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EB-5 Visa Blog

On-going I-829 Petition Preparation and Compliance

Dillon Colucci

In the U.S. government’s 2014 fiscal year, USCIS denied more I-829 Petitions than ever before, and more than the three previous years combined. This should serve as a reminder for EB-5 stakeholders in a project that on-going compliance during the conditional permanent residency period is important. As a project progresses, EB-5 stakeholders in the project should ensure the project’s job creation is on-track so that any potential issues can be identified prior to the I-829 Petition filing period (90 days prior to the expiration of an EB-5 investor’s period of conditional permanent residency).

This type of on-going compliance can be accomplished by tracking information necessary to demonstrate job creation at the I-829 Petition stage. The type of information which can be tracked can include, but is not limited to, the following:

  • Job creation information;
    • Detailed operational revenue figures for the project which support job creation (if this is an operating business); and/or
    • Detailed expenditures by the project which support job creation (if this is a construction project).
  • Project schedule information;
    • Detailed GANTT chart with updates (if this is a construction project); and/or
    • Detailed chart with updates on hiring, roll-out of products, or other information necessary (if this is not a construction project).
  • Financials for the new commercial enterprise; and
    • Detailed update of funds released from escrow;
    • Detailed update of cash flow;
    • Detailed update of interest payments; and/or
    • Schedule K-1s for each investor should be provided annually (most likely on April 1 or August 1).

This is the same information that would otherwise have to be provided during the I-829 Petition filing period (90 days prior to the expiration of an EB-5 investor’s period of conditional permanent residency). Thus, some of the preparation prior to the filing of an I-829 Petition can be done through on-going compliance of the project, and EB-5 stakeholders in a project can potentially identify and remedy any potential issues as they arise.

 

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