What are considered significant changes in an EB-5 project? - EB5Investors.com

What are considered significant changes in an EB-5 project?

I invested in an EB-5 project several years ago. In the original business plan approved by USCIS, the new commercial enterprise is set to construct a 24-floor mixed-use building with 304 hotel rooms and 8 residential units. I am about to file my I-829. Recently I learned that the project turns out to be a 22-floor building with 294 hotel rooms and 8 residential units. Jobs have been created as the original business plan described. Will this be considered a material change? Can it be a problem for I-829?

Answers

Bernard P Wolfsdorf

Bernard P Wolfsdorf

Immigration Attorneys
Answered on

Any change impacting job creation can be material but it is likely that with an amended and updated economic report your I-829 should be approvable.

Hassan Elkhalil

Hassan Elkhalil

Immigration Attorneys
Answered on

I do not see that this change may affect your application since the job creation, the amount of investment and the project are still the same. I am sure the regional center may have filed to update the changes in the project to maintain its status as a regional center with the USCIS.

Barbara Suri

Barbara Suri

Immigration Attorneys
Answered on

In my opinion, this is not a material change and can easily be explained. In your I-829 filing, you will, of course, show that you sustained your investment and that the new commercial enterprise created the requisite number of qualifying, full-time jobs in the allotted period of time.

Fredrick W Voigtmann

Fredrick W Voigtmann

Immigration Attorneys
Answered on

Material changes are defined as those changes occurring before conditional lawful permanent resident status. In general, a material change would require a new I-526 petition filing. In your case, if you sustain your investment and the new commercial enterprise still creates the requisite number of qualifying, full-time jobs for U.S. workers within two years or within a reasonable period of time, your I-829 should be approved.

Julia Roussinova

Julia Roussinova

Immigration Attorneys
Answered on

This should likely not constitute a material change. Project should be able to explain this in supporting documentation to be submitted with your I-829 filing. Hire an experienced EB-5 immigration attorney to assist you.

Lynne Feldman

Lynne Feldman

Immigration Attorneys
Answered on

Check with the attorney for the project. Doesn&#39t sound like a material change.

Salvatore Picataggio

Salvatore Picataggio

Immigration Attorneys
Answered on

A material change would be if they built the thing two counties over, or changed the project from hotel/residential to something entirely different, like retail or manufacturing. I would love to look into this further, but based on this alone, it is probably not material change.

Marko Issever

Marko Issever

EB-5 Broker Dealers
Answered on

The more important criteria is that they can prove that they actually spent the amount of money in the business plan that they originally claimed the project would cost. Of course, the approved statistical model the economist uses assumes that not only the money is spent, but that at the same time the project is executed as planned. For the deemed number of jobs to have been created that deviates from the output of the statistical model, the actual project would have to differ much more substantially than the way you described. That said, when you file for your I-829, have your attorney disclose this and provide a satisfactory explanation, which you should be able to get from the regional center.

BoBi Ahn

BoBi Ahn

Immigration Attorneys
Answered on

You can disclose the change in business plan, but as long as you met the job-creation requirements, the requisite capital is still at-risk and the business is operational, it isn&#39t a material change that would affect your I-829.

Charles Foster

Charles Foster

Immigration Attorneys
Answered on

The change in the project from 24 floors to 22, and from 304 rooms to 294, should not be deemed to be a material change. In any event, you&#39re required to file your I-829, and in that petition you can both disclose and explain the rationale for the fewer number of hotel rooms and floors.

DISCLAIMER: the information found on this website is intended to be general information; it is not legal or financial advice. Specific legal or financial advice can only be given by a licensed professional with full knowledge of all the facts and circumstances of your particular situation. You should seek consultation with legal, immigration, and financial experts prior to participating in the EB-5 program. Posting a question on this website does not create an attorney-client relationship. All questions you post will be available to the public: do not include confidential information in your question.