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How can I switch projects or regional centers during the EB-5 process?

I have already invested in an EB-5 project through a regional center, and my I-526 has been approved. Even though I did due diligence, I am already not satisfied with progress on the project thus far. However, I still want to pursue my green card through EB-5. Is there a way to switch projects or regional centers during the EB-5 process? What are my options if I am dissatisfied with the EB-5 project in which I invested?

Answers

  • Avatar

    Ying Lu

    Immigration Attorney
    Answered on

    I am afraid that you have to make a new investment into a new project/regional center because your I-526 approval was based on the business plan and job creation methodology of the project you have invested.

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    Lei Jiang

    Immigration Attorney
    Answered on

    You cannot switch at this point. But if you believe the project will fail for sure, then a switch may be necessary, and you need to come up with another $500,000 investment.

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    Julia Roussinova

    Immigration Attorney
    Answered on

    The terms of investment, including an exit strategy, should be contained in the offering documents for your project. Please consult your immigration attorney to discuss these issues and review the offering documents.

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    Fredrick W Voigtmann

    Immigration Attorney
    Answered on

    You options may be limited at this point, depending upon the agreements you signed with the EB-5 project. While you certainly are free to withdraw your approved I-526, make a new EB-5 investment with a different project, and file a new I-526, your ability to withdraw from the existing project and receive the return of your investment funds might not be possible. You should consult with a business attorney who can review the agreements with you and advise you on your rights and options. As for the immigration process, you should retain an experienced EB-5 immigration attorney who can represent you in the immigration process.

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    Anthony Korda

    Immigration Attorney
    Answered on

    You cannot transfer EB-5 projects. If you decide to switch to another project you would not be able to file for removal of conditions relying on the original approval. You would need to file a new I-526 and start the process again.

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    John J Downey

    Immigration Attorney
    Answered on

    Options are limited. Try to work out the problems with the regional center and developer.

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    James Wolf

    Immigration Attorney
    Answered on

    It sounds like you have already invested your funds into the regional center project and your I-526 has been approved, but you have not received your green card. If so, you should not pursue the green card through the current investment. These are the steps you need to take: 1. Select a new regional center project 2. Invest in the new regional center project 3. File a new I-526 based on the new regional center project 4. Pursue the green card once the new I-526 has been approved You will need to refer to the "Offering Documents" of the current regional center project (PPM, Subscription Agreement, Limited Partnership Agreement, etc.) to see the procedure you can follow to get a refund of your investment. If the "Offering Documents" do not provide for a refund of your investment, you may talk to an attorney about your rights under the rules of the US Securities and Exchange Commission (SEC) to "rescind" an investment transaction due to non-compliance with SEC rules. If you have rights to rescind, you should be able to receive a full refund of your investment, perhaps even more than your investment.

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    A Olusanjo Omoniyi

    Immigration Attorney
    Answered on

    While your opinion is understood, for a host of reasons, it is rather too late to switch projects particularly if your goal is to change the sponsor of your EB-5 visa. First, look at the terms of your agreement for the project in question and ask a couple of questions such as, when can you withdraw from your agreement and how can the withdrawal be accomplished? Based on experience, it is very unlikely you will be able to withdraw and have your invested money returned at this early stage of the project. Secondly, if and when your EB-5 visa is approved, you have until two years to ensure that all the EB-5 requirements are met before your permanent green card is issued. Thus, you still have some time to meet the conditions for permanent EB-5 visa. Finally, just being dissatisfied with the EB-5 project you invested in may not be enough legal ground to withdraw and re-coup your investment. Please bear in mind that an EB-5 investment is considered to be a risk undertaking. If you need legal counsel on this issue and other interlocking matters, advisably seek an EB-5 attorney to walk you through the process and ensure your interests are better protected.

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    Jinhee Wilde

    Immigration Attorney
    Answered on

    If you have another $500,000 to invest, then you could choose another regional center with better track record, etc. and start another case. Hopefully, the second I-526 will get approved at least right before you need to file I-829 has to be filed or at least during the pendency. If you do not have another traceable funds to invest, then it will require you to try to pull your fund out of the current regional center and whether you could will depend on the details of the partnership agreement and subscription agreements. Please consult your immigration attorney who helped you. He/she should be able to guide you. I did this for my clients several years ago.

  • Avatar

    Salvatore Picataggio

    Immigration Attorney
    Answered on

    Based on your description, you may have to withdraw your investment and refile your I-526. Currently there is no policy that allows for switching projects.

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