EB5 Investors Magazine Volume 7, Issue 2 | Page 50

TOP IMMIGRATION AT TORNEYS IRINA ROSTOVA ROSTOVA WESTERMAN LAW GROUP Irina Rostova is a founding partner at Rostova Westerman Law Group with a background in bank management and commercial litigation. Rostova se r ve s as th e c hai r of th e IIUSA’s Public Policy Committee where her focus is on resolving policy issues that affect the EB-5 industry as a whole. Rostova became an immigration attorney out of her passion for the EB-5 program, believing that for many, it presents a more assured way to permanent residency. Rostova oversees hundreds of in-progress EB-5 petitions for inves tors from L atin A merica , the Middle Eas t , Africaand Asia. She is a principal EB-5 attorney for the Eastern European region. WHAT ARE YOUR THOUGHTS ON THE EB-5 MODERNIZATION CHANGES THAT TOOK EFFECT IN 2019 WITH THE INCREASED INVESTMENT AMOUNTS? The global potential for the EB-5 program is still very strong at the $900,000 threshold as it remains competitive with programs of other countries. We can expect to see changes in deal structuring. As investors commit larger sums for longer periods of time, they will become more interested in the earning potential of their investments. WHAT NEW TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY? From the USCIS side, we are seeing more demanding requests for the source of funds documentation and higher I-526 denial rates. Due to the absent guidance from USCIS on their new adjudication standards implemented during their staff retraining in 2019, we anticipate that many of the issued denials will be challenged in court. From the investor side, we are seeing an increase in mandamus lawsuits, challenging the Immigrant Investor Program Office’s exceedingly long processing times in federal court. MONA SHAH MONA SHAH & ASSOCIATES GLOBAL Mona Shah, born in the U.K., is a former British Crown prosecutor. She has more than 25 years of experience and wide-ranging knowledge of EB- 5. Recognized as an industry leader, Shah has received multiple accolades. She has been among the Top 25 EB-5 Attorneys for six years in a row, and has been interviewed by mainstream news media. A published author and Lexis-Nexis editor who regularly speaks globally, Shah has extensive marketing experiences and has raised millions in investor capital. She is an adjunct professor at Baruch College, City University New York, and a member of the Public Policy Committee and Presidential Advisory Council of IIUSA. WHAT ARE YOUR THOUGHTS ON THE EB-5 MODERNIZATION CHANGES THAT TOOK EFFECT IN 2019 WITH THE INCREASED INVESTMENT AMOUNTS? EB-5 desperately needed reform. The new regulations are inadequate. Although I welcome the increased investment, which is more in line with reality, the TEA rules are perplexing 50 EB5 INVESTORS M AGAZINE with inadequate safeguards for investors. Confusion breeds uncertainty and subsequently a lack of confidence. Resorting to litigation is not the desired environment. The EB-5 program has proven to be remarkably successful, bringing billions of investment dollars into the U.S. and creating thousands of jobs. Correctly handled, the benefits of the program could be tripled. We need comprehensive change, proper guidance and an increase in visa numbers - at the very least, the removal of dependents from the quota. WHAT TRENDS ARE YOU SEEING IN THE EB-5 INDUSTRY? The EB-5 Industry has shifted dramatically in the last two years. The loss of the Chinese market forced a number of changes. The sizes of the EB-5 raises became smaller; we are seeing more varied industries; there is a shift towards actual businesses as opposed to real estate construction. Many EB-5 cottage industries have faded; the increase of investors from countries like India, where English is more prevalent, has altered marketing strategies and costs. There is increased governmental scrutiny, sometimes unwarranted, with denial rates reaching an all-time high for the industry. The trend for the year certainly leans heavily towards litigation.