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How can I get my investment capital back with a pending I-526?

I invested $500,000 in a regional center about three months ago and my I-526 is still pending. Recently, I found out that I have a serious health condition and now I want to cancel the whole operation. I understand that I could inform USCIS and withdraw my application. But what about my investment capital that I believe is still in the escrow account? I did not find any clauses in the agreement with the regional center about whether I can get my investment back while it is still in the escrow account.

Answers

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    Barbara Suri

    Immigration Attorney
    Answered on

    You should definitely also contact the regional center and inform them of your changed circumstances.

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    Bernard P Wolfsdorf

    Immigration Attorney
    Answered on

    Most subscription agreements will not allow you to cancel and get your money back based on health reasons but check the subscription agreement carefully. Maybe if you have another investor, the Regional Center may allow you to withdraw. Otherwise you can likely only withdraw if the I-526 petition is denied.

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    Daniel A Zeft

    Immigration Attorney
    Answered on

    If your money is in the escrow account, then your money has not been invested in the EB-5 project. The regional center should return your money to you if it has not been invested in the project.

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    Julia Roussinova

    Immigration Attorney
    Answered on

    You should direct this question to the Regional Center. Many Regional Centers do return EB-5 funds upon withdrawal by a limited partner with the exception of subscription fee if they find a replacement investor. However, your offering documentation should contain clear provisions for such scenario. Consult a securities lawyer.

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    BoBi Ahn

    Immigration Attorney
    Answered on

    You need to discuss what the options or procedures are for the return of initial capital in such instance with your regional center and project management. There should be clear provision for such conditions in the PPM.

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    Russell C Weigel, III

    Securities Attorney
    Answered on

    You need to consult a securities counsel to discuss your options. Your investment documents will provide part of the answer, but you may also have rights under applicable U.S. laws that your attorney can apply to your circumstances.

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    Fredrick W Voigtmann

    Immigration Attorney
    Answered on

    The agreement you signed with the regional center project or one of the other documents should contain information about what happens in the event of investor withdrawal. Have a qualified EB-5 immigration attorney review the documents for you and advise you of your rights.

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    Charles Foster

    Immigration Attorney
    Answered on

    In terms of recouping your $500,000 investment in a Regional Center project, yes you have the unfettered authority to withdraw your individual petition Form I-526. However, recouping your $500,000 investment will depend upon the terms and conditions of the project itself as set forth in the Private Placement Memorandum and the other pertinent documents. You should notify the Regional Center project and request a refund of your investment. Whether or not the project will refund the investment will depend upon a variety of factors including the original conditions of your investment and whether or not they would have a substitute investor available to them.

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    Belma Chinchoy

    Immigration Attorney
    Answered on

    Check the investment documents you signed with the regional center. These documents will explain the process.

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    Mark AM Catam, Esq

    Immigration Attorney
    Answered on

    You will need to discuss it with the NCE/regional center. Generally, there is a provision in the offering documents that talks about capital refund in the event of I-526 withdrawal.

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    Jinhee Wilde

    Immigration Attorney
    Answered on

    That depends on the regional center and what your subscription and limited partnership agreements say. Most reputable regional centers will return the investment back to you if you must withdraw or your case gets denied, but they may keep the administrative/syndication fee. Check with the regional center.

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    A Olusanjo Omoniyi

    Immigration Attorney
    Answered on

    Generally, in a situation like this, an investor should be able to cancel the petition and get her money back. Also, look at the exit clause/strategy in your agreement, there should be circumstances under which you can request that your petition should be canceled. Advisably, request the regional center through your attorney to withdraw your petition and simultaneously demand refund of your investment fund.

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