My EB-5 funds are still in the escrow account. The regional center has no senior loan secured for the project due to Covid-19. Can the regional center push the investor before I-526 approval to select between releasing the fund to the project or withdrawing the funds and the I-526 petition? If no selection is made, can the investor be considered to have selected withdrawal? If the regional center should not do this, what can I do with the regional center? Can I start a court case against the regional center?
Answers
Salvatore Picataggio
Find an EB-5 Visa Lawyer: Immigration AttorneyYour securities offering documents should dictate how funds can be released. If they are modifying the agreement, you can agree to that, if you wish, but it certainly is an interesting request. EB-5 funds do not ever need to be in escrow even though it is so commonly done. They can go right to the project from the investor.
Bernard P Wolfsdorf
Find an EB-5 Visa Lawyer: Immigration AttorneyBoth your rights and the Regional Center''s rights are defined by the law, and most importantly, by the contract you signed. You need to review the private placement memorandum and the investment agreement to evaluate your rights.
Lynne Feldman
Find an EB-5 Visa Lawyer: Immigration AttorneyYou would need to review the terms of the project documents.
Dale Schwartz
Find an EB-5 Visa Lawyer: Immigration AttorneyIt depends on what your documents say. Read them.
Sam Silverman
Business Plan WritersThis will depend on what the documents you signed state with respect to capital withdrawal from escrow.
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