EB-5 Program Update – Client Communication

As we approach the close of 2021, we would like to take a moment and wish you and your family a happy and healthy holiday season.

Last week we had the extremely frustrating news that the EB-5 Regional Center program was not reauthorized in the Continuing Resolution that maintained the funding of the government, and Congress has pushed the funding decision out until February 18, 2022. It is unfortunate because now it is very unlikely a reauthorization bill will be passed before the end of the year.
Last week we were in Washington, DC on Capitol Hill meeting with the most relevant Senators and their key staff members about the EB-5 program. The good news is they are still very engaged.

We have been very clear about the damage this lapse is doing to the reputation of the US government, to companies seeking EB-5 capital to spur job creation, and, most importantly, to you, our clients whose immigration processes are now halted. We, like you, place our faith in the Congress and the Department of Homeland Security to live up to their word. It is fundamentally wrong that global families can invest in good faith in a US program and then face processing delays and program lapses. While we work with members of Congress on reauthorization, we are also advocating for a bill allowing currently filed investors to move forward.

The USCIS has not taken any steps to indicate they are going to return petitions. In fact, since they clarified their position for US-based applicants, they have issued travel documents and employment authorizations to I-526 approved petitioners.

These delays are frustrating, and we understand that there is a lot of misinformation being published about the program. Please focus on getting your information from trusted sources. There are posts stating the regional center program will never be reauthorized and ones promising new investment at $500,000. These claims are not credible.

We encourage you to exercise healthy skepticism when considering any prediction about how the US Congress will reauthorize the program. LCR has not been willing to predict what Congress or the agencies will do because, even with our access in Washington, it is irresponsible to make a prediction. We also recommend you remain in contact with your immigration attorney to interpret the regulations and statements made by the IPO, USCIS and the Department of State.

As members of the LCR family, we are always happy to speak to any of you at any time. We recently re-introduced our regional leads if you would like to speak with someone local, and Gregory Sweeney, our Chief Client Officer talks to our clients every day. We are both always happy to make ourselves available to take your family’s questions and discuss your specific situation.

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