Questions and Answers > EB-5 Direct Investments

How can we withdraw a direct EB-5 I-526 petition?

The business that my client invested in through direct investment is closing due to COVID, we have an I-526 pending. He is choosing to move back to his home country. Can he take the initial investment money out of the company''s bank account? Would we send a letter to request to withdraw with USCIS?

Answers

• Julia Roussinova

  Immigration Attorney

  Answered on March 2, 2022

  You can send a letter to USCIS requesting a withdrawal of I-526 petition. USCIS will send a notice acknowledging the withdrawal and that no further action will be taken on the case. Your client may be able to withdraw funds from his direct EB-5 business assuming he is the sole owner and depending how the underlying governing documents provided for the exit strategy and winding up of the business entity according to the applicable state law procedure.

• Bernard P Wolfsdorf

  Immigration Attorney

  Answered on February 28, 2022

  The investor can send a letter to withdraw that is relatively simple. As to who is authorized to take money out would depend on the terms of the investment agreement and who is authorized to make the withdrawals.

• Raymond Lahoud

  Immigration Attorney

  Answered on February 28, 2022

  Yes, a petition can be withdrawn.

• Lynne Feldman

  Immigration Attorney

  Answered on February 28, 2022

  Yes, send a letter to the address on the I-526 receipt requesting withdrawal and comply with any state requirements to terminate any legal entity if that is also happening.

• Salvatore Picataggio

  Immigration Attorney

  Answered on February 28, 2022

  That is all correct. A letter to USCIS with the receipt information will be enough, and USCIS will reply with a letter to confirm (it may take a while, but they will get to it). A call to the NCCS may help too, but is not necessary.