legislation that may restore lower levels of minimum
inves tment. On the day before the regulation took
effect, one regional center filed a lawsuit seeking to
enjoin and disqualify the 2019 regulations on various
technical grounds including a mischaracterization of the
rule as not having “major” effect and a failure to assess
the rule’s consequences as required under U.S. law.
Meanwhile, industry stakeholders continue to try to work
with Congress to enact some kind of “middle ground”
legislation that would provide for levels of minimum
investment below $900,000 and with less gap between
the TEA and non-TEA levels. Eventually, those efforts
either will pan out or not, and if not, investor demand may
increase for participation in the “only game going.”
For those investors reviewing new investment under the
new rules, they should know that issuers no longer will
be able to show them official designations of TEAs for
an offered project as was available under the old rules.
Under the new rules, USCIS only confirms that a project
is in a TE A when it adjudicates the investor ’s I -526.
Nevertheless, the rules for TEA qualification are simpler
than before, and the data sets available are well known,
so reputable and experienced economists should be
able to issue assessments and opinions that investors
reasonably can rely on in making investment decisions at
the $900,000 level.
Bank Online from
ANYWHERE
A Financial
Partner That’s
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BNB517_EB5_Ad_6.95x4.605_4C.indd 1
Robert C. Divine
leads the global
immigration group of Baker, Donelson,
Bearman, Caldwell & Berkowitz, P.C., a
law firm of 750 lawyers and public policy
advisors with offices in 22 cities in the
U.S. Under his leadership, the firm serves
a wide range of legal needs for regional
centers, developers and investors, including
immigration, securities, business, real
estate, tax, international, government
investigations and litigation. Divine has
been practicing immigration law since 1986. He has served as the
chief counsel and acting director of USCIS, and as chair of various
committees of the AILA.
Sources:
1
The number actually can vary from year to year, with this fiscal year expecting about
11,000 visas due to spill over from other categories and prior years, and the State
Department has to work from rough estimates as it approaches visa issuance in the
final months of a fiscal year.
2
Mr. Oppenheim’s October 2019 predictions were based on presumptions of prior
usage patterns continuing, and because we expect generally reduced filings after
new regulations took effect on November 21, 2019, it seems likely that mainland
China-born investors may wait less because as the rest of the world uses less visas
each year (once USCIS adjudicates pending volumes) there will be more residual
visas available to China-born investors who will have been waiting the longest on a
worldwide basis.
With online and mobile banking tools that
give you anytime, anywhere account access
and experienced local decision makers who
are there with solid advice, BNB Bank helps
keep your business moving – and growing.
This is banking that works at the speed
of business.
To get started, contact:
Namia “Mia” Sultana, VP, Private Banker
98 Cutter Mill Road, Great Neck, NY 11021
516.698.9593
BNBBANK.COM
3/4/20 9:15 AM
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