Dear Investors and Partners,
As you may know, as of July 1, 2021, the EB-5 Regional Center Program (the “Program”) lapsed since the U.S. Congress, despite the significant bi-partisan effort, was not able to authorize extension of the Program. We understand that you may have questions on the impact of this on your immigration status, and we hope this letter helps address some of your questions and concerns.
On June 30, 2021, U.S. Citizenship and Immigration Services (USCIS) issued guidance on the EB-5 Regional Center Program. According to the USCIS guidance:
(1) New I-526 Petitions: USCIS will not at this time accept any new I-526 applications.
(2) Pending I-526 Petitions: USCIS will not currently act on any pending I-526 applications until further notice and all such pending applications will be on hold. If you were issued written correspondence by USCIS regarding your petition on or before June 30, 2021, please review the written correspondence and if necessary, respond by the due date by consulting your immigration attorney. USCIS has confirmed that they will receive and maintain any such responses for review if circumstances in the Program change.
(3) Form I-485 (Application to Register Permanent Residence or Adjust Status): At this time, USCIS will be unable to act on any Form I-485 based on approved Form I-526 unless a visa through the Program is reauthorized.
We will share any further guidance provided by USCIS, as well as any developments on reauthorization.
Golden Gate Global is in the leadership of the Invest in the USA (IIUSA), a leading EB-5 trade organization, and is working closely with other EB-5 industry groups to push for the reauthorization of the Program as soon as possible. We will continue our advocacy efforts with members of the U.S. Congress, as well as garnering further support and commitment from the entire EB-5 community. The Program has had similar reauthorization gaps in the past, and given the bi-partisan support behind the Program and the invaluable contribution the Program renders to the United States, we are confident that the Program extension and/or reauthorization will occur shortly.
You should also be advised that on June 22, 2021, the U.S. District Court Northern District of California ruled to vacate the November 2019 regulations which had increased the minimum EB-5 investment level from $500,000 to $900,000 in TEA-qualified projects. Therefore, you should be advised that today the $500,000 minimum contract level is in effect. Accordingly, when the Program is reauthorized, it is not inconceivable that the EB-5 investment level will remain at $500,000 rather than increased to the $900,000 level.
Golden Gate Global is also pleased to advise that we will be announcing soon some new exciting EB-5 projects, including a new phase of our successful Brooklyn Basin EB-5 program located in the San Francisco Bay Area.
As always, providing and helping our investors with their immigration and financial goals is our highest priority, and we will continue to advocate for a sustainable and long-term reauthorization of the EB-5 Program. We will advise you of all updates and ask that you please do not hesitate to contact us at if you have any questions in the future at [email protected].
We appreciate your support and trust and hope that you will continue to think of Golden Gate Global for your immigration needs and those of your family and friends.
Sincerely,
Steven Kay
Founder & Co-CEO
Disclaimer
This article is provided for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. It is not intended to be, and should not be construed as, investment advice. Prospective investors should consult with their own financial, legal, and tax advisors before making any investment decision.
The information is based on current laws and regulations, which are subject to change. The company does not undertake any obligation to update this information to reflect changes in laws, regulations, or market conditions. Readers should be aware that such changes may affect the accuracy of the information provided.
The views and opinions expressed are those of the authors and do not necessarily reflect the official policy or position of the company or its affiliates. Statements regarding market trends or future events are based on the authors' analysis and should not be construed as factual assertions.
This article complies with SEC marketing guidelines and USCIS regional center rules. The company has made reasonable efforts to ensure accuracy but does not guarantee completeness and disclaims liability for any errors or omissions.
The article may contain forward-looking statements based on current expectations and assumptions. These statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially due to various factors, including changes in economic and market conditions.