Latest EB-5 News
Hong Kong Restrictions for Chinese Funds Transfers
I understand Hong Kong has new restrictions on how much PRC nationals can wire per day out of Honk Kong. This is based on how much money one has in the bank. One person said he can wire out about $1 MM Hong Kong dollars or $200K USD per day.
IIUSA in San Francisco in October
IIUSA, the regional center trade group, holds its semi-annual conference in San Francisco October 22-24. I am co-chair of this event at which over 700 people are expected. To join us, here is the link to IIUSA http://marketplace.iiusa.org/collections/2014-eb-5-international-investment-economic-development-forum-san-francisco-ca. I will be speaking on EB-5 legal issues.
The next USCIS stakeholders call is on September 10,, 2014. I am sending USCIS a few key questions about redemption agreements, counting construction jobs, and guarantees.
Now that the 10,000 cap is being reached, there are a few proposals for Congress to add EB-5 visa numbers. Some propose increasing the number to 20,000 while others propose eliminating the need for a visa number for an investor’s spouse or minor children (but allowing them to immigrate with the principal EB-5 immigrant).
I propose just recapturing the unused visas from the past 10 years. Congress already allocated them and they should be recaptured for this visa category. This is not an increase, just a recapture of what was not used.