Latest EB-5 News
New Rulings On Borrowed Funds
Latest on Borrowed Funds
Two federal district courts have recently held that the USCIS policies on borrowing funds for EB-5 are illegal. USCIS says if a person borrows funds and uses the cash to invest in an EB-5 project, USCIS’s loan rules must be followed, which require the investor to put up collateral to secure the loan. The courts say this requirement is beyond the regulations and definition of cash investment. However, I heard one of the cases has been appealed to a federal court of appeals. Thus, at least for now, we continue to recommend that investors follow the loan rules and have collateral they personally own for any borrowed funds.
USCIS application processing times remain slow across-the-board. Whether it is an H-1B visa for a technology worker, an immigration application via marriage to an American citizen, an application for a person of extraordinary ability, or an application to qualify as an EB-5 investor, processing times are at record highs. USCIS is also issuing more requests for more evidence.