I invested in a hotel construction project through a regional center. I just submitted my I-526 application three months ago. Recently I learned that the regional center is offering another EB-5 project of a restaurant franchise, which I feel is more suitable for my risk tolerance. Is it possible to switch project at this point? How should I proceed?
Answers
Bernard P Wolfsdorf
Immigration AttorneysThis would be very difficult at this stage. Material change while the I-526 petition is generally not permissible. However, it may be possible after the petition is approved, but it is still fairly risky.
Charles Foster
Immigration AttorneysIf you wish to invest in a different project, after you've already filed your EB-5 petition on Form I-526, you would have to negotiate with a regional center, have them return your initial investment, and then file a new I-526 petition. Since you only filed three months ago, you would not lose any significant time regarding processing or visa availability.
Marko Issever
EB-5 Broker DealersI am not aware of any way to switch projects and still not lose your priority date. The I-526 application is project-specific. Once you decide to switch projects, as far as I know, even if it is sponsored by the same regional center, you will need to withdraw the old one and start all over again. That said, do not take any action before consulting with your immigration attorney.
Salvatore Picataggio
Immigration AttorneysCurrently, there is no way to transfer investments without submitting a new I-526. Maybe if the RC had some sort of portfolio structure with multiple projects, and the one NCE is going to loan to multiple JCEs, but otherwise you probably have to start over.
Lynne Feldman
Immigration AttorneysSomeone would need to review the documentation signed with the I-526. Start with the regional center counsel who should know if this is an option.
Vaughan de Kirby
Immigration AttorneysYou would need withdraw your existing application and submit a new I-526 and thus lose your priority date. But do discuss this with your investment immigration attorney before making any decision, as he or she may have an appropriate strategy for you.
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