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What are the filing requirements if I want to add a new EB-5 project to an existing regional center?

I have some projects on hand and would like to establish my own regional center with other people. However, it seems that it takes a long time for a regional center to get the I-924 approved. Is this true? If so, I would like to add my own project (the construction of condos) into another regional center in the same geographic area just to get things started without the hassle of establishing a new RC from scratch. Does the I-924 still need to be filed in this scenario?

Answers

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    Julia Roussinova

    Immigration Attorney
    Answered on

    You may certainly associate with an existing regional center in your industry and the geographical area for which the regional center is approved. You will not need to file an initial I-924 if you contract with an existing regional center and they approve your project to be included in their portfolio.

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    Raymond Lahoud

    Immigration Attorney
    Answered on

    There are many regional centers you can partner with. To do so, a regional center must be in the correct area in relation to your project and the actual project that you wish to proceed with must be marketed to the regional center. The RC then approves the project to be included within its portfolio of projects. If you are using a regional center that is already established, you do not have to file the Form I-924, Application for Regional Center Designation.

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    Charles Foster

    Immigration Attorney
    Answered on

    If you have a potential EB-5 project, you could theoretically market it the same as a direct EB-5 investment but, realistically, you may need to work through an existing regional center. First and foremost, you would need to find a regional center that markets third party projects, obviously for a fee - normally initial cost along with a per-investor fee. That regional center would have already been approved based on its own I-924 petition to cover certain geographical areas and your project must be located within that geographical area. While you may establish your own regional center, it may not be feasible because, as you indicated, it could take a year or much longer to have your I-924 petition approved, assuming you are otherwise eligible. A regional center whose geographical footprint covers your project can market your project without necessarily filing an exemplar but, from a marketing point of view, it may be desirable to have an exemplar project approved.

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    Fredrick W Voigtmann

    Immigration Attorney
    Answered on

    USCIS is taking an average of 20 months to process an I-924 for an initial designation as a regional center. If you contract with an existing regional center approved in your geographical area and for your industry, you probably will not have to file an I-924, although the decision about whether to file an exemplar petition for your project should be made in consultation with the regional center, your marketing team and, of course, your EB-5 immigration counsel.

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    BoBi Ahn

    Immigration Attorney
    Answered on

    Sounds like you are looking to rent a regional center, in which case you would not need to file I-924.

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    Bernard P Wolfsdorf

    Immigration Attorney
    Answered on

    If you have a viable project, you can affiliate with an existing regional center, establish your own or do both. If you affiliate with an existing regional center, you do not need an approved I-924 and can immediately file your first I-526 investor green card application. Be sure that you can find investors, as the market is very crowded now.

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