My EB-5 project owner is considering selling the entitled land for the project. Will this situation affect my I-829 in the future? I just got my conditional green card last month. What can I do about it?
If they have the authority to sell, then it is unlikely you can do much other than making sure that you have evidence and documents to prove the jobs were or will be created within a reasonable time.
It depends on a number of subsequent factors that may affect the land and your project after the land is sold. A mere change of ownership of the land should not change the progress of your project. Advisably, consult an attorney to watch out for your interest with your EB-5 project owner. Also, pay close attention to your rights as stated in your EB-5 subscription agreement.
Depending on a number of factors, that may or may not have an effect on your green card. If the money was invested, the project completed, and the jobs created, the EB-5 money can be redeployed in order to sustain the investment throughout the two-year conditional residence period. If the project is completed successfully, it could be sold, and the money redeployed. However, the EB-5 investment agreements will dictate whether this is allowed. There is a pretty complex analysis to be performed here, so you should speak with an experienced EB-5 immigration attorney. To evaluate your rights under the agreement, you would need to talk to a litigation or corporate attorney, but please be 100% sure they have extensive EB-5 experience. We have seen a number of lawsuits recently brought by litigation attorneys with no experience in EB-5 that make claims and seek relief that is inconsistent with the EB-5 requirements. These attorneys are likely to hurt the chances of their clients getting their green cards, and may do more harm then good. EB-5 is an immigration program, and if you want your green card, you should not take any action without consulting with an experienced EB-5 immigration attorney.
If the project ends and the investment no longer exists, you will not be able to remove the condition on your resident status.
That may or may not affect you. Project documents would need to be reviewed to see if the project is continuing and whether a new I-526 has to be filed.
Yes, this will impact your I-829. If the land has only been entitled and no development has occurred (no money spent on construction costs), then it is likely that no jobs have been created and so you would not be eligible for a permanent Green Card. You need to speak with legal counsel to review the project documents that you signed and see what terms you have agreed to regard the sale of the land.
Does that affect the ownership of the project or the sustaining of your investment? I would want to look at how the investment and entities are structured first.
