New EB-5 Program Office to be Established in Washington, DC

(By Douglas Hauer on December 3rd, 2012/Mintz Immigration Law)

During today’s EB-5 Stakeholder’s Meeting, USCIS announced the creation of a new EB-5 Program Office in Washington, DC. The Chief of the new EB-5 Program Office will report to the Deputy Director of USCIS. This is a significant realignment, which USCIS intends to accomplish within four to six months. According to USCIS, this reallocation of resources is targeted at ensuring that the Program Office addresses adjudications more effectively. The new EB-5 Program Office will handle adjudications, legislative affairs and policy, in addition to having full-time staff devoted to identifying fraud. One goal of the new EB-5 Program Office will be to move from the current RFE (“request for evidence”) model to a more dynamic email approach, where adjudicators handle complex communications directly with the public. Direct communication with decision-makers might result in fewer denials and RFEs over issues that could be resolved through the EB-5 Program Office communicating with an attorney.

Currently, USCIS adjudicates EB-5 petitions and benefits at the California Service Center. Processing times for benefits are very unpredictable. This leaves investors insecurely waiting, at times for more than six months, for resolution of their cases. Hopefully a new EB-5 Program Office will allow USCIS to accomplish the goal of a more efficacious and fair adjudications process. Until USCIS announces a change to filing procedures, the status quo is in place and all filings should continue to be channeled to the California Service Center. With the new EB-5 Program Office, USCIS will have an ambitious goal of adjudicating EB-5 benefits in 90-120 days.

USCIS EB-5 Engagement on December 3, 2012

(Source: USCIS)

 "Dear Stakeholder,

U.S. Citizenship and Immigration Services (USCIS) invites interested parties to participate in a conversation with USCIS Director Alejandro Mayorkas regarding the EB-5 Immigrant Investor Program on Monday, December 3, 2012 from 2:00 p.m. to 4:00 p.m. (Eastern). During the engagement, Director Mayorkas will discuss EB-5 policy and procedural issues and take questions from participants.  

To Participate in the Session:
You may attend this engagement either in person or by teleconference. However, those attending via phone will be in listen-only mode. If you wish to attend in person, attendance is limited to the first 100 people who register. To register, please email the Public Engagement Division no later than Friday, November 30, 2012 at Public.Engagement@uscis.dhs.gov.

If you plan to attend in person, please reference “EB-5 Conversation – In Person”
If you plan to attend by phone, please reference “EB-5 Conversation – Phone”

To Join the Session:
Following registration, we will confirm your attendance in person or by telephone. If you are attending in person, please be sure to bring photo identification and arrive at least 15 minutes early to allow extra time to complete the security process. If you are attending by phone, please use the information below to join the session.

Call-in Number: 1-888-324-8192
Passcode: EB5

 
Kind Regards,
U.S. Citizenship and Immigration Services" 

- USCIS, Nov. 19, 2012.

Banks Pummeled by Low Rates

 

An article in the Wall Street Journal dated October 23, 2012 stated that due to the current “superlow” interest rates in the United States, the Banking Industry is experiencing its lowest net profit margin in three years.  

The eroded net profit margin (which tracks how much banks earn on funds borrowed from depositors which are in turn lent or invested) has caused sliding lending profits, causing banks to close branches, weigh additional fees and roll back customer favorites, such as free checking.  The average margin for the industry’s largest banks is at 3.12%, the lowest since 2Q 2009.  

Over time, these downsized profits are likely to accelerate a downsizing process that has halved the number of insured institutions over the past two decades.  The spread between banks’ deposits and lending rates has narrowed in part because of low Federal Reserve-influenced rates and decreased demand for loans amid the soft economic growth.  As their higher-yielding loans mature, banks are being forced to replace them with assets that carry much lower rates.  If interest rates begin to rise, these new loans may prove to be unprofitable. 

Higher costs for banking services could push more people out of the financial system altogether, adding to the millions of customers already considered as lacking access to affordable financial services.

Webinar from IIUSA regarding Regional Centers 2012 Annual Reporting (Form I-924A)

(Source: IIUSA) Regional Centers don't forget to get your I-924A completed and submitted to USCIS by December 29, 2012. Join IIUSA on 11/9 for a webinar regarding Regional Centers 2012 Annual Reporting (Form I-924A).

SIGN UP HERE -  http://iiusablog.org/events/iiusa-host-119-webinar-regional-centers-2012-annual-reporting-form-i924a/

Wealthy Chinese seeking overseas residency - EB-5 Immigration Investor Visa Program

(Source: BBC News) Great article from BBC News  that discusses issues on why wealthy foreigners are wanting out of their country, mainly the Chinese. The EB-5 visa program is an investment-for-residency program, handing out green cards as long as the investment can be shown to have created at least 10 jobs. In 2006 Chinese nationals were granted just 63 visas under the scheme. Last year the figure had leapt to more than 2,408 and this year it is already above the 3,700 mark. It means a tidal wave of Chinese money is currently pouring into US infrastructure projects. The investor program is open to any nationality but Chinese investors now make up 75% of the total.


Read BBC Article here : http://www.bbc.co.uk/news/world-asia-china-18966261

President Obama Signs Extension of EB-5 Immigration Investor Program

(Source: The White House)  On September 28, 2012 President Obama signed S.3245, a bill which extends to September 30, 2015 the authorization of the EB-5 Regional Center Program, the E-Verify Program, the Special Immigrant Non-minister Religious Worker Program, and the Conrad State 30 J-1 Visa Waiver Program for the next three years.

See statement here - September 28, 2012, the President signed into law

China Weekly Hangout: Why are the Chinese leaving their home country?

(Source:  The China Speakers Bureau - China Herald, Thanks to EB5 News Blog for sharing)  

Watch this 50-minute panel discussion video produced by Mr. Fons Tuinstra of the China Speaker Bureau.  It is very good insights on the reasons that Chinese are leaving their home country. Why are they going to the US and other countries? New trends in emigrations from China to the US by panelists Mr. Isaac Mao, Ms. Meixian Li and Mr. Richard Brubaker, who expects the number of Chinese leaving will be in the years to come give or take 20 million.