EB5 Investors Magazine Volume 7, Issue 2 | Page 48

TOP IMMIGRATION AT TORNEYS SONIA OLIVERI KELLEY KRONENBERG Sonia Oliveri is a partner with Ke ll ey K ro n e n b e r g , o n e of the largest law firms in South Florida, where she leads the firm’s EB-5 practice group and focuses on corporate clients’ business immigration and international business needs. Oliveri assists investors on complex immigration matters, with an emphasis on the EB-5 program and the E-2 Treaty Investor Program. Oliveri holds two law degrees from Italy and the U.S., and is licensed to practice law in the State of Florida and in the District of Columbia. Oliveri is fluent in six languages. She is an active member of AILA, the Italian-American Chamber of Commerce, and the Brazilian- American Chamber of Commerce. WHAT ARE YOUR THOUGHTS ON THE EB-5 MODERNIZATION CHANGES THAT TOOK EFFECT IN 2019 WITH THE INCREASED INVESTMENT AMOUNTS? Although the new investment amounts are severely impacting less wealthy investors, I do not see such increases being destructive for the industry as a whole. In fact, the majority of our EB-5 clients are high net worth individuals who will continue to invest and have a future in the United States. However, for regional centers and developers, these capital investment increases will undoubtedly reduce the investor pool, forcing regional centers to increment their marketing efforts to attract accredited investors. Higher investment amounts will result in fewer investors needed to complete the EB-5 capital stack. I hope to see legislative action that will mitigate the impact of these changes. WHAT NEW TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY? We are noticing an increase in EB-5 direct projects and E-2 Treaty Investor visas. Specifically, the investors that cannot afford the new EB-5 threshold are completely shifting their interest to the E-2 Treaty Investor Visa program, which is available for lower investment amounts. On the other hand, high net worth investors are finding EB-5 direct projects to be more attractive. In fact, the new trend appears to be that investors are willing to make a higher investment amount to grow their own EB-5 projects while maintaining control of their funds and aiming at higher returns on investments. KRISTAL OZMUN MILLER MAYER LLP Kristal Ozmun is a partner with Miller Mayer LLP in Ithaca, New York. Ozmun represents an array of business and individual clients on employment- based immigration matters. She has extensive experience representing individuals seeking classification as extraordinary ability immigrants as well as those requesting national interest waivers. Ozmun also represents individuals in various family- based immigration filings. Ozmun is a recognized expert in the EB-5 visa category. She represents EB-5 regional centers in matters related to immigration law, including designation, compliance. and governance. She also advises EB-5 immigrant investors in navigating the immigration process. She is a well- known advisor and prolific speaker and writer on the subject. WHAT ARE YOUR THOUGHTS ON THE EB-5 MODERNIZATION CHANGES THAT TOOK EFFECT IN 2019 WITH THE INCREASED INVESTMENT AMOUNTS? There are good and bad aspects of the new regulations. 48 EB5 INVESTORS M AGAZINE Clearly, pluses include priority date retention and the ability of dependents to file their own I-829 petitions even in the absence of an I-829 filing by the principal applicant. Negatives include the increased investment amount and retention of the ability to assess targeted employment areas by USCIS. Hopefully, the good components of the regulations will eventually outweigh the bad such that the market thaws enough to encourage participation of new immigrant investors. WHAT TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY? Under the new regulations, hesitation seems to be the primary trend with immigrant investors, who are seemingly unwilling or unable to make a present commitment to the program. However, we are seeing signs of change and are cautiously optimistic that immigrant investment will be on an upward trajectory in 2020.