“It has been our honor and privilege to work with others who understood how important it was to have the EB-5 Program truly back to business for everyone. With this settlement agreement, we can all have full confidence in the integrity of the EB-5 program for all our investors,” said CanAm President and CEO, Tom Rosenfeld.
New York, NY. August 25. Multiple EB-5 industry stakeholders have entered into a settlement agreement with the United States Citizenship and Immigration Services (“USCIS”) that protects EB-5 investors and re-authorizes previously approved regional centers, effectively signaling the EB-5 program is fully back in business.
The settlement affects two cases: Behring Regional Center LLC, et al. v. Mayorkas, et al., No. 3:22-cv-2487-VC (N.D. Cal.) and EB5 Capital, et al. v. DHS, et al., No. 3:22-cv-3948-VC (N.D. Cal.). The plaintiffs include industry organization Invest in the USA (“IIUSA”) and six leading EB-5 regional center operators – CanAm Enterprises, Civitas Capital Group, EB5 Capital, Golden Gate Global, Pine State Regional Center, and Behring Regional Center.
The key stipulations of the settlement – which can be read in its entirety here – are as follows:
- Previously authorized regional centers retain their authorization;
- Previously authorized regional centers must file a Form I-956 (or an already filed 956 will meet this requirement) by December 29, 2022, along with the filing fee to maintain authorization;
- Previously authorized regional centers need not wait for approval of their Form I-956 to file and receive adjudications from USCIS;
- Previously authorized regional centers may immediately file project applications;
- If, after filing a form i-956F, a regional center does not receive a formal receipt notice within ten calendar days of delivery to USCIS, an investor may use other forms of proof of the I-956F filing in their I-526E petition, such as a lock box receipt, cashed check or credit card charge provided by the regional center to the investor;
- The failure of a previously approved regional center to file a Form I-956 application or amendment will not, standing alone, be a basis for USCIS to deny an investor’s I-526 or I-829 petition;
- USCIS will update its website, forms, and instructions to conform to the terms of the settlement agreement.
“Judge Chhabria’s grant of a nationwide preliminary injunction, and USCIS’ subsequent agreement to a reasonable settlement, enables the EB-5 Regional Center program to move forward contributing to the U.S. economy and creating American jobs,” said Ron Klasko of Klasko Immigration Law Partners.
“Judge Chhabria’s thorough and well-reasoned decision provided the essential impetus for USCIS and the EB-5 industry to work constructively in reaching an agreement,” said Paul Hughes of McDermott Will & Emery.
“We hope this marks the beginning of a new era of cooperation between USCIS and the EB-5 industry,” commented Laura Reiff of Greenberg Traurig.
The EB-5 Program has an overwhelmingly positive impact on the U.S. economy. Between 2008 and 2021, the EB-5 program helped generate $37.4 billion in foreign direct investment to create and retain U.S. jobs for Americans at no cost to the taxpayer.
About the EB-5 Program
The EB-5 Immigrant Investor Program is administered by the United States Citizenship and Immigration Services (USCIS). The Program provides qualified foreign investors with the opportunity to earn “conditional” or temporary two-year visas in return for investing $800,000 in businesses located in Targeted Employment Areas that create at least ten full-time jobs for U.S. workers.
CanAm Enterprises, with over three decades of experience promoting immigration-linked investments in the US and Canada, has a demonstrated track record of success. With over 60 financed projects and $3 billion in raised EB-5 investments, CanAm has earned a reputation for credibility and trust. To date, CanAm has repaid more than $2.26 billion in EB-5 capital from over 4,530 families. CanAm manages several USCIS-designated regional centers that stretch across multiple states. For more information, please visit www.canamenterprises.com.
