Top 25 Immigration Attorneys
EB5 Investors Magazine is pleased to announce the Top 25 Immigration Attorneys. To be eligible, distinguished immigration attorneys needed to primarily file investor petitions and be available to the public.
For more information or to contact any of these professionals, we invite you to view their listings at www.EB5Investors.com/directories.
ELSIE HUI ARIAS
Elsie Hui Arias is a partner of Stone Grzegorek & Gonzalez LLP (“SGG”), a full-service immigration law firm in Los Angeles, California. She has been certified as a specialist in immigration and nationality law by the State Bar of California since 2007 and has particular expertise in EB-5 investor and business immigration. She advises regional centers in preparing investment offerings, applying for initial and amended regional center designations, and developing strategies in tackling complex issues that emerge during the EB-5 process. She is a graduate of the University of California at Berkeley and the University of California at Davis School of Law.
HOW DO YOU THINK THE EB-5 PROGRAM SHOULD BE REFORMED?
The EB-5 program is long overdue for critical reform to ensure the integrity of regional center participants, as well as to advance and safeguard the due process and interests of individual EB-5 investors who have – in good faith – invested their savings and family’s future in the United States. Congress should also finally make the EB-5 program permanent, as it serves as a critical source of investment capital and generates job creation, which is exceptionally important given the devastating effects of COVID-19 on the U.S. economy. Neither developers nor investors will invest time or resources in a program that lacks stability.
WHAT NEW TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY?
COVID-19 ravaged much of the economy, especially the hospitality industry, which significantly benefited from EB-5 capital. We are seeing distressed projects where hotel revenues have plummeted, imperiling operations and job creation, or where construction has stalled due to shelter-in-place orders or disruption in the flow of EB-5 funding or senior financing. Also, as a result of pandemic-related travel restrictions to the United States, immigration through the EB-5 category essentially halted in the latter half of FY 2020. But Q1, 2021, presents a brighter outlook, with the availability of vaccinations, reopening of local economies, and resumption of visa processing at U.S. consulates.
EDWARD BESHARA
Edward Beshara is with the Beshara PA Global Migration Law Firm, which was established in 1983. He has offered approvable and successful solutions via his firm to EB-5 investors and their families, and successfully handled EB-5 direct and regional center projects. Beshara is a member of the IIUSA (Invest in the USA) New Investor Markets and Best Practices Committees as well as being on the Advisory Committee and Task Force of the Investment Migration Council (IMC) in Geneva, Switzerland. He is a former adjunct professor in business immigration law at the University of Florida’s College of Law. He was the recipient of the IIUSA 2019 Award for Economic Advancement "Innovator Award".
HOW DO YOU THINK THE EB-5 PROGRAM SHOULD BE REFORMED?
It is imperative that the EB-5 laws should require independent due diligence, compliance and integrity provisions to be adhered to. USCIS should review the EB-5 adjudicate exemplar project approval within 60 days. Expedited processing of I-526 petitions within 30 days and processing for conditional permanent residency status within 60 days. Then there would be an increase in economic activity, a decrease in unemployment and substantial benefit to the U.S.
WHAT NEW TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY?
The impact of the COVID pandemic has created a downturn in economic activity within the U.S. and globally. Therefore, potential EB-5 investors are currently concerned about protecting their wealth. EB-5 investors have maintained and increased their wealth by investing in stocks which are on their countries or other countries stock exchange and in real estate. U.S. companies can provide a loan to the EB-5 investors in U.S. dollars against the EB-5 investors' assets to commit to an EB-5 project. There is a trend that the EB-5 investors would like to control their own funds in their own EB-5 projects.
BELMA DEMIROVIC CHINCHOY
For close to a decade, Chinchoy has focused solely on representing high-net-worth individuals, entrepreneurs and multinational companies in the EB-5, E-2, L-1 and EB-1 immigration categories. Chinchoy’s clients are diverse across industry sectors (real estate, technology, creative, and manufacturing) and countries of origin. She is frequently retained to counsel on investment-based cases in post-initial filing stages (RFE, NOID, denials) and in federal court litigation. Chinchoy is licensed in California. She is a member of the American Immigration Lawyers Association, Los Angeles County Bar Association, EB-5 professional organizations, and is a frequent speaker and professional trainer on EB-5 topics.
HOW DO YOU THINK THE EB-5 PROGRAM SHOULD BE REFORMED?
Program integrity, and specifically, prevention and increased prosecutions of fraud and increase in program protections for good-faith investors, is widely considered the key area of EB-5 that requires reform. Integrity reforms, ideally, would include concrete fraud monitoring and enforcement steps that go beyond a mere requirement that RCs and projects have fraud prevention policies in place. On the program implementation side, investors are hoping that reforms include reasonable processing timeframes and a way to enforce the same without resorting to litigation in federal courts (unlikely to happen). In terms of sunset, the program is not likely to be discontinued though a lapse is possible.
WHAT NEW TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY?
The industry is waking up after a lengthy hibernation (only 114 investor petitions were filed between January and September 2020, and there were hardly any IV Consular adjudications in 2020). The investors seem encouraged by the recent change in the U.S. presidential administration as well as more favorable investment terms of current offerings. Federal litigation continues to see a lot of activity from stalled adjudications, which, in my opinion, continue to be the key deterrent to new EB-5 investments.
MARK DAVIES
Mark Davies is the founder of Davies & Associates, a law firm dedicated to assisting investors and businesses relocate and grow internationally. Davies has served as investor counsel to leading investment banks and financial intuitions from every continent except Antarctica. He combines this legal experience with an MBA (real estate finance) from the Wharton School of Business together with “ivy league” law degrees from the U.S. and the UK. Recognized by the Bush White House for his service to the U.S. legal profession and the author of legislative reform proposals commissioned by the UK government, Davies has also served as Chairman of Lawyers without Borders and sat on multiple other boards for profit and non-profit organizations.
HOW DO YOU THINK THE EB-5 PROGRAM SHOULD BE REFORMED?
Issues that have proved problematic in projects that were easily detectible given proper legal due diligence include but are not limited to:
Normal Real Estate and Lending Law Due Diligence: Problems with title and encumbrances on title not fully explained in a PPM, huge technical legal issues in inter-creditor agreements placing investor capital at risk, “pre-leased” construction where the lease has so many escape clauses for the tenant that is really isn’t a “pre-lease”, and project lacking proper construction permits.
Brokers: Should be required to disclose their fees to clients.
Unsophisticated foreign investors are unaware of the lack of training and expertise in this area. Better licensing is required, such as imposing a CFA qualification on EB-5 brokers.
WHAT NEW TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY?
We have seen a recent focus at USCIS and DOS on compliance with foreign currency exchange laws. In some countries, a failure to follow these laws may constitute money laundering and bank fraud under U.S. law.
Over the COVID period, our firm has been approached by a number of clients whose cases are the subject of RFEs and NOIDs in this area. Some clients are under criminal investigation by foreign regulators and claim that they were told to remit funds to a Regional Center by their immigration lawyer in a manner that clearly contravened applicable non-U.S. law. This is one area where problems can be avoided with proper structuring that allows for compliance with both EB-5 law and the applicable non-U.S. regulations.
IGNACIO DONOSO
Founder and Managing Partner of Donoso & Partners, LLC, Donoso is a renowned business immigration lawyer for the United States and Canada. Donoso’s career spans over 20 years as a lawyer during which he advised thousands of clients to successfully navigate the visa systems of the U.S. and Canada. Donoso has been recognized among the Top 25 immigration attorneys in the U.S. for entrepreneur visas in 2015, 2016, 2018, 2019 and 2020. He is a frequent speaker at national and international conferences on immigration law.
HOW DO YOU THINK THE EB-5 PROGRAM SHOULD BE REFORMED?
It is likely that the EB-5 regional center will be renewed via new legislation, which extends the program for a longer duration (i.e., 5 years), or a temporary extension, which provides Congress with additional time to pass more comprehensive legislation. Petitions filed before this point in time will likely be grandfathered into current regulations that govern the program. If, for any reason, the EB-5 regional center program temporarily stops, USCIS would hold all filed petitions in abeyance until the program is extended again. Having a pending case will be positive in terms of being grandfathered into the current program (and regulations).
WHAT NEW TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY?
The changes to the EB-5 program implemented in November 2019 along with the challenges presented due to the pandemic resulted in many wealthy foreign nationals slowing down the process, and waiting for the market to adjust before taking the leap. In this year, we have seen an increase in interest in the EB-5 program in recent months. Many investors are moving forward, given the likelihood that doing so will allow ones’ I-526 to begin the adjudication timeline and take advantage of good projects that have limited spots available...many of the consulates have begun regular processing of EB-5 visas and continue to expand as resources allow.
CHAD ELLSWORTH
Chad Ellsworth is a partner at Fragomen’s New York office. Ellsworth has been with the firm for more than 15 years. Ellsworth advises high-net-worth individuals in their immigration-related investments and liaises with private clients to address their global entrepreneurial or investor citizenship or residency immigration needs. Ellsworth also advises clients on a variety of global immigration matters with an emphasis on the establishment and improvement of compliant global mobility programs. He was named among the Top 25 Immigration Attorneys by EB5 Investors Magazine in 2017. Ellsworth earned his Juris Doctor from Tulane University School of Law.
HOW DO YOU THINK THE EB-5 PROGRAM SHOULD BE REFORMED?
My clients are hopeful that the regional center program will be made permanent, with additional immigrant visa numbers made available for actual EB-5 investors. The current policy of counting dependents towards the annual 10,000 cap prejudices all EB-5 investors, but particularly those from mainland China and Vietnam, who currently face significant backlogs. Investors are generally looking for more predictability from USCIS, including a more permanent timing commitment for the program, rather than short-term program renewals. This is particularly important given the significant cost and risk involved to each applicant.
WHAT NEW TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY?
Many potential investors have been on the sidelines during the COVID-19 pandemic, given the inability to travel internationally, coupled with the difficulties associated with conducting due diligence remotely. As international travel restrictions are slowly lifted, there is renewed interest in the EB-5 program as investors better understand the benefits of secondary citizenship and residency that was so critical to many during the global pandemic. Investors are now focused on the regional center program’s June 2021 renewal, and concerned about escrow agreement terms in the unlikely event the program is not extended.
ROBERT GAFFNEY
Robert P. Gaffney is a California State Bar certified specialist in immigration and nationality law. Through the Law Offices of Robert P. Gaffney in San Francisco, Gaffney has for over 30 years counseled clients in employment, investment, and family-based immigration matters. He is a frequent speaker at CLE events. His publications include Issues and Approaches to the Preparation of I-526 Petitions for Minor Petitioners; Practical Approaches to Lawful Sources of Funds Issues; and Country Specific Issues and Challenges in Representing EB-5 petitioners from the People's Republic of China.
HOW DO YOU THINK THE EB-5 PROGRAM SHOULD BE REFORMED?
Although the Act is not perfect, it has the support of IIUSA and it is the only viable legislative vehicle which has the necessary bipartisan support to be enacted into law in time to avoid the tremendous negative impact which would occur if the regional center program was allowed to expire. The Act deserves the support of all EB-5 stakeholders. Additional improvements to the EB-5 program would include the introduction of a “good faith” waiver provision which allow removal of conditions for investors in financially troubled projects despite the failure of the NCE to fully satisfy the I-829 requirements due to no fault of the investor.
WHAT NEW TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY?
Occurring on the heels of the large increase is the qualifying capital requirements under the Modernization Rule, the pandemic could not have happened at a worse time for the EB-5 industry as a whole. The full impact of the pandemic on many projects in the hospitality sector remains to be seen. The impact of the pandemic on USCIS and consular operations has resulted in long processing delays for adjustment of status applications and visa processing further exacerbating the already unreasonable processing times for prospective EB-5 immigrants.
ENRIQUE GONZALEZ
Enrique Gonzalez is the managing partner of Fragomen’s Florida office and a member of the firm’s Executive Committee. Gonzalez has 30 years of experience practicing immigration law. He provides legal counsel to entrepreneurs and high-net-worth individuals regarding investment-based immigration, including the EB-5 program. In 2013, Gonzalez served as special counsel on immigration to Senator Marco Rubio, where he was the senior advisor as well as negotiator for comprehensive immigration reform efforts led by Senators John McCain, Jeff Flake, Lindsey Graham and Marco Rubio. Gonzalez earned his Juris Doctor degree from Cornell University. He speaks English and Spanish.
HOW DO YOU THINK THE EB-5 PROGRAM SHOULD BE REFORMED?
After more than 25 years since its creation as a pilot program, the EB-5 category has proven itself as a strong contributor to economic growth and job creation in the U.S. For this reason, the program merits permanent reauthorization as opposed to the continuous short-term reauthorizations we have seen since the creation of the program. A permanent reauthorization combined with statutorily authorized program reforms, such as many of those seen in the regulations that took effect in November 2019, would keep the EB-5 program at the top of the class, among the residence/citizenship-by-investment programs offered around the world.
WHAT NEW TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY?
The combination of the new regulations that took effect in November 2019 along with COVID-19 has been a tough 1-2 punch for the EB-5 program to shake off. Though the new regulations were expected to have an impact on the market for EB-5 investors, given the increase in the minimum investment amount to $900,000, COVID-19 added to that impact, given that investors were now less willing to invest in certain industries affected by the pandemic that previously would have been a first choice. The EB-5 program has weathered other storms and should be able to weather this one as well.
JENNIFER HERMANSKY
Jennifer Hermansky focuses her immigration practice on employment-based immigration. Hermansky is an associate EB-5 immigration attorney at Greenberg Traurig, LLP in Philadelphia. She focuses her legal practice on both family and employment-based immigration matters. She has experience serving healthcare, pharmaceutical and real-estate industries, as well as entrepreneurs, scientists and researchers in scientific communities for a wide range of temporary visa options and permanent residence solutions. She has structured a wide range of EB-5 visa projects across real estate, healthcare and hospitality industries, and has helped thousands of EB-5 investors through their immigration process.
HOW DO YOU THINK THE EB-5 PROGRAM SHOULD BE REFORMED?
I am looking forward to some good EB-5 reforms that will hopefully be passed along with a longer-term extension of the program in June 2021. I would like to see clear guidelines for regional centers and projects with respect to investor protections and record keeping requirements. I would also like to see clear protections for investors where the regional center is terminated at no fault of the investor. Investors should be able to substitute a new regional center sponsorship and keep on their path to permanent residence.
WHAT NEW TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY?
Investors are looking at different ways to speed up their immigration timelines during COVID. Many investors are inquiring about new investments being made in installments over time, so they can file the I-526 petition as quickly as possible. Also, many investors are having success suing the USCIS over processing times. Investors have been able to shorten their wait time recently through creative litigation strategies.
NICOLAI HINRICHSEN
Nicolai Hinrichsen is a partner at Miller Mayer. Hinrichsen has nearly 15 years of experience in EB-5 immigration. He represents regional centers and developers in structuring EB-5 compliant projects, either through initial regional center designation applications or by partnering with existing regional centers. He also represents individual investors obtaining permanent resident status through either regional center or direct EB-5 investments. Hinrichsen is a member of the American Immigration Lawyers Association, and the New York and California state bar. He received his JD from Boston University Law School and his B.A. from the University of California at Berkeley.
HOW DO YOU THINK THE EB-5 PROGRAM SHOULD BE REFORMED?
Two things must occur if EB-5 is to remain the viable immigration and job creation program benefiting the U.S. economy as Congress intended. First, the EB-5 industry must unite in support of the EB-5 Reform and Integrity Act of 2021 recently introduced by Senators Leahy and Grassley. Second, the Biden administration must increase the number of visas allocated to the EB-5 category so that it remains a viable investor immigration option in historically robust markets like China and Vietnam. With the resulting EB-5 program stability from long-term reauthorization and renewed investor interest in retrogressed markets, EB-5 can play a meaningful role in a post-COVID U.S. economic recovery.
WHAT NEW TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY?
USCIS I-526 and I-829 processing times of 2 years or more significantly hamper the potential economic impact of EB-5 investment on the U.S. economy, as potential HNW immigrants consider alternative investment options offering faster paths to residency. Mandamus actions challenging USCIS adjudication delays are thus a welcome trend. Continued litigation-based pressure, coupled with changes by the Biden administration in Investor Program Office leadership, should result in more agency accountability and more reasonable adjudication timeframes. Likewise, the EB-5 program benefits tremendously from lawsuits like Zhang v. USCIS and Civitas v. USCIS that challenge legally flawed agency policy.
DAVID HIRSON
David Hirson, Esq. has 40 years of experience in U.S. immigration law, specializing in business and investment immigration. Hirson is the founding and managing partner of David Hirson & Partners, LLP, and he is internationally recognized for his decades of success in investment immigration, specifically EB-5. Hirson and his partners have decades of experience in advising individuals, start-ups, large corporations, hospitals, and universities in navigating complex areas of employment immigration. The firm’s business and employment-based immigration practice provides a full range of immigration services for all U.S. visa types. Hirson also specializes in guiding franchise businesses who have foreign partners/managers.
HOW DO YOU THINK THE EB-5 PROGRAM SHOULD BE REFORMED?
The Leahy Grassley Bill introduced in the Senate (at the time of writing this comment) covers additional security for investors by adding protections to the program in an effort to minimize loss and fraud. It also extends the EB-5 regional center program for five years. This is good! What would make the proposed changes ideal would be an allocation of additional visa numbers and/or a recapture of any previously unused EB-5 visa numbers and/or a different methodology for counting visa numbers (one visa number to be taken per investor with the qualifying family members tagging on without utilizing any additional visa numbers.)
WHAT NEW TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY?
It appears from USCIS’ statistics that EB-5 cases filed have substantially dropped before COVID-19. Then, the pandemic caused further slowing. I anticipate the program will gain traction as soon as the pandemic is over, particularly spurred on by the potential upcoming 5-year extension of the regional center program. If visa numbers are substantially increased to alleviate the backlog of pending cases, investors will find the program more attractive. Adjudication time must be shortened, preferably to the 180-day maximum processing time. If all of this happens, I expect a surge of investors and additional projects coming to meet higher demand. I see the future of the EB-5 program as very positive.
ROHIT KAPURIA
Rohit Kapuria, an attorney at Saul Ewing Arnstein & Lehr LLP, regularly represents EB-5 lenders, borrowers, banks, regional centers, real estate developers and migration brokers. Kapuria’s practice is a dual hybrid of corporate securities and EB-5 immigration law. He has worked on over 500 EB-5 transactions, with a combined capital development cost in excess of $7.5 billion. Kapuria currently represents close to 25% of the Indian-born EB-5 investor market. He is also very active in Opportunity Zones representing clients around the U.S. in such transactions. Kapuria can speak several languages and is fluent in Hindi, Urdu, Punjabi and Hausa.
HOW DO YOU THINK THE EB-5 PROGRAM SHOULD BE REFORMED?
Right now, there needs to be a more even playing field to allow for EB-5 projects all around the country. Prior to Nov. 21, 2019, there was a rift between the urban and rural projects, and one of the arguments was that the revised regulations would balance out the spread of attractive EB-5 offerings. However, the COVID-19 pandemic added further stressors on this issue. The goal should be to get a legislative bill passed extending the program. EB-5 is a powerful legislative tool to buttress up the unemployment lags the U.S. is facing under the pandemic.
WHAT NEW TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY?
There has been a shift towards “COVID resistant” asset classes such as multi-family, industrial warehousing and similar boxed developments. That being said, while the hospitality sector has taken a beating in the short term, there is optimism for hospitality projects that are not due to enter the market supply for at least the next year or two. We are working on some attractive developments that are projected to trend upwards as the tourism begins to, hopefully, do a positive reset.
CAROLYN LEE
Carolyn Lee is the Founder of Carolyn Lee PLLC, a U.S. immigration law firm concentrating exclusively on investment immigration. Lee represents regional centers, developers, funds, and investors, helping U.S. project clients raise $2.5 billion in EB-5 capital over 15 years and thousands of investor families around the world. A key focus is crafting E-2 visa solutions for global investors following citizenship-by-investment (CBI) acquisition. Lee is the four-term Chair of American Immigration Lawyers national EB-5 Committee and is Legislative Counsel to Invest in the USA. Lee is an international speaker and authors extensively on U.S. investment immigration.
HOW DO YOU THINK THE EB-5 PROGRAM SHOULD BE REFORMED?
We need long-term reauthorization. The Grassley-Leahy integrity bill gets us there and delivers the strongest investor protections and regional center governance provisions we’ve ever had. This is the way.
WHAT NEW TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY?
I’m seeing the same trends as last year – the optimistic and the opportunity-focused players marching boldly into new avenues. I see a rise in citizenship-by-investment and U.S. investment immigration taking their place alongside other options available to the global citizen. We are competing for these investors in a worldwide market and that’s how we should view our investment programs.
BRANDON MEYER
Brandon Meyer is the founder and managing partner of Meyer Law Group (MLG), where he provides quality legal representation to clients ranging from EB-5 regional center operators and individual investors to multinational corporations. Involved in EB-5 since 1998, Meyer has seen the multiple life cycles of the EB-5 program. Meyer received his law degree from the University of San Diego School of Law and is a member of the Bars of Connecticut and the District of Columbia. MLG is headquartered in San Francisco and has offices in Los Angeles, San Diego, and Vietnam. Meyer has authored articles in legal publications such as Immigration Daily.
HOW DO YOU THINK THE EB-5 PROGRAM SHOULD BE REFORMED?
The long-discussed "integrity measures" that are once again part of the "Leahy-Grassley" bill should be treated as inevitable. The industry should internalize these measures now and accept them as a necessary cost of participation in EB-5. I expect the sunset date to not be a long-term issue. I would not be surprised to see another series of post-June 30 temporary program extensions before a longer-term reauthorization is enacted.
WHAT NEW TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY?
The main trend within the EB-5 industry is how much new activity (new projects, capital raises, investor signups) have been in a state of suspended animation since November 2019. COVID-19 delayed the necessary market adjustments that would have taken place after the November 2019 regulatory changes. EB-5 was always a supply-driven industry. I expect the market to revive once domestic and international travel become possible once again, allowing the industry to hold events and meet interested parties, and, thus, once again creating its own demand.
ANUSREE NAIR
Anusree (Anu) Nair is a partner at Klasko Immigration Law Partners and manages the investor division of the firm's EB-5 practice. She is responsible for the filing of all EB-5 petitions at the firm. Her command of investor-related issues is recognized within the industry and she is frequently called on to review cases prepared by other firms to ensure compliance with rigorous standards of the United States Citizenship and Immigration Services. Nair also leads the firm’s EB-1 practice, which can be a great option for those seeking a green card who face long delays in other categories.
HOW DO YOU THINK THE EB-5 PROGRAM SHOULD BE REFORMED?
I am all for integrity measures being added through legislation. What I would not like to see is the industry rallying around legislation that would essentially make it unpalatable for future investors. With respect to the sunset date, given how difficult it is for anything – even something like EB-5 that has bi-partisan support – to pass Congress, I think it’s likely that we could see short-term extensions of the program if the legislation does not pass before June 30, 2021.
WHAT NEW TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY?
I work primarily with EB-5 investors so the trends that I am seeing include some negative and positive:
Significant delays at USCIS for adjudications of all petitions and applications and for simple issuances of receipt notices. Delays at the consulate, where applicants are just awaiting their immigrant visa interviews. These delays have prevented applicants from traveling and visiting sick family members. As green cards were delayed and immigrant visas were not being issued, cut-off dates in the visa bulletin moved much faster than previously predicted. This has allowed some investors to protect their aging out children.
ANGELO PAPARELLI
Angelo Paparelli is a certified immigration law specialist (California) and a Fellow in the College of Labor and Employment Lawyers (the only Fellow practicing management-side immigration-related employment law) with experience in a wide array of sub-specialties of U.S. immigration law, and a focus on investment-based immigration (EB-5, EB-1C, E-2 and L-1) on behalf of regional centers, project developers, and investors. He also serves as an expert witness and consultant on immigration issues arising in litigation, including EB-5, and as an advocate for due-process reforms to America’s immigration laws.
HOW DO YOU THINK THE EB-5 PROGRAM SHOULD BE REFORMED?
The EB-5 program should be reformed to allow innocent, otherwise-qualifying investors who have been defrauded (and their family members) to transition to another form of legal status, with employment authorization and advance parole travel authorization, leading ultimately to permanent residency. These investors should not be required to invest additional capital beyond their original qualifying investment. The EB-5 visa category should be established as permanent, and not subject to annual numerical limits of any kind. There is no good reason to inhibit or restrict the EB-5’s job-creating engine of prosperity.
WHAT NEW TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY?
I see the current focus of existing projects on the redeployment of capital investments where the removal of conditions on residency has been delayed in ever-longer USCIS backlogs. I also see a growing interest in the EB-5 program from investors who hail from non-backlogged countries.
NATALIA POLUKHTIN
Natalia Polukhtin, attorney at Global Practice (Scottsdale, AZ), specializes in investment immigrant and non-immigrant visa categories. Native to Moscow, Russia, she earned her graduate and undergraduate degrees from Moscow State University before obtaining a law degree from Mercer University School of Law. Polukhtin developed unique expertise in documenting source of funds originated from CIS countries and published several articles on integration of non-traditional sources of funds, such as cryptocurrency, into the EB-5 process. She is a blogger, speaker, and an author of a comprehensive guide written in Russian to business immigration to the U.S.
HOW DO YOU THINK THE EB-5 PROGRAM SHOULD BE REFORMED?
EB-5 program is long overdue for reform that provides predictability and transparency to the investors. Immigrants need to be able to invest their capital in American economy in reliance on realistic estimates of adjudication time and prospects of return of their capital. Thus, eliminating backlogs and improving transparency in administration of regional centers should be the primary focus of the upcoming reform. The EB-5 Reform and Integrity Act is a step in the right direction to assist foreign investors in making life-changing decisions while boosting the credibility of the existing legal mechanisms.
WHAT NEW TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY?
With the economic decline caused by the pandemic, the projects that provide clear structure while serving as an asset-protection mechanism are now in more demand than ever. Discouraged by the lack of appropriate government response in their home countries, many individuals currently consider immigration options. The EB-5 industry has a unique opportunity to capitalize on this search and revive interest of foreign investors in relocating their capital to the U.S. As one of the recent trends, it is hard to disregard growing interest in the EB-5 program from the countries that traditionally have not been the most prominent players in this market; CIS countries in particular.
IRINA ROSTOVA
Irina Rostova is a founding partner at Rostova Westerman Law Group with a background in bank management and commercial litigation. Rostova serves as the Chair of the IIUSA’s Public Policy Committee where her focus is on resolving policy issues that affect the EB-5 industry as a whole. Rostova became an immigration attorney out of her passion for the EB-5 program, believing that for many entrepreneurs it presents a more assured way to permanent residency. Rostova oversees hundreds of in-progress EB-5 petitions for investors from Latin America, the Middle East, Africa, and Asia, and is a principal EB-5 attorney for Eastern Europe.
HOW DO YOU THINK THE EB-5 PROGRAM SHOULD BE REFORMED?
The program will thrive with either the reform or an extension. In an ideal world we would see a smaller minimum investment gap between the TEA and non-TEA zones. This would give an advantage to TEA projects while still allowing non-TEA projects to have a healthy place in the market. Allowing the program to sunset without either an extension or a reform would be devastating to the tens of thousands of investors currently in process; we should seek a resolution before this happens.
WHAT NEW TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY?
Hotel projects are now rare, although they did not completely disappear from the market. Since the increase of the minimum investment amount, investors have developed a level of comfort with equity investment models and an appetite for higher returns. As investors commit larger sums to the EB-5 projects, they wish to see some return to help them combat the inflation. In light of the uncertainty with the program renewal, projects with directly created jobs are also receiving more attention.
MONA SHAH
U.K. born, a former British Crown Prosecutor, Mona Shah is recognized as an industry leader in EB-5. Shah has received numerous accolades, including Top 25 EB-5 attorney 7 years in a row; Top 25 Global Migration, Top Lawyer Who International, amongst others. Shah has authored numerous articles; is both a published author and Lexis-Nexis editor. She has spoken extensively both nationally and overseas; interviewed by news media - Fox Business, Al Jazeera; featured in international magazines, quoted in major newspapers, including New York Times, Axios, Bloomberg. Shah hosts EB-5 Investment Voice Podcasts and is a part-time adjunct professor at Baruch College, City University NY.
HOW DO YOU THINK THE EB-5 PROGRAM SHOULD BE REFORMED?
The COVID-19 pandemic, unwittingly, introduced a new perspective into EB-5, that of counter cyclical projects. While we will continue to see efforts to resuscitate the hospitality industry, there is a real shift towards investment in alternative industries such as IT, transportation, pharma. There has even been an uptick in local recreational projects that benefited from the reluctance for air-travel. COVID has forced some projects to rapidly pivot from a traditional stance, diversity being key to survival. Another trend has been a marked shift in investment away from major cities like New York and LA to smaller cities and rural locations.
WHAT NEW TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY?
I welcome Senators Grassley and Leahy’s EB-5 Reform and Integrity Act which reauthorizes the program to 2026. This bill includes promoting integrity, curtailing abuses but falls short of additional reforms that I would have liked to have seen such as an increase in visa availability, faster adjudication, and more importantly a bifurcation of the process by moving the adjudication of the project portion from USCIS to the Department of Commerce. The EB-5 program has brought over 41 billion dollars into the U.S., creating thousands of jobs. Correctly handled, the benefits of the program could be tripled.
DARREN SILVER
Darren Silver is the founding Partner of Darren Silver & Associates, LLP. Silver has a career spanning over 25 years exclusively in the field of immigration. Over his career, Silver has enjoyed working within different areas of immigration law. He has devoted a large segment of his practice to EB-5 law and is proud of the work that his firm has contributed to the EB-5 community. He has successfully filed over 4,000 EB-5-related applications. He has been a long-standing member of AILA, IIUSA and has been recognized as a Super Lawyer in his field.
HOW DO YOU THINK THE EB-5 PROGRAM SHOULD BE REFORMED?
The upcoming reauthorization brings with it potential for significant and fundamental changes. We have a Congress that is poised to tackle a broken immigration system. We are also working with a recent underlying investment increase. This perfect storm could result in a significant extension of 5 to 7 years, or even a possible conversation to a permanent program. The changes will also include additional oversight and protection for investors. Finally, the program could see some changes to the current per-country limitations or an adjustment to how dependents are counted towards the quota.
WHAT NEW TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY?
The COVID-19 pandemic pushed the pause button on EB-5 filings...As the country emerges from the pause, we will see a roaring re-opening of the U.S, economy. This combined with a new immigrant-friendly administration will have a dual effect to boost EB-5 popularity. Specifically, the surge in the economy will assist the regional center project’s business models, many of which depend on tourism and travel, all poised to explode over the upcoming months. Further, the individual EB-5 investors will once again feel confident about not only investing in a thriving U.S product, but the confidence surrounding the openness of our immigration system.
REBECCA SINGH
Rebecca Singh is a Partner with Mona Shah & Associates Global. As an advanced EB-5 practitioner, Singh works with numerous developers and individuals, analyzing and crafting entrepreneurial, direct-pooled, and regional center EB-5 projects. She is well versed in USCIS compliance, offering advice on policy and integrity measures. Singh is also highly proficient at investor petitions and has successfully filed complex source of funds issues from clients worldwide. Singh has published articles with AILA, LexisNexis and Immigration Daily. Singh is a member of Leadership and Public Policy Committee for Invest In the USA as well as an active member of the American Immigration Lawyers Association.
HOW DO YOU THINK THE EB-5 PROGRAM SHOULD BE REFORMED?
The sunset date of June 30, 2021, is nothing new to the EB-5 industry. I am confident that the EB-5 program will continue as it has done so in the past years. However, reform is long overdue. First, the program needs long-term reauthorization. Second, more visas or removal of dependents from the visa count is important. In addition, integrity measures have always been a concern; oversight and liability of issuers must be addressed to ensure the continued success of the program. Clarity is also needed on the scope of regional centers, especially on the termination of regional centers and the protection of investors. Last, streamlining adjudication processing times is vital.
WHAT NEW TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY?
COVID-19 has impacted investments and industries throughout the world, but we have seen success in projects even through this difficult time. Counter-cyclical projects have survived as demand for their services or products continued regardless. We have seen creativity and ingenuity as projects diversify within its industry. Technology has given new meaning to investor meetings and deal closures. EB-5 investors have become savvy in understanding what projects have encountered during the past year and thinking of nontraditional businesses. The EB-5 market is also seeing more equity deals and entrepreneurial projects with the increased investment amounts. The EB-5 program is much needed at this time to boost and revitalize the U.S. economy.
CHRISTIAN TRIANTAPHYLLIS
Christian Triantaphyllis is a partner and chair of the Investment Immigration practice at Jackson Walker, LLP, where he focuses on business immigration matters, particularly those related to EB-5 investments and investor visas. Triantaphyllis represents clients in the filing of EB-5 cases and advises on lawful sources of funds. Triantaphyllis regularly serves as counsel to real estate developers and regional centers to establish EB-5 projects. He also represents clients to acquire work authorization for start-up companies and advises on compliance matters involving USCIS, CBP, and the Department of State. Triantaphyllis has authored numerous articles and is a frequent speaker on the EB-5 program.
HOW DO YOU THINK THE EB-5 PROGRAM SHOULD BE REFORMED?
I expect the EB-5 regional center program to be reauthorized in 2021. Whether reauthorization occurs by June 30, or later in the year perhaps again attached to the omnibus spending bill, is still undetermined, but with a draft of the EB-5 Reform and Integrity Act of 2021 already released that addresses regional center integrity measures, longer term reauthorization of the program, increased investor protection, and attempts to accelerate processing times, the EB-5 industry may be in position to thrive for the foreseeable future.
WHAT NEW TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY?
COVID-19 has caused both predictability and unpredictability, resulting in various trends in the EB-5 industry. EB-5 investors have focused more on conservative real-estate investments, often on already funded projects or projects involved in residential construction. USCIS values investors who are involved in COVID-19 related medical fields, as expedite processing has been granted for I-526 petitions and green cards applications for such EB-5 investors. Less predictability has arisen though regarding U.S. embassies being open to issue EB-5 visas, as well as USCIS petition processing times, which has resulted in an increase in EB-5 litigation to induce the government to act on long-pending immigration filings.
ROHIT TURKHUD
Rohit Turkhud was a partner at FLG-FGI, where he headed the EB-5 practice. Turkhud has been practicing U.S. immigration and nationality laws since 1985. He is specialized in employment-based immigration. Turkhud has been a member of the American Immigration Lawyers Association (AILA) since 1985, and is a frequent speaker at conferences on business immigration issues. For over 6 years, Turkhud hosted a prime-time live immigration show on a national cable network channel in the U.S. He was interviewed by Al Jazeera on the impact of Brexit on EB-5. He was also quoted by regional newspapers in India, and has done an EB-5 segment on an Indian TV channel.
HOW DO YOU THINK THE EB-5 PROGRAM SHOULD BE REFORMED?
If the sunset date passes without the reauthorization of the regional center (RC) piece of the EB-5 visa, I believe that could be disastrous for the EB-5 visa program. The RC provisions should be made permanent. The RC program has generated more investments and created more jobs than the direct investment option of the EB-5 visa program. Revisit the investment amount. Figure out a way to address the visa numbers issue for China and Vietnam.
WHAT NEW TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY?
New trends are, regrettably, not encouraging. There is a dampening of interest in EB-5 visas. Some of the factors that play into this reality include: inability to travel and meet-and-greet investors; inability to determine credibility in person; reluctance based on long waits for migrating to the U.S.; limited value to online meetings to substitute for the lack of in-person meetings; volatility in the global economic and financial markets; challenges with selecting the next investment opportunity from a ‘return of capital’ perspective; possibility of pursuing other visa options such as an L-1 or an E-2 as a stop-gap measure to migrating under the EB-5 category.
CLETUS WEBER
Cletus M. Weber is a partner at Peng & Weber PLLC, a Seattle-based immigration law firm internationally recognized in EB-5 and other U.S. immigration law. He represents EB-5 regional centers, projects and investors in all facets of EB-5. Weber serves on the Board of Directors of IIUSA and previously served on AILA’s national EB-5 Committee. Weber is editor-in-chief of The EB-5 Handbook: A Guide for Investors and Developers (EB5investors.com 2014); senior editor of Immigration Options for Investors & Entrepreneurs, 2nd-4th Eds. (AILA 2010-2019); and invited reviewer of the EB-5 section of Kurzban’s Immigration Law Sourcebook, 14th-17th Eds. (AIC 2014-2020).
HOW DO YOU THINK THE EB-5 PROGRAM SHOULD BE REFORMED?
Congress should reform the EB-5 regional center program to maximize the program’s ability to create jobs for American workers. Most important is simply following original congressional intent to require only one EB-5 visa number per family instead of one visa for the investor and each family member. The current sunset date creates a more serious than normal risk of a temporary hiatus but also presents an opportunity to add integrity safeguards and increase the number of jobs the EB-5 regional center program can create every year for American workers.
WHAT NEW TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY?
More investors are suing USCIS over unreasonably slow processing times and USCIS’s substantive arbitrariness, such as requiring petitioners to prove the lawful source(s) not only of their own funds but also those of third-party exchangers even though such third parties are merely transferring their value from an unrestricted country to the investor’s home country—not to the United States. Though COVID-19 and related restrictions distract everyone, the minimum investment increase, ongoing backlogs, etc. create larger, longer-term challenges for the EB-5 regional center program and EB-5 investors who are all trying hard to create more jobs for American workers.
VIVIAN ZHU
Vivian Zhu is a partner at Wolfsdorf Rosenthal LLP and is the supervising attorney of the firm’s EB-5 department. Zhu specializes in EB-5 cases, including representing investors, regional centers and projects, distressed projects, complex age-out cases, mandamus litigation, consular inadmissibility, responses to request for evidence, notice of intent to deny and notice of intent to revoke. Zhu also practices in the areas of E-2 investor visas, L-1 intra-company transferee visas and EB-1 petitions for alien workers with extraordinary ability. Zhu’s clients include Fortune 500 companies, high-net-worth individuals, investors, executives and highly-skilled professionals.
HOW DO YOU THINK THE EB-5 PROGRAM SHOULD BE REFORMED?
USCIS processing times have been frustratingly long and made even worse due to COVID-19. I believe, the USCIS’ delay is not justified or merely due to lack of agency resources, the number of cases on file, or any provision in the law. The delays in I-526 adjudication and immigrant visa issuance have also caused issues such as redeployment, material change, priority date retention, aging-out children etc. and more lawsuits will be expected.
WHAT NEW TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY?
Unfortunately, the delays in processing EB-5 cases are now getting longer and adversely impacting the lives of EB-5 investors. As a result, more immigrants are turning to the courts and using the authority of the U.S. judicial system when experiencing unreasonable delays for immigrant benefits. Filing a lawsuit against USCIS to finalize the adjudication of I-526 and I-829 petitions has, unfortunately, become more common. Our office continues to have success with lawsuits against USCIS and expects the demand for these cases to rise as USCIS’ delays continue.
EB5Investors.com Staff
