Resources

 

Index to Resource Topics

• General EB-5 Information from USCIS
• EB-5 Petition and Visa Processing Times & Statistics
• Legislative and Regulatory Changes Under Discussion
• Regional Center Operations and Best Practices
• Reports and Studies Analyzing the EB-5 Program
• Securities Law & EB-5
• EB-5 Economic Analysis & TEAs
• Other Helpful Documents and Resources
• My Posts and Articles on Frequently Asked Questions

General EB-5 Information from USCIS

• About the EB-5 Visa (discusses some EB-5 program requirements, and gives a sidebar of useful links)
• Immigrant Investor Regional Centers (lists designated regional centers)
• EB-5 Resources (gives info aimed at regional centers and project companies)
• EB-5 Filing Tips (answers questions frequently asked by investors)
• EB-5 Customer Support (provides a way to contact the Investor Program Office and escalate inquiries)
• USCIS Policy Manual Volume 6 Part G: Immigrant Investors (compendium of existing EB-5 policy)
• Written testimony of IPO Chief Nicholas Culucci for a hearing on the EB-5 Program before the Senate Judiciary Committee February 2, 2016 (nice overview of the history and status of the regional center program)
• Notes from EB-5 stakeholder meetings with USCIS

EB-5 Petition and Visa Processing Times & Statistics

• USCIS Processing Time Information (see also my post on Understanding USCIS Processing Time Reports)
• I host a discussion forum for sharing EB-5 processing experience at eb5.freeforums.net
• USCIS Petition Processing Statistics (see Form I-526 and Form I-829 links under the Employment Based heading). See also my 06/08/2017 post for charts that digest the most recent statistics. Statistics for EB-5 petitions filed before 2013 are available in the file USCIS 2005-2012 EB-5 Petition Processing Stats
• State Department Visa Statistics page (note that “Employment Fifth” is EB-5, C5 is direct investment in TEA, T5 is direct investment outside a TEA, I5 is regional center program for TEA, R5 is regional center program outside a TEA, and figures reflect visas issued to investors plus investor family members). See also my summary charts of 2014 visa numbers by country, 2015 visa numbers by country, and 2016 visa numbers by country, and my attempt to calculate the EB-5 visa backlog.
• State Department Monthly Visa Bulletin (publishes cut-off dates)
• IIUSA compiles and processes data obtained from Freedom of Information Act requests and other primary sources, and publishes an Investor Origin Map, EB-5 Economic Impact Map, and EB-5 Statistics

Legislative and Regulatory Changes Under Discussion

• 2017 Statements from the White House related to EB-5
• EB-5 legislation: See my comparison chart for links to the text of EB-5-related bills proposed in 2013-2017
• 3/8/2017 House Judiciary Committee Hearing on The Department of Homeland Security’s Proposed Regulations Reforming the Investor Visa Program
• Notice of Proposed Rule-making titled EB-5 Investor Program Modernization (DHS Docket No. USCIS 2016-0006) published in the Federal Register on January 13, 2017; open for public comment until April 11, 2017
• Advance Notice of Proposed Rulemaking “EB-5 Immigrant Investor Regional Center Program” (Docket No. USCIS-2016-0008) published in the Federal Register on January 11, 2017; open for public comment until April 11, 2017
• 4/13/2016 Senate Judiciary Committee Hearing on EB-5 Targeted Employment Areas
• 2/11/2016 House Judiciary Committee Hearing on “Is the Investor Visa Program an Underperforming Asset?”
• 2/2/2016 Senate Judiciary Committee Hearing on “The Failures and Future of the EB-5 Regional Center Program: Can it be Fixed?” (The link includes video and written statements by Senator Grassley, Senator Leahy, IPO Chief Nicholas Colucci, and SEC Division of Enforcement Associate Director Stephen Cohen. See my blog post for an audio recording.)
• 4/27/2015 letter from Secretary of Homeland Security Jeh Charles Johnson to Senator Grassley and Senator Leahy

Regional Center Operations and Best Practices

• IIUSA Recommended Best Practices for Regional Centers
• IIUSA Best Practices for Engaging with Sales Intermediaries
• IIUSA Anti-Money-Laundering and Know Your Customer Best Practices
• I-924A Filing Tips and Form I-924A Q&A from USCIS
• AAO decision defining the requirement to promote economic growth: JUN202016_01K2610 Matter of A-L-V- LLC

Reports and Studies Analyzing the EB-5 Program

• Estimating the Investment and Job Creation Impact of the EB-5 Program (January 2017) prepared by U. S. Department of Commerce Economics and Statistics Administration for USCIS Immigrant Investor Program Office
• Immigrant Investor Program: Proposed Project Investments in Targeted Employment Areas (September 19, 2016) U.S. Government Accountability Office
• Immigrant Investor Program: Progress Made to Detect and Prevent Fraud, but Additional Actions Could Further Agency Efforts (9/13/2016) U.S. Government Accountability Office
• The Security of US Visa Programs (3/15/2016) report by the DHS Office of Inspector General
• Congressional Research Service report on the EB-5 Immigrant Investor Visa (April 22, 2016)
• “EB-5 Program: Successes, Challenges, and Opportunities for States and Localities” (September 2015). Bipartisan Policy Center
• “Immigrant Investor Program: Additional Actions Needed to Better Assess Fraud Risks and Report Economic Benefits” (August 2015). Government Accountability Office
• The Economic Impact and Contribution of the EB-5 Immigration Program 2013 (May 2015) Alward Institute for Collaborative Science (results from this report are searchable with IIUSA’s interactive EB-5 Economic Impact Map)
• Harnessing Private Capital For Job Creation: An Analysis Of The EB-5 Visa Program U.S. Policy Metrics/Hamilton Place Strategies (June 2015) U.S. Policy Metrics/Hamilton Place Strategies
• EB-5 research reports by NYU Stern Center for Real Estate Finance Research and A Roadmap to the Use of EB-5 Capital: An Alternative Financing Tool for Commercial Real Estate Projects (May 22, 2015)
• EB-5 Investment and the Impact on Commercial Real Estate (March 16, 2015) Savills Studley Insights
• Selling Visas and Citizenship: Policy Questions from the Global Boom in Investor Immigration (October 2014) Migration Policy Institute (My blog post on this report has a table that summarizes the various investor visa programs discussed.)
• The US Immigrant Investor Program: New American Investors Making a Difference in The Economy American Immigration Counsel’s Immigration Policy Center (September 2014)
• Improving the EB-5 Investor Visa Program: International Financing for U.S. Regional Economic Development (February 2014) Brookings-Rockefeller

Securities Issues & EB-5

• Testimony on 2/2/2016 by Stephen Cohen, SEC Division of Enforcement Associate Director before the Senate Judiciary Committee EB-5 Hearing
• USCIS/SEC Joint Investor Alert (Chinese) (Korean) (Spanish)
• Notes from 4/3/2013 USCIS EB-5 Engagement with the Securities and Exchange Commission
• EB5 Diligence has many informative posts on SEC compliance topics
• See the IIUSA blog Securities Law Archives for helpful articles on securities topics, for example RULE 2040 and the Lawful Payment of Foreign Broker Fees by Michael Homeier
• EB5 Insights has a number of good articles on securities law topics, for example Who Can Source Investors For EB-5 Projects: The World of Finders, Consultants, Attorneys, and Broker Dealers (August 5, 2015) by Laura Foote Reiff and William Mack
• EB5 Financing Matters (Mintz Levin) publishes good articles on securities law topics, for example Limiting Securities Litigation Risks in EB-5 Offerings: What Regional Centers and Issuers Need to Know (November 29, 2015)
• Jeffer Mangels Butler & Mitchell LLP (JMBM) and Advantage America EB5 Group published this helpful booklet Regional Centers & Sponsors and U.S. Securities Laws: How to evaluate broker-dealer, investment company and investment adviser registration requirements
• FINRA Interpretive Letter to Brian Sweeney, Trustmont Financial Group, Inc. (August 26, 2013) published by FINRA
• EB5 Projects keeps a directory of litigation involving EB-5.
• SEC Investor Alert on Advertising for Unregistered Securities Offerings

EB-5 Economic Analysis & TEAs

• EB5 Affiliate Network has a list of state agencies that give TEA designations for each state and a handy map to that can help identify Targeted Employment Areas
• Carolyn Lee has a helpful article explaining State Designations of EB-5 Targeted Employment Areas
• Memos from the Department of Labor and Bureau of Labor Statistics give guidelines for identifying high unemployment areas
• EB5 Economist has a free EB-5 job calculator that can give a rough initial estimate of job creation calculated by a RIMS II analysis with expenditure and revenue inputs
• EB5 Diligence has good posts on Due Diligence of Economic Impact Studies (September 18, 2015) and Review of Economic Models: RIMS II Discussion (September 20, 2015)
• For an explanation of how economic multipliers are used, see Economic Multipliers in the EB-5 Arena: Voodoo Economics or Sound Economic Practice? (RCBJ Vol. 3, Issue 2, July 2015, pgs. 50-55) by Scott W. Barnhart, PhD, Cora M. Barnhart, PhD and Alan W. Hodges, PhD
• I have a post explaining direct and indirect job creation in EB-5 What is a “direct” job, and what is an “indirect” job?
• About NAICS Industry Classifications
• About the models RIMS II, IMPLAN, REDYN, REMI.
• My FAQ page includes a section linking to unofficial USCIS guidance (such as stakeholder meetings statements) on economic analysis issues. See also USCIS’s Talking Points from the EB-5 Interactive Series on June 4, 2015 and Questions and Answers: EB-5 Economic Methodologies
• In 2013 I made this page of links to information about the “tenant occupancy” issue for EB-5 investment in real estate development

Other Helpful Documents and Resources

• USCIS Policy Manual Volume 6 Part G: Immigrant Investors (effective 11/30/2016, this supersedes the Adjudicator’s Field Manual and all the policy memos linked below)
• Notes from all EB-5 stakeholder meetings with USCIS, 2009-2016
• 12/3/2015 Filing Tips from USCIS for Form I-924A
• EB-5 Precedent Decisions: Matter of Ho, Matter of Hsiung, Matter of Izummi, Matter of Soffici
• Non-precedent AAO decisions related to EB-5
• Public Law 102 395 and Amendments, INA: ACT 216A
• Federal Regulations on EB-5 (see 8 CFR 204.6 and 216.6)
• Adjudicator’s Field Manual (see Chapter 22.4 and 25.2)
• 8/10/2015 DRAFT Policy Guidance on the Job Creation Requirement and Sustainment of the Investment for EB-5 Adjudication of Form I-526 and Form I-829
• 4/27/2015 letter from Secretary of Homeland Security Jeh Charles Johnson to Senator Grassley and Senator Leahy
• 6/3/2013 Memo on Requests for Evidence and Notices of Intent to Deny
• 5/30/2013 EB-5 Adjudications  Policy Memorandum
• 12/20/2012 Operational Guidance for EB-5 Cases Involving Tenant Occupancy
• 5/8/2012 Guidance on EB-5 Adjudications Involving the Tenant-Occupancy Methodology
• 12/3/2010 Mayorkas Letter to Senator Leahy on location of indirect job creation
• 12/11/2009 Neufeld Memo on Adjudication of EB-5 Regional Center Proposals
• 6/17/2009 Neufeld Memo on Job Creation and Full Time Positions
• 1/16/2009 Letter to Senator Cornyn regarding construction jobs
• 6/10/2003 Yates Memo on Amendments Affecting Adjudication of Petitions for Alien Entrepreneur (EB-5)
• Federal EB-5 Cases: Chang v. US, Matter of Treasure Craft of California
• Some EB-5 documents released in response to FOIA requests can be found in the USCIS Electronic Reading Room

My Posts and Articles on Frequently Asked Questions

• What is a Matter of Ho-compliant business plan?
  • What are the standards for a direct EB-5 investment plan?
  • What are the standards for a Regional Center EB-5 investment plan?
• What are the hypothetical, actual, and Exemplar business plan options for a Regional Center application?
• What is the difference between direct EB-5 and regional center EB-5?
• What timing issues are important to consider in EB-5? What is the EB-5 process and how long does it take?
• What are the options for EB-5 investment in an existing business?
• Can EB-5 investment be diversified across a portfolio of businesses or projects?
• What is a “direct” job, and what is an “indirect” job?
• Who are EB-5 investors, and what are Regional Centers and EB-5 offerings?
• What are TEAs and how do they work?
• What is material change?