How Efforts to Overhaul Visa Program Failed on Capitol Hill

The Hudson Yards complex in New York is one of the developments that has used the EB-5 program to attract investors.? For more than a year, U.S. Sen. Charles Grassley had been pushing to overhaul a controversial program that gives green cards to foreigners who invest at least $500,000 in certain businesses. So when congressional leaders last … Read moreHow Efforts to Overhaul Visa Program Failed on Capitol Hill

Summary of S.2415: EB-5 Integrity Bill

On Dec. 17, 2015, two days after Senate and House leadership recommended a “clean” extension of the EB-5 program until Sept. 30, 2016, Senator Flake, with Senator Cornyn and Senator Schumer, introduced S.2415: “EB-5 Integrity Act of 2015.” This is the first piece of legislation regarding EB-5 reform since the EB-5 program’s original sunset date of Sept. 30, 2015.  It is the … Read moreSummary of S.2415: EB-5 Integrity Bill

Grassley blasts EB-5 immigration program extension

The program provides U.S. residency to foreign citizens who invest $500,000 in a job-creating U.S. business. Developers plan to use it to fund a convention hotel in downtown Des Moines. The Des Moines hotel should still qualify, but the proposed bill makes the project riskier because it only extends the investment program for a short … Read moreGrassley blasts EB-5 immigration program extension

What’s really at stake in the EB-5 investor visa overhaul: honesty

Through the EB-5 visa program, wealthy foreigners can invest $500,000 to $1 million in development projects and in turn, receive green cards for themselves and family members if the investment can be shown to create 10 U.S. jobs. The program is now up for Congressional reauthorization. Supporters of the program have a basic mantra: “It creates jobs … Read moreWhat’s really at stake in the EB-5 investor visa overhaul: honesty

Congress extends EB-5 ‘visa for investment’ policy until Sept. 30

The controversial EB-5 visa-for-investment-program will be extended, with no changes, to Sept. 30, 2016 as part of the omnibus spending bill Congress reached Tuesday night. The program lets foreign nationals get a green card for themselves and their families if they invest at least $500,000 or $1 million (depending on the area) in a business … Read moreCongress extends EB-5 ‘visa for investment’ policy until Sept. 30

Extension for EB-5 visa program to be decided by December 16, as fraud worries persist

The fate of the EB-5 visa program, which qualifies wealthy individuals and their families with instant Green Cards, by merely investing $500,000 minimum into designated projects in the United States, will now be decided by Wednesday, December 16, after it got a reprieve for an extension. The program, which is popular with developers in many … Read moreExtension for EB-5 visa program to be decided by December 16, as fraud worries persist

Hudson Yards developers snag $5B in financing for $20B mixed-use project

Dive Brief: The developers of Hudson Yards, a mixed-use development in New York City, have finalized a $5 billion financing package — including $2.19 billion in debt, and a balance in equity financing. The package marks one of the largest capital raises for a real estate project in the U.S. since the 2008 downturn, according to … Read moreHudson Yards developers snag $5B in financing for $20B mixed-use project

Related, Oxford close on $5B Hudson Yards funding

Related Companies and Oxford Properties Group secured $5 billion in construction funding for a 90-story office tower and connected mall at Hudson Yards. The announcement marks a major step towards completion of the megadevelopment on the far West Side. The financing package includes a $1.5 billion loan from a syndicate of foreign banks for the mall … Read moreRelated, Oxford close on $5B Hudson Yards funding

Securities Law Risk Mitigation in EB-5 Offerings

  EB-5 regional centers and issuers take heed. The Securities and Exchange Commission (“SEC”) is pursuing litigation against parties in several EB-5 deals. We expect the SEC to increase efforts to prosecute regional centers, issuers and broker dealers who don’t play by the rules in the EB-5 investment industry. Mintz Levin’s EB-5 Financing Practice just released an alert on limiting securities litigation risks in EB-5 transactions. This … Read moreSecurities Law Risk Mitigation in EB-5 Offerings

From Brooklyn to Berlin: David Belt Dishes on His International Ventures

Just after finishing a project with St. John’s University in Rome and in the midst of starting his development company, Macro Sea, in 2009, David Belt went back to the Pennsylvania suburbs to visit his parents. He was driving around and found himself in a vast expanse of vacant shopping malls, which was not an … Read moreFrom Brooklyn to Berlin: David Belt Dishes on His International Ventures

The death of EB-5 has been greatly exaggerated

Earlier this year we discussed the uncertain future of the EB-5 Visa Program, one of the most successful inbound investment programs of recent years, as evidenced by the $5.2 billion dollars the program has generated in the past ten years alone. Although the EB-5 Visa Program was set to expire on September 30, 2015, Congress … Read moreThe death of EB-5 has been greatly exaggerated

The EB-5 Piece of the Omnibus Spending Bill Is Settled

The road to extending the EB-5 program has been a long and winding, not to mention occasionally rocky one, but an end is finally in sight. The measure will either be extended under a Continuing Resolution on Friday, when spending authority expires. Or, in the unlikely event that Congress does finish its business by Dec. … Read moreThe EB-5 Piece of the Omnibus Spending Bill Is Settled

EB-5 Investors: Expect More Hassles Entering the United States

The recent attacks in Paris and San Bernardino are going to result in an increase in security checks for visa applicants at U.S. consular posts. We also anticipate Congress to at least review the Visa Waiver Program for potential changes, based on President Obama’s address to the nation. Referencing one of the San Bernardino terrorists who allegedly had come … Read moreEB-5 Investors: Expect More Hassles Entering the United States

EB-5 Regional Center Program Update: As Deadline for Expiration Approaches, Congressional Action Likely

Now just days away from the December 11th expiration of a short-term Continuing Resolution (CR) that has been funding federal activities since the start of the current fiscal year on October 1st, Congress is feverishly working to reach agreement on a long-term Omnibus spending bill that will fund the federal government through the remainder of the fiscal year. Included … Read moreEB-5 Regional Center Program Update: As Deadline for Expiration Approaches, Congressional Action Likely

Fight Over Green Card Investor Program May Be Near End

The fight over the future of the federal EB-5 immigrant investor program appears to be coming down to the wire. Wednesday night, a swath of influential federal lawmakers told EB-5 industry officials they had settled on an accord in an attempt to push through renewal legislation in coming days. It comes over the objection of … Read moreFight Over Green Card Investor Program May Be Near End

Pair misspent millions from Chinese investors in EB-5 visa program, SEC says

This building at Martin Luther King Boulevard and Norton Avenue in Lynwood was supposed to be converted into a nursing home using money from Chinese investors hoping to get U.S. green cards. For a dozen Chinese investors, the building at Martin Luther King Boulevard and Norton Avenue in Lynwood was supposed to be a ticket to the … Read morePair misspent millions from Chinese investors in EB-5 visa program, SEC says

EB-5 Regional Centers Must File Form I-924A by December 29

USCIS reminds all approved EB-5 regional centers with a designation letter dated on or before Sept. 30, 2015, that they must file Form I-924A, Supplement to Form I-924, for fiscal year 2015 no later than Dec. 29, 2015.  Regional centers are required to submit Form I-924A every year to demonstrate continued eligibility for the regional center … Read moreEB-5 Regional Centers Must File Form I-924A by December 29

Countdown to EB-5 Program Expiration: Amended EB-5 Draft Legislation Circulates on Capitol Hill

On Dec. 2, 2015, a revised discussion draft from both the Senate and the House of Representatives proposing to reform the EB-5 program and extending the program until Sept. 30, 2019, was redistributed amongst a limited group in the Senate and House. The key provisions of the discussion draft are outlined below that will serve … Read moreCountdown to EB-5 Program Expiration: Amended EB-5 Draft Legislation Circulates on Capitol Hill

Money from other EB-5 projects was transferred to Northern Beef

More than two dozen foreigners who took part in an investment-for-green-cards immigration program had their $500,000 contributions transferred to a South Dakota beef plant after initially committing their funds for other projects, according to state records. Federal officials say such transfers are legal if certain conditions are met. Northern Beef Packers, which filed for Chapter 11 bankruptcy … Read moreMoney from other EB-5 projects was transferred to Northern Beef

Bollen, lawyer in control of Northern Beef operations, finances

The founder of a Los Angeles firm that worked closely with Northern Beef Packers to secure $30 million in financing in 2009 and 2010 said the since-bankrupt Aberdeen packing plant was under the complete control of Joop Bollen and lawyers from the Hanul law firm, James Park, of, Los Angeles and Si-Il Jang, of South Korea. In addition, David Kang, … Read moreBollen, lawyer in control of Northern Beef operations, finances

EB-5 expiration raises big questions for developers

The wildly popular EB-5 program, which grants green cards to foreign investors, is set to expire today, raising big questions for both developers and investors.  With the mass influx of foreign capital, EB-5 has been a winner among Chinese investors, with 90% of EB-5 visas granted going to China, pouring in nearly $4B since 2009 … Read moreEB-5 expiration raises big questions for developers

Congress remains quiet about eb-5 discussion draft

Though nearly a week has passed since the House of Representatives Judiciary Committee discussed the status of the EB-5 program, members of Congress still aren’t saying much—and it appears an agreement might not be on the horizon anytime soon. Given the controversial nature of the legislation—set to expire Dec. 1—experts say the congressional heel-dragging isn’t … Read moreCongress remains quiet about eb-5 discussion draft

Doctor accused of misappropriating $10 million in immigrant investor funds

SEC to freeze assets after allegations that an Inland physician and partner ‘siphoned off’ $10 million from Chinese investors seeking a green card. Federal authorities are seeking to freeze the assets of a San Bernardino doctor and office manager accused of illegally diverting half of $20 million they raised from Chinese investors hoping to qualify … Read moreDoctor accused of misappropriating $10 million in immigrant investor funds

Groundbreaking set for large medical facility

Community leaders have announced a groundbreaking ceremony for a large multipurpose medical facility located on five acres near Old Town Hesperia. The Hesperia Chamber of Commerce said community and city leaders will be on hand to welcome Suncor at 10 a.m. on Friday. Last year, Suncor LLC announced plans to construct a 39,000-square-foot development, which … Read moreGroundbreaking set for large medical facility