In September 2014, I got my temporary green card through EB-5. My I-829 was submitted in July 2016 and the application is still pending. Recently I heard that the EB-5 project I invested in is facing bankruptcy. What are my options now?
It is difficult to hear that an EB-5 project is facing bankruptcy after tremendous investments were made. Rather than relying on the rumor mill, it is advisable that you consult with an attorney to ensure your interests regarding any preparatory steps that are being taken regarding your EB-5 project, even if the last resort is bankruptcy.
Part of the requirements of an EB-5 project that is compliant with the law is that the investment is at-risk. Part of that risk is that the project fails. From an immigration standpoint, you may have to find a new investment opportunity.
The regional center should be prepared to provide the job creation evidence before the business started failing. Your immigration lawyer must know how to present the evidence to overcome the notice of intent to deny.
If the I-829 is filed and pending, you do not need to do anything until and unless USCIS either requests for further evidence where they call to question the financial viability of the project. Also, depending on the type of bankruptcy filed, this is also not fatal to the petition processing.
If your EB-5 project fails after you have obtained your conditional permanent residency and you have filed your petition to remove conditions on Form I-829, you may still be eligible to maintain your lawful permanent residency and remove conditions. You should consult with your attorney and your agent, if you had an agent in conjunction with the original acquisition of your conditional permanent residency based on a particular EB-5 project. At this stage your options are limited to following up on your petition filed on Form I-829 to make sure same is approved. As long as your investment was made and the jobs were created by the time you filed your I-829 petition, as required by law, you may still be eligible to obtain unconditional permanent residency even though the investment itself ultimately fails.
You have two issues to deal with, although they have some relation to each other. First is how to deal with your immigration issues for which you need to consult with your existing immigration counsel or perhaps new immigration counsel. Hopefully the investment promotor will be trying to help find you some solution for your immigration issues.
The key issue is whether the jobs were created. If so, the case can be approved.
You should hope that the project does not close down before the I-829 is approved. If not, you may face losing your green card if the I-829 is denied.
A new EB-5 project from the beginning.
You should have a lengthy conversation with your EB-5 attorney (or get a new one). Your priority should be to preserve your PR. Then figure out how the bankruptcy proceedings impact your investment.
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