TOP EB-5 INDUSTRY RISING STARS regional center and developer clients on EB-5 compliance best practices. His experience in all aspects of the EB-5 program includes more nuanced areas such as project compliance, appellate and motion practice, removal defense, E B - 5 c a p i t al re tu r n wo r ko u t s a n d emerging EB-5 markets. WHAT DO YOU THINK THE FUTURE OF THE EB-5 INDUSTRY LOOKS LIKE? SAMUEL NEWBOLD Manager, EB-5 Practice Group Barst Mukamal & Kleiner LLP S amuel Newbold is manager of the EB-5 Practice Group at Barst Mukamal & Kleiner LLP. Newbold represents individual investors, regional centers and developers who are seeking EB-5 capital for projects. He assists EB-5 investors and their families through the EB-5 process. Newbold counsels regional centers and developers seeking EB-5 capital for their projects and advises I think industry stakeholders will remain cautiously optimistic for the immediate future. Volatile politics and programmatic uncertainty will continue undermining positive momentum. The industry is adapting the best that it can, but will not fully reset until more permanent rules and policies are confirmed. Once that happens, the industry will normalize and the state of the industry will be clearer. I would love to see an increase in the immigrant visa quota reserved for the EB-5 category. This is the number one threat to program participation currently. Otherwise, I would like more carveouts and incentives for specific types of EB-5 investments. immigrant status. Ozmun is a member of the Massachusetts and New York State bars. She received her J.D. from Suffolk University Law School and her Bachelor of Arts from the College of Charleston. WHAT TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY? KRISTAL OZMUN Partner Miller Mayer LLP K ristal Ozmun is a par tner at Miller Mayer LLP. She focuses her practice on employment-based immigration with a unique specialization in the EB-5 preference category. Ozmun represents EB-5 regional centers in matters related to immigration law, including designation, compliance and governance. She also advises EB-5 investors in navigating the immigration process and represents a variety of individual clients seeking non-immigrant and 87 EB5 INVESTORS M AGAZINE The most troubling current USCIS adjudication trend is the retroactive application of seemingly new bridge financing policy to long-pending I-924 applications and I-526 petitions. Perhaps equally as troubling is USCIS’ issuance of re ques ts for evide nce on I - 526 petitions submitted by minors. In these RFEs, USCIS questions whether the minors made irrevocable investments as required given that the subscription contrac ts may be voidable. These RFEs are particularly disturbing given that subscribing as a minor may be the only way for many Chinese investors to avoiding aging out as dependents on their parents’ I-526 petitions. WHAT TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY? I am seeing a revival of small projects, both in the pooled direct and regional center context. With demand slowing in China, EB-5 raises seem to be smaller in size while offering above average returns. WHY DID YOU GET INVOLVED IN THE EB-5 INDUSTRY? Our firm is very active in the start-up and entrepreneurial areas of immigration and EB-5 is an extension of that. I believe that EB-5 aligns with our firm’s core values: that immigration is good for the American economy and its people. WHY DID YOU GET INVOLVED IN THE EB-5 INDUSTRY? At the outset, amazing mentors! Steve Yal e - Lo e h r, C a ro l y n Le e a n d N ic k Hinrichsen taught me about the program’s importance and about how to practice well within the sphere. I stayed because the EB-5 program is an interesting, niche area of immigration law that is also an incredibly valuable economic tool for the United States. I am very hopeful that the program will receive a much-needed facelift in the form of new legislation in the near future so that it can continue to provide needed investment into the United States.