U.S. Immigration Fund Announces I-829 Approvals for The Charles EB-5 Project in New York City
Jul 09, 2018, 18:22 ET
I-829 approvals are continuing to be issued for the successful U.S. Immigration Fund EB-5 project, The Charles, in New York's Upper East Side neighborhood.
JUPITER, Fla., July 9, 2018 /CNW/ -- U.S. Immigration Fund ("USIF") is happy to update that I-829 approvals are continuing to be issued to EB-5 investors who invested in The Charles in New York. With a quicker than expected turnaround time, the project was repaid early before approvals of I-829 started for EB-5 investors. Those investor funds were re-deployed strategically into another USIF EB-5 project, Bryant Park.
Due to the exponential increase of EB-5 investors (predominantly from The People's Republic of China) applying for EB-5 visas over the last few years, investor applications have been backlogged, increasing the time between application and permanent residency. This waitlist is carving down the number of visas slated for each year, pushing EB-5 investors back every year – past the date of their investment repayment. Based on the current trends, projects are most likely going to conclude before investors receive approval for their I-829 petition.
The requirement for any EB-5 investor to apply for a project, is that the investment must be "at risk", and this regulation specifically requires the investment to be "placed at risk for the purpose of generating a return on the capital placed at risk." Due to various regulations set by USCI, the funds must continue to remain "at risk" throughout the completion of the I-829 process. Because the "capital is not considered "at risk" if it is merely being held in a new commercial enterprises bank account or escrow account during the sustainment period", the capital must be reinvested into another "at risk" investment.
The re-deployment approach between The Charles and Bryant Park is necessary to protect our EB-5 investors. The reality lies in the fact that re-deployment is an outcome of the backlogged wait list and lack of updated legislation.
With the current delays and application backlogs, strong re-deployment strategies are needed for the majority of New Commercial Entities in order to continue to meet "at risk" requirements outlined by USCIS. USIF is committed to refining and leading these strategies for our investors. USIF has established itself as a leader in the industry with great success for their EB-5 investors. With over 24 notable projects, The Charles and Bryant Park are just two of the many successful projects USIF connects with EB-5 investors. USIF is committed to helping all investors reach their ultimate goal of becoming United States residents.
About U.S. Immigration Fund
U.S. Immigration Fund (USIF) is America's leading EB-5 Regional Center operator with world-renowned investment opportunities from New York City to California and 6,000 clients from across the globe. With approved Regional Centers located in the world's most thriving metropolitans, USIF provides worthwhile opportunities for foreign investors and their families to obtain permanent U.S. residency through the EB-5 Program. These initiatives enjoy full government support as they stimulate the economy, generate at least ten jobs per investment, and promote community development while providing access to green cards for foreign investors and their families.
Media Contact: publicrelations@usifund.com
SOURCE U.S. Immigration Fund
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