Orlando, FL – April 14, 2014 – As the first quarter of 2014 comes to an end, changes continued without any real reform in the EB-5 world; comprehensive immigration reform stalled in the House after the Senate passed bill. There have been many important developments in the field, and the EB-5 program remains the best: investors receive green cards; projects get necessary funding; and the U.S. economy is stimulated through job creation and increased spending, at no cost to the taxpayer.
The 2013 have witnessed many new events and developments in the EB-5 program. With investors now more cautious than ever before, it is important to take a step back and consider how the EB-5 program has benefitted the U.S economy. It was reported that EB-5 investments contributed $2.2 billion to U.S. GDP and supported over 28,000 jobs, at no cost to taxpayers. Preliminary data shows continued growth, with the amount invested topping $2.5 billion and over 33,000 jobs created. These figures show that, even with the need for more due diligence, the EB-5 program is a mainstay in stimulating and improving our economy.
It is important that both the regional center and the individual investor conduct the appropriate due diligence. The regional center must conduct due diligence on the project it will be sponsoring, which includes research on the project’s principals, independent verification of the project documents, background checks, and other available avenues to ensure the overall viability of the project. The investor must exercise due diligence as well, including research on the individuals behind the regional center and project,the economic methodology used to predict jobs, the site of the project itself, and ensuring that the capital is placed at risk.
Some updates from the USCIS. According to the USCIS stakeholder’s meeting on February 26 2014, USCIS completed the transfer of all pending I-526 filings to the new Washington, D.C. I-526 petitions grew from 5,000 in October 2012 to 7,131 in October 2013. California adjudicators continue to work on I-829 filings, whose backlog reduced from 1,300 to just over 1,000 during this same period. The average I-526 processing times are about 11 months. Average I-829 processing times are about the same. Average I-924 regional center applications are taking 12 months on average. I-526 processing times probably will get worse before they get better.
King Law Center is a law firm devoted exclusively to the representation of corporate and individual clients in immigration in all 50 states. It offers a full range of corporate and individual immigration legal services to businesses, educational and research institutions, individuals, as well as legal consulting services to international businesses. Our attorneys have successfully handled thousands of cases of various kinds, including immigration and international and domestic business transactions. We represent and advise individual and corporate clients on all aspects of the U.S. immigration matters. Our firm has maintained an extremely high success rate on EB-5. We help clients with Regional Center EB5s, as well as direct EB5 investment. King Law Center has also successfully handled many other cases, including great success with other employment based immigrant and non-immigrant visas, such as E2, L1, EB-1 C, and family-based green card applications.
Company Name: King Law Center
Contact Person: Echo Meisheng King, Esquire
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Address:6735 Conroy Road, Ste 301
Country: United States