The EB-5 Reform and Integrity Act of 2022 (“RIA”), was signed into law on March 15, 2022, and was set to reauthorize the regional center program. However, the USCIS deauthorized previously-approved EB-5 Regional Centers, requiring them to refile for redesignation.

A settlement agreement was filed between the United States Citizenship and Immigration Services and several top EB-5 regional center operators and Invest in the USA. The settlement, which affects two cases, has finally put the EB-5 program back on track reauthorizing previously approved regional centers and safeguarding EB-5 investors.

“The settlement provides very specific guidance to previously authorized regional centers on the path forward in terms of what is expected of them to come into compliance with the RIA,” says Lulu Gordon, Senior Vice President & General Counsel, EB5 Capital.

Read the full article in EB5 Investors Magazine here

EB-5 stakeholders ensure all previously approved regional centers maintain authorization moving forward

August 25, 2022 – Multiple EB-5 industry stakeholders have entered into a settlement agreement with the United States Citizenship and Immigration Services (“USCIS”) that protects EB-5 investors and re-authorizes previously approved regional centers, effectively signaling the EB-5 program is fully back in business.

The settlement affects two cases: Behring Regional Center LLC, et al. v. Mayorkas, et al., No. 3:22-cv-2487-VC (N.D. Cal.) and EB5 Capital, et al. v. DHS, et al., No. 3:22-cv-3948-VC (N.D. Cal.). The plaintiffs include EB-5 regional center operators: EB5 Capital, CanAm Enterprises, Civitas Capital Group, Golden Gate Global, Pine State Regional Center, and  EB-5IC’s member – Behring Regional Center, and industry organization Invest in the USA (“IIUSA”).

Flag Luxury Group, developer of The Ritz-Carlton Residences, New York, NoMad – Manhattan’s most anticipated luxury hospitality and culinary destination – today announced that 50% of the property’s Residences are already in contract. Douglas Elliman’s Erin Boisson Aries Team is leading sales for the limited collection of 16 perfect pied-à-terre penthouses where buyers enjoy breathtaking views and unmatched luxury experiences while also benefiting from owning a condo that, when not in use, can be expertly managed by The Ritz-Carlton. It was also announced that every contract was signed at the full asking price, and at the highest prices per square foot ever achieved in the neighborhood.

Read the full article here

The District Court for the Northern District of California, on Friday, June 24, issued a preliminary injunction in Behring Regional Center vs. Mayorkas et.al. The Court ordered in part that previously designated EB-5 regional centers “must presently be permitted to operate;” this order enjoins the government from implementing its action deauthorizing EB-5 regional centers. This decision clears the way for investors to file new immigration petitions (I-526) under the EB-5 Reform and Integrity Act of 2022.

Read the full press release here

Investment firms EB5 Capital and Civitas Capital Group jointly announced today they are voluntarily dismissing, without prejudice, concurrent litigation against the U.S. Citizenship and Immigration Service (USCIS). The dismissal was granted in light of assurances by the agency to the Court and the plaintiffs in the EB5 Capital case that it would not apply its previously stated policy to deny any investor petitions based on redeployment of an investor’s capital beyond the geographic scope of their sponsoring regional center.

Read the full press release here