Saturday, January 11, 2014
DOS Reporting that Chinese EB-5 Cases Will Backlog Later This Year
The EB-5 category may face backlogs for the first time in the history of the 24 year old program, according to State Department officials. The backlog will only affect Chinese nationals which account for 80% of EB-5 applicants. If cut off dates are established, they will likely occur in the last quarter of the fiscal year (July-September) and then become current again in October. Given the increasing demand for EB-5 visas, Chinese investors will very likely face backlogs again in the next fiscal year as well.
# posted by Greg Siskind @ 7:13 AM
Saturday, January 4, 2014
Regional Centers' Trade Group Responds to OIG Report on EB-5 Program
IIUSA, the association that represents most of the major EB-5 regional centers, has issued a response addressing a recent OIG report on the program. The IIUSA statement noted
We are, however, puzzled by findings and conclusions in the recently released Dept. of Homeland Security (“DHS”) Office of the Inspector General (“OIG”) report that do not reflect current U.S. Citizenship and Immigration Services (“USCIS”) operations related to the EB-5 Program. In fact, many of the reforms the OIG identifies as necessary are already underway, and other criticisms of USCIS’ administration of the Program are effectively refuted in a statement by USCIS included at the end of the OIG report. This statement, which is essential read for anyone looking at the report or the EB-5 Program, confirms the agency’s commitment to effective and efficient administration of this U.S. job creation program.
For example, recognizing the complexity of the EB-5 Program, USCIS has created a new Immigrant Investor Program Office staffed by trained economists, experts in business and immigration law, as well as fraud and national security specialists – now led by a former director of the Treasury department’s Financial Crimes Enforcement Network. USCIS plans for all EB-5 related adjudications to be relocated to this office over the next six months.
The agency also already has clarified its guidance for adjudicators with a comprehensive policy memorandum and already has strengthened interagency relationships critical to program oversight and implementation. This is particularly evident in new cooperation with enforcement and intelligence agencies including the Securities and Exchange Commission (“SEC”), Federal Bureau of Investigation (“FBI”), and the Fraud Detection and National Security Directorate.
These and the other specific rebuttals in the USCIS response should raise significant questions about the credibility of the report, something that is further undermined by the recent resignation of the DHS IG who himself was under investigation.
# posted by Greg Siskind @ 10:01 PM
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# posted by Greg Siskind @ 7:13 AM
IIUSA, the association that represents most of the major EB-5 regional centers, has issued a response addressing a recent OIG report on the program. The IIUSA statement noted
We are, however, puzzled by findings and conclusions in the recently released Dept. of Homeland Security (“DHS”) Office of the Inspector General (“OIG”) report that do not reflect current U.S. Citizenship and Immigration Services (“USCIS”) operations related to the EB-5 Program. In fact, many of the reforms the OIG identifies as necessary are already underway, and other criticisms of USCIS’ administration of the Program are effectively refuted in a statement by USCIS included at the end of the OIG report. This statement, which is essential read for anyone looking at the report or the EB-5 Program, confirms the agency’s commitment to effective and efficient administration of this U.S. job creation program.
For example, recognizing the complexity of the EB-5 Program, USCIS has created a new Immigrant Investor Program Office staffed by trained economists, experts in business and immigration law, as well as fraud and national security specialists – now led by a former director of the Treasury department’s Financial Crimes Enforcement Network. USCIS plans for all EB-5 related adjudications to be relocated to this office over the next six months.
The agency also already has clarified its guidance for adjudicators with a comprehensive policy memorandum and already has strengthened interagency relationships critical to program oversight and implementation. This is particularly evident in new cooperation with enforcement and intelligence agencies including the Securities and Exchange Commission (“SEC”), Federal Bureau of Investigation (“FBI”), and the Fraud Detection and National Security Directorate.
These and the other specific rebuttals in the USCIS response should raise significant questions about the credibility of the report, something that is further undermined by the recent resignation of the DHS IG who himself was under investigation.
# posted by Greg Siskind @ 10:01 PM
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