TOP IMMIGRATION AT TORNEYS
ROHIT TURKHUD
FAKHOURY GLOBAL IMMIGRATION
R o h i t Tu r k h u d h a s b e e n
practicing the U.S. immigration
and nationalit y laws since
1985. From mid-1994, he has
specialized in employment-
based immigration. Turkhud
has served in senior executive positions at IT companies
and has been a partner at an immigration law firm. He
joined Fakhoury Global Immigration in 2012. Turkhud has
been a member of the American Immigration Lawyers
Association sinc e 1985. He is a fre que nt speake r,
newspaper inter viewee, T V show guest and host on
business immigration issues.
WHAT ARE YOUR THOUGHTS ON THE
EB-5 MODERNIZATION CHANGES THAT
TOOK EFFECT IN 2019 WITH THE
INCREASED INVESTMENT AMOUNTS?
Modernizing the EB-5 visa rules is possibly an essential
“‘evil’.” Integrity measures are required to prevent this
program from being maligned without good reason.
However, the program must be comparable to and compete
with other global citizenship or residency programs. I think
that the very substantial change in the investment amount
for a TEA versus a non-TEA area is very significant. It may
have dampened investments from India – at least for now.
People want to migrate and create that option of a second
citizenship, but the U.S., one of the strongest magnets in the
world, may have just compromised on its attractiveness.
WHAT TRENDS ARE YOU SEEING
IN THE EB-5 INDUSTRY?
Trends may take time to establish. Reactions are more
instantaneous and reflexive. The recently upped minimum
investment amount can be easily described as “‘the spoiler’”
in the room. With the increasing and unpredictable I-526
processing times and the visa backlogs, the new trend is to,
at the least, pause. Investors are no longer rushing to invest
for the U.S. residency. Investors continue to be interested in
the U.S. but are concerned with the long waiting times and
the equally long period for which their moneys must “‘remain
at risk’.” Educating the investor and reassuring them of the
credibility of the EB-5 program are still the most essential.
MITCH WEXLER
FRAGOMEN, DEL REY, BERNSEN & LOEWY, LLP
Mitch Wexler is the managing
partner of Fragomen’s Southern
California offices, which
include Ir vine, Los Angeles
and San Diego. His practice
encompasses all work visa
and immigration matters for high net worth foreign nationals,
startups, midsize and multinational companies across
many diverse industry sectors, including manufacturing,
pharmaceutical, technology, construction, real estate
development, entertainment and others. A member of the
firm’s executive committee, Wexler is a California State Bar
certified specialist in immigration and nationality law. He
also teaches a regular module on business and investment
immigration law at the University of California Irvine School of
Law.
WHAT ARE YOUR THOUGHTS ON THE
EB-5 MODERNIZATION CHANGES THAT
TOOK EFFECT IN 2019 WITH THE
INCREASED INVESTMENT AMOUNTS?
I believe the 80% increase in investment amount – from
$500,000 to $900,000 – for TEA applications was warranted,
considering it hadn’t been changed since the program
began in 1990. However, it appears to be too much of an
increase at one time; a gradual increase might have been
better received. The market hasn’t adjusted to this single
large increase, resulting in fewer applications being filed,
and leading to less foreign investment in the U.S. and fewer
jobs being created. I believe federalizing TEA determinations
and building more rigor around the administration of
regional centers are healthy evolution of the program.
WHAT NEW TRENDS ARE YOU
SEEING IN THE EB-5 INDUSTRY?
With some countries having retrogressed for a significant
period, one trend we are seeing is the coupling of an EB-5
with a nonimmigrant visa. This would result in getting the
applicant and his/her family physically in the U.S. more
quickly while they await approval of the EB-5-based green
card. Further, the State Department appears to be liberally
allowing the use of the Date for Filing chart in the visa
bulletin for the filing of adjustment of status applications.
That said, being in the U.S. on a nonimmigrant visa when
his/her I-526 petition is approved has become extremely
valuable for many EB-5 applicants.
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