Hi, my name is Sherman Baldwin, and I’m the CEO of LCR Capital Partners. As we welcome a new year at LCR, I want to reflect on 2023’s challenges and achievements and highlight exciting news for our clients in 2024. I’ll start by sharing some good news. The US government’s EB 5 Immigrant Investor Program remains the fastest and most certain path for international high-net-worth families to obtain a green card, enabling your family to achieve their full potential by living, studying, or working in the United States. I’m also very excited to share that LCR’s EB 5 project, The Four Seasons at the Surf Club in Miami, Florida, received its first I-829 approvals.
This means the job creation is confirmed by USCIS, and our clients will receive their permanent green cards. We’ve also started to return capital to investors in this project, meaning LCR’s clients have now completed the full EB 5 cycle. These important LCR accomplishments are earned through hard work and highlight our commitment to providing the best-in-class EB 5 services and offerings to our clients.
In the last two to three years, the EB 5 investor program has faced challenges from extended processing times due to COVID-19. The program also faced significant changes with the 2022 Reform and Integrity Act, which brought important new regulations to the program. Many EB 5 applicants have been very frustrated by COVID-19’s impact on processing times.
It has been frustrating for all of us. That said, we can definitively say that the changes brought on by the 2022 Reform and Integrity Act are working and working well. We receive new approvals every month for our clients. In fact, just today, we received approval from USCIS for an investor in our Hall Arts II project who filed only 14 months ago.
The new law also allows those who are waiting for their approval and living in the US to get the benefits of the EB 5 visa through a concurrent filing for an adjustment of status. The concurrent filing provision in the new legislation is a true game changer. Now, our clients can be freed from their employment sponsors or student visa restrictions.
As we all move forward, we thank our clients for their patience and their trust in LCR. As LCR’s CEO, I’m honored to lead and work with such a competent team of employees and partners. To the LCR team, thank you for living our core values every day and for representing LCR across the globe with the highest level of excellence and integrity.
To our partners, we are grateful to work with professionals. I’ve personally worked on structuring the three EB 5 offerings we currently have in the market, including our US Strategic Metals Project, a rural EB 5 project that has been granted expedited review by USCIS, the Hall Group’s Thompson Luxury Hotel Project in Palm Springs, California, and the Legacy Luxury Hotel & Residences in Miami, Florida.
All LCR’s EB 5 projects are designed to offer EB 5 investors strong capital protection with shortened investment durations. They are all built by developers with strong track records and balance sheets. They are all already on their way to creating all the jobs required by USCIS, and they all are placed with companies that respect the EB 5 investor.
We are extremely proud of our EB 5 projects and development partners. In fact, our EB 5 rural project, US Strategic Metals, is expecting expedited project approval sometime in March. And we are waiting for the confirmation that our investor’s I 526E petitions will receive expedited adjudication as well.
LCR continues to focus on and prioritize our clients. In so doing, we start 2024 by launching a new offering for our clients called Residency+, which is designed to bring the expertise you need to help your family solve the common problems and issues that arise from new residency in the US. For anyone considering living in the US, we understand making this life change is an important decision, and we strive to assist you in making informed decisions. Residency Plus allows us to use the extensive network of professionals we know from many different areas of expertise that every family needs when relocating to the US. This is yet another way to say that you can count on LCR to pursue your goals and achieve your family’s full potential.
I wish you and your family a very happy new year, and I look forward to working with you in 2024. Thank you.