America EB-5’s new Vice President, Nur Altiok Kan, will be dividing her time between our New York office and Turkey, her native country, where she’ll be working with EB-5 investors to make their emigration to America happen in the best, most efficient way possible. Nur comes to us by way of Berkeley Research Group and Moody’s Global Education where she performed all aspects of research and due diligence in commercial credit underwriting projects and was recognized for her work in e-learning content development.
Prior to that Nur worked in the credit analysis program at IS Bank in Ankara, Turkey, and later was a commercial banking portfolio manager at Yapi Kredi Bank in Istanbul. Nur graduated from Bogazici University in Istanbul, where she studied political science and went on to get her MBA in finance at Old Dominion University in Virginia. We look forward very much to working with Nur and to welcoming her EB-5 clients.
Welcome to the Live In America EB-5 team Nur!