Published: November 6, 2020

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 program (the “EB-5 Program”). Confirming the decision of the United States District Court for the District of Columbia, the Court of Appeals held in Zhang v. United States Citizenship and Immigration Services, No. 19-5021, 2020 WL 6277726 (D.C. Cir. Oct. 27, 2020), that under the regulations implementing the EB-5 Program, the proceeds of a loan qualify as cash, rather than indebtedness, as a result of which an investor who obtains a loan to make the required investment in an NCE need not demonstrate that the loan was secured by the investor’s personal assets.

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Published: July 27, 2020

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 “clarifications” to the Policy Manual (the Policy Manual Update) that were welcome, jarring and downright unsupportable.

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Published: April 8, 2020

Needless to say, the COVID-19 pandemic ("Pandemic") has had a tremendous impact on the EB-5 world. We have included a sample that an EB-5 Issuer can adopt either for notifications to its EB-5 investors or for its offering documents. As a matter of practice, our Firm builds out similar language for each client notice and/or offering document supplement.  

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Published: March 3, 2020

The final OZ Regulations were issued by Treasury on December 20, 2019, of which there had been many comments related to the same. On the whole, it is generally believed that the Regulations have added a lot more certainty to the process and it is hopeful that there will be an increase in Opportunity Zone involvement going forward.

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Published: February 10, 2020

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.

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