What is the next step after an EB-5 project is shut down? - EB5Investors.com

What is the next step after an EB-5 project is shut down?

Let&#39s say I am investing through EB-5 in building a commercial complex, and for some unexpected reason, the government shuts down the project or withdraws the project&#39s operating licenses. What would I have to do to continue my EB-5 application? Has this ever happened before in an EB-5 project?

Answers

Fredrick W Voigtmann

Fredrick W Voigtmann

Immigration Attorneys
Answered on

Your EB-5 case depends upon meeting the statutory and regulatory eligibility criteria for initial classification AND upon sustaining your investment in good faith and creating the required number of full-time jobs within the two-year period or within a reasonable period of time. If the project is shut down, for whatever reason, and you are not able to sustain your investment and create the required jobs, then your EB-5 conditional lawful permanent resident status likely will be terminated.

Shahzad Q Qadri

Shahzad Q Qadri

RC Creators
Answered on

To date this has not happened; the general consensus is that if the EB-5 petitions have been filed, then they will be grandfathered in.

John J Downey

John J Downey

Immigration Attorneys
Answered on

It has happened. You would need to petition the USCIS and it would depend on the reason for failure. If it was a governmental take-over or an act of God they could allow you to proceed, but it is not an easy route to take.

Lynne Feldman

Lynne Feldman

Immigration Attorneys
Answered on

Unfortunately it has happened before. Your only option is to re-file if the project is really shut down.

Jinhee Wilde

Jinhee Wilde

Immigration Attorneys
Answered on

Many EB-5 projects fail, either due to negligence or some unforeseen reasons - this is the problem with investing in a new entity with no track record in EB-5. All you can do is get your investment funds back from that project and reinvest immediately with another regional center. I think it will behoove you to choose a regional center with a successful track record in both I-526s and I-829s. There are several with 100 percent approval track records in multiple projects.

Salvatore Picataggio

Salvatore Picataggio

Immigration Attorneys
Answered on

You would likely have to refile an I-526 petition with a new EB-5 project, but, hopefully, the current investment would have had some provision to repay funds in the event the project fails. You would lose time, but hopefully you won&#39t lose money.

Robert V Cornish Jr

Robert V Cornish Jr

Securities Attorneys
Answered on

It has happened before. You will need skilled counsel, likely a securities litigator, to assist.

Stephen Berman

Stephen Berman

Immigration Attorneys
Answered on

The visa application is specific to each investment. You could find a new investment and start over.

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