Can the manager of an EB-5 NCE be a foreign national?

The RIA mandates that only lawful permanent residents or US citizens can get involved in owning, managing, and operating a regional center. Since the purpose of this rule is to protect investors, it is likely to be interpreted to include NCE managers too. While there is no explicit legal bar on a foreign national being the manager of an EB-5 NCE, this is unlikely to be permitted. Further, considering the NCE management is responsible for business operations, compliances, management of funds, and job creation, a foreign national is unlikely to qualify for this position.

I am unaware of any prohibition of a foreign national being the manager of an NCE. However, the manager has a fiduciary duty to carry out the project and protect the interests of the investor. Therefore, any foreign national whose status limits the ability to obtain registrations, licenses, etc. may breach his/her fiduciary responsibility.

I would think that same rule would apply to the NCE manager.

Yes, NCE Manager can be a foreign national.

Yes, manager can be a foreign national.