Golden Gate Global together with five other EB-5 industry leaders and USCIS agree to joint settlement of two lawsuits re-authorizing previously approved regional centers
Golden Gate Global has been a leader in the EB-5 industry committed to a fair, accountable EB-5 Program, and advocating for the utmost clarity regarding the EB-5 regional center designation status following the introduction of certain inconsistent requirements by the United States Citizenship and Immigration Services (“USCIS”). For this purpose, Golden Gate Global and few other leading EB-5 Regional Center operators, along with the EB-5 trade organization Invest in the USA (IIUSA) had collectively filed a lawsuit against USCIS. On August 24, 2022, EB-5 stakeholders agreed into a settlement agreement with the USCIS that protects EB-5 investors and clarifies the designation of previously approved regional centers.
The key stipulations of the settlement – which can be read in its entirety here – are as follows:
- Previously authorized regional centers retain their authorization.
- Previously authorized regional centers must file a Form I-956 by December 29, 2022, along with the filing fee to maintain authorization.
- Previously authorized regional centers need not wait for approval of their Form I-956 and may immediately file their Form I-956F (commonly known as an exemplar).
- If, after filing a FormI-956F, a regional center does not receive a formal receipt notice within ten (10) calendar days of delivery to USCIS, an investor may use other forms of proof of the I-956F filing in their I-526E petition, such as a lock box receipt, cashed check, or credit card charge provided by the regional center to the investor.
As our firm meets all of the above requirements, effective as of Judge Vince Chhabria’s approval of the settlement agreement, Golden Gate Global can accept investors, who are willing to participate in our upcoming project Brooklyn Basin Phase 2, and file an I-526E petition.
The settlement comes in the wake of legal action taken to protect the EB-5 industry from USCIS’ decision earlier this year. After the EB-5 Reform and Integrity Act of 2022 went into effect in March 2022, USCIS announced that all previously approved regional centers (those authorized by USCIS before the enactment of the EB-5 Reform and Integrity Act of 2022) were categorically deauthorized. The Court determined that USCIS’ action almost certainly committed legal error and would have severely harmed the EB-5 industry while leaving EB-5 investors in limbo. While all parties involved have agreed to the settlement, it is not a final settlement until approved by the Court.
“This settlement inaugurates the revamped EB-5 Program that provides foreign investors a clear path to obtain U.S. permanent residency, or green cards, through investments in U.S. regional center investment projects within the new guidelines of the EB-5 Program and our firm is proud to take the lead in this effort.” said Steven Kay, Founder and Co-CEO of Golden Gate Global.
For more information on our projects, please click here to visit our current project Brooklyn Basin Phase 2.
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