On April 23, USCIS began auditing designated regional centers according to the requirements of the EB-5 Reform and Integrity Act of 2022 (RIA). According to Sherman Baldwin, CEO of LCR Capital Partners, the process will likely vary among regional centers depending on how active they are. That said, companies like LCR that manage regional centers, as well as other industry professionals, would like more certainty about the requirements and how they will vary so that regional centers can best prepare. For example, Baldwin adds, it would be useful to know whether the audit requirements for each regional center will be based on investor activity or the number of projects that regional center manages. What’s more, he said, for companies like LCR that manage multiple regional centers, it would be helpful to know whether there are standard lists of required documents so companies preparing for their audits can work most efficiently as they prepare for USCIS audit teams.
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