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What will happen if I withdraw my EB-5 application after I-526 approval?

What if I want to withdraw my application after the approval of my I-526 petition? The regional center I invested with says that they will not pay back the admin fees, and I must wait 45 days for a replacement investor to take my place. What other criteria and requirements should I consider regarding the regional center and my immigration status while withdrawing my application?

Answers

  • Avatar

    Salvatore Picataggio

    Immigration Attorney
    Answered on

    If you wish to abandon the process, you may do so. The project may have restrictions on how they will return funds. Work with EB-5 lawyers who can review the project documents and procedures for your specific case.

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    Bernard P Wolfsdorf

    Immigration Attorney
    Answered on

    You need to read the subscription agreement carefully. The RC appears to be saying they will repay your principal 45 days after they find a replacement investor. Is it clear whether they will refund your money if they do not find a replacement investor? Have they indicated they have a replacement investor? My guess is they may not be obliged to find an investor.

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    Charles Foster

    Immigration Attorney
    Answered on

    Should you withdraw your approved EB-5 investor petition on Form I-526, most Regional Centers would not return your admin fees since those funds would have already been spent. They are also unlikely to return your investment unless they can find a substitute investor. However, just like any investor, you would be eligible to receive your investment under the terms of the Private Placement Memorandum of that particular project. Thus, even if you fail to obtain your Permanent Residency because of the withdrawal of your application, you would still be eligible for the return of your investment like any other investor under the same conditions.

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    Jinhee Wilde

    Immigration Attorney
    Answered on

    Most regional centers do not refund the administration fees. Some RCs could take up to 1 year to find another investor to take your place because they have done everything to successfully complete your I-526 process. In order to get this approval, they have spent nearly $1million in attorney fees and other expenditures to find a proper project and prepare the business documents for your I-526. The administration fees are designed to recoup these expenses. Also, the regional center had to make commitments for the EB-5 investment funds in order to obtain a successful project that is approvable by USCIS. If you change your mind and withdraw, they must find another investor to commit to the project because your withdrawal could jeopardize other investors in that project.

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    BoBi Ahn

    Immigration Attorney
    Answered on

    You have to option to withdraw a pending I-526 but, after the petition is approved, there is no option to withdraw. However, if you wish to notify USCIS that you no longer wish to pursue permanent residence through the I-526, you may notify them and they may cancel the petition. Regarding further dealings with your regional center, that will be governed by your agreement with them in the case you wish to terminate the processing.

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    Robert V Cornish Jr

    Securities Attorney
    Answered on

    Check the PPM and partnership agreement on withdrawal provisions. You may have a remedy for your investment amount, but it is unlikely that you can get the admin fees back.

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