09 Jul U.S. Immigration Fund Announces I-829 Approvals for The Charles EB-5 Project
I-829 approvals are continuing to be issued for the successful U.S. Immigration Fund EB-5 project, The Charles, in New York’s Upper East Side neighborhood.
U.S. Immigration Fund (“USIF”) is happy to update that I-829 approvals are continuing to be issued to EB-5 investors who invested in The Charles in New York. With a quicker than expected turnaround time, the project was repaid prior to the approvals of I-829 started for EB-5 investors. Those investor funds were re-deployed strategically into a strong performing real estate investment to maintain in proper standing with USCIS Guidelines.
Due to the exponential increase of EB-5 investors (predominantly from The People’s Republic of China) applying for EB-5 visas over the last few years, investor applications have been backlogged, increasing the time between application and approved permanent residency. This waitlist is carving down the number of visas slated for each year, pushing EB-5 investors back every year – past the date of their investment repayment. Based on the current trends, project investment timelines are most likely going to conclude before investors receive approval for their I-829 petitions resulting in the need for the capital to be reinvested to remain “at risk.”
The requirement for any EB-5 investor to apply for a project, is that the investment must be “at risk”, and this regulation specifically requires the investment to be “placed at risk for the purpose of generating a return on the capital placed at risk.” Due to various regulations set forth by USCIS, the funds must continue to remain “at risk” throughout the applicable period. Because the “capital is not considered “at risk” if it is merely being held in a new commercial enterprise’s bank account or escrow account during the sustainment period”, the capital must be reinvested into another “at risk” investment.
The redeployment approach with The Charles is necessary to protect our EB-5 investors’ I-829 petitions adjudication. USCIS has requested proper evidence that the funds continued to remain at risk after the repayment of the initial loan, during the final I-829 adjudication process for a number of investors. As the redeployed funds are returned in accordance with their investment timeline, those EB-5 applicants who have had their I-829 Petition adjudicated can then be repaid their initial capital investment.
With the current delays and application backlogs, strong redeployment strategies are needed for the majority of New Commercial Enterprises in order to continue to meet “at risk” requirements outlined by USCIS while protecting the interests of investors. USIF is committed to refining and leading the way on these strategies for our investors and advocating for a legislative fix to this issue. USIF has established itself as a leader in the industry with a history of unmatched success for their EB-5 investors. USIF is committed to helping all investors reach their ultimate goal of becoming permanent United States residents.
About U.S. Immigration Fund
U.S. Immigration Fund (USIF) is America’s leading EB-5 Regional Center operator with world-renowned investment opportunities from New York City to California and 6,000 clients from across the globe. With approved Regional Centers located in the world’s most thriving metropolitans, USIF provides worthwhile opportunities for foreign investors and their families to obtain permanent U.S. residency through the EB-5 Program. These initiatives enjoy full government support as they stimulate the economy, generate at least ten jobs per investment, and promote community development while providing access to green cards for foreign investors and their families.