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What happens to my EB-5 petition if the JCE declares bankruptcy?

My I-526 petition has been approved but I am unable to enter the U.S. due to the pandemic. Moreover, now the JCE I invested in is declaring foreclosure/bankruptcy. How could this affect my I-829? Is my permanent residency at risk?

Answers

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    Salvatore Picataggio

    Immigration Attorney
    Answered on

    Unless the JCE can turn it around or get someone else to take over operations, you may have trouble. At the end of the day though, the NCE is ultimately responsible for everything. You may need to amend your petition to update USCIS on the JCE status.

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    Belma Demirovic Chinchoy

    Immigration Attorney
    Answered on

    Bankruptcy may or may not affect your permanent green card; it depends on job creation and completion of the bankruptcy as submitted to USCIS. You need to consult with a lawyer to understand the implications.

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    A Olusanjo Omoniyi

    Immigration Attorney
    Answered on

    The delay as a result of the pandemic can be easily rectified and you will be allowed to enter the US. However, the more important issue is that the JCE is filing for bankruptcy. There a number of issues that need to be addressed by your counsel along with the JCE. for instance verify if your investment has been deployed and if the required jobs have been created. If yes, you might have met the requirement for I-829. If otherwise, the I-829 is not likely to be approved and the permanent residency may be at risk.

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    Bernard P Wolfsdorf

    Immigration Attorney
    Answered on

    The key is whether the jobs have been created and your capital deployed. Bankruptcy is not on its own a disqualifying circumstance.

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    Fredrick W Voigtmann

    Immigration Attorney
    Answered on

    Your I-829 could be affected if USCIS determines that you did not sustain your investment or the required number of full-time jobs were not created due to JCE bankruptcy. The effect of the JCE bankruptcy on your I-829 will depend on the timing of the bankruptcy, whether or not sufficient jobs were created prior to the bankruptcy or whether sufficient jobs are likely to be created within a reasonable period of time after the bankruptcy (reorganization, receivership, emerging from bankruptcy with a plan to keep some of the business running and still create the jobs). You should have an experienced EB-5 immigration attorney review your file and advise you on what will be needed to complete the I-829 filing under these circumstances.

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    Daniel B Lundy

    Immigration Attorney
    Answered on

    It depends. If 100% of your money has been used in the project and the jobs created, it is probably not fatal. If the money never went in, or the jobs were not created, you likely have a material change situation that could cause the denial or revocation of your I-526.

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    Stephen Berman

    Immigration Attorney
    Answered on

    If the company in which you invested declares bankruptcy, it may not be able to create ten new, full-time jobs. If it does not, USCIS may deny your application to remove the condition on your resident status.

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    Ying Lu

    Immigration Attorney
    Answered on

    If the JCE is bankrupted and has not created the 10 additional jobs for each investor, then the investors will not be able to remove their conditions in the future.

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    Lynne Feldman

    Immigration Attorney
    Answered on

    Definitely need more information. Contact the attorney representing you and the one representing the regional center for clarification. You may be able to redeploy your funds in another regional center.