The unprecedented number of I-526 applications received in recent years correlates to a large number of I-829 petitions submitted as well. Thus, the impending backlog of I-829s is the EB-5 industry’s next challenge. On Wednesday, NES Financial held a webinar, “EB-5 Success Strategies: Preparing for the I-829 Bubble,” that focused on this topic.
Jeffrey Carr, well known economist and President of Economic and Policy Resources, Inc., talked about the very first step of developing an I-829 friendly economic impact study for EB-5 Regional Centers and developers.
A total of 10 jobs per investor sounds fairly straightforward, but there are stringent rules that the USCIS puts in place in terms of what is eligible to be counted. Jeffrey went into specific detail about each of these rules, such as immigration job definitions vs. economic job definitions, direct jobs vs. indirect jobs, and counting jobs associated with construction activity.
Ronald Klasko of Klasko, Rulon, Stock & Seltzer, LLP, is one of the top immigration lawyers in EB-5. During his presentation on real-world realities of the I-829, Ronald looked at some of the issues involving direct EB-5 projects vs. Regional Center EB-5 projects, documenting investments and sustaining them, and best practices for the I-829 submission.
Reid Thomas, Executive Vice President of NES Financial, stressed the importance of a successful I-829 to the Regional Center and the investors. Investors’ funds can have a 4-5 year journey through four different entities in the EB-5 fund administration life cycle. Having the right processes in place that facilitate I-829 success are crucial.
Our EB-5 Fund Administration solution was designed specifically to help facilitate this process and help Regional Centers and developers achieve a successful I-829 submission.
The full presentation and recording are now available for download. Please click here to access.
There was a lot of positive feedback from attendees, such as:
“The webinar was very helpful, with just the right mix of basic and advanced topics. I know the immigration laws but benefitted greatly from the economic and financial topics discussed.”
“It was very helpful receiving an overview of emerging I-829 issues from such a relevant perspective, as well as about how NES Financial’s products can help us meet some of those issues.”
We will be hosting a Demo Day webinar on Thursday, July 24, which features a more in-depth demonstration of our EB-5 Fund Administration solution. Sign up today!
What is EB-5? Find out more by downloading our EB-5 Solution Kit.
Allow us to address your business needs by contacting us, or comment on this post below. We look forward to hearing from you!