Implications of Final Policy Memo

For the convenience of those wondering what’s new in the final EB-5 Adjudications Policy Memorandum released today, I have uploaded the previous 02/14/2013 draft version and the final 5/30/2013 memo with significant additions highlighted by me.

Spoiler alert: this final memo has some nice clarifications on issues like escrow outside the US and bridge financing, keeps a few of the mysterious provisions from the previous version (does anyone understand the logic of Section V(D)  on Material Change, or how the author understands “indirect” jobs?), and drops one major bomb regarding the nature of Regional Centers. The new memo tells us the following about Regional Center applications and approvals from now on (see  pages 14-15, 22-27):

  • The I-924 Regional Center application can be a general proposal based on general predictions, and need not include a Matter of Ho-compliant business plan unless project pre-approval is desired;
  • Organizational and transactional documents will not be reviewed for compliance in the I-924 application, unless the applicant specifically requests I-526 exemplar approval;
  • Once having been approved, a Regional Center is free to sponsor investments that are outside its approved industries of focus, outside its previously-presented economic methodologies, and even outside its designated geographic boundaries. (!?!)  Amendments are encouraged but not required.

I’m dazed. The implications of these points are so great that I hardly know how to credit them. Do they reflect considered policy that will actually be implemented, or hasty expression of a general (laudable) desire to promote flexibility? I can’t tell whether the memo author has a vision for what a Regional Center approval does mean, what the Regional Center application/designation process is designed to do, or how/if the requirements of 8 CFR 204.6 (e) or the I-924 Instructions apply to “hypothetical” I-924 filings as described by the memo. I wonder what the adjudicators are going to make of this memo, if they read it.

I will continue to update this post as commentary on the memo emerges around the web.

About Suzanne (
Suzanne Lazicki is a business plan writer, EB-5 expert, and founder of Lucid Professional Writing. Contact me at (626) 660-4030.

6 Responses to Implications of Final Policy Memo

  1. Jin Young says:

    Don’t know what section B on pages 22 to 23 means, or the two paragraphs are consistent.

  2. Joe Whalen (@JoeWhalen1) says:

    Yep. It sounds crazy, I don’t trust it one bit.

  3. Pingback: provides great summary of AAO 2012 Decisions

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  5. Pingback: New EB-5 Policy Memo – juliaparklaw

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