India Restricts Export of Capital

India has imposed new, more restrictive monetary regulations on export of capital. Previously, each person could export $200,000. That amount is now reduced to $75,000. Indian EB-5 investors will presumably transfer funds like the Chinese or borrow funds from relatives in the US.

Processing Times

USCIS announced that I-526s now take 16 months to be decided! My experience is different. Most cases are decided in about nine months, some longer. Projects with an exemplar or a prior I-526 approval are in this timeframe. Direct cases are often decided in 4-6 months, but some cases take longer.

Congressional Reps Complain

Congressman Mark Takano of Riverside, CA, along with a few other congressional representatives, have asked Congressman John Conyers, ranking minority leader of the House Judiciary Committee, for hearings on USCIS processing of EB-5 cases and overreaching regulation of regional centers. You may want to have your congressional representatives support Congressman Takano’s efforts.

FINRA

The Financial Industry Regulatory Authority (FINRA) has issued instructions to members about due diligence of EB-5 securities. As I have previously reported, both FINRA and the SEC are looking at the EB-5 industry.