3 . “ Aggregate EB-5 Capital Investment :” “ Capital investment ” occurs when EB-5 investment capital is transferred to the NCE . Thus , it is possible for a certain amount of capital to be held in escrow ( if an escrow account exists ) and yet have a lesser amount ( even zero ) invested in the applicable NCE in a given fiscal year . 5
4 . Similarly , depending on the financial structure of a project , the amount released to an NCE in a given fiscal year may exceed the amount of funds released to a corresponding JCE in that same year . In this instance , use a footnote to clarify the difference .
5 . “ Aggregate Direct and Indirect Job Creation :” Although regional centers may use different types of methodology to determine job creation , in its last EB-5 Interactive Series on Form I-924A , USCIS stated that the most accurate appears to be the economic impact methodology , which uses inputs of expenditure , revenues , and / or direct jobs to determine aggregate jobs during the I-924A reporting period . While using I-829 approvals to determine job creation is still acceptable and was recommended by the service in the past , USCIS stated that this methodology may not yield the most accurate data . 6 Therefore , we recommend using or switching over to the economic impact methodology to determine the aggregate number of jobs and engaging an economist to assist with such calculations . A detailed narrative and analysis should be provided with the Form I-924A that identifies the jobs that were created during the fiscal year and the methodology used to estimate the job creation .
6 . The number of I-526s revoked generally does not include I-526 petitions that were withdrawn and then re-filed within the same fiscal year . Rather , this number pertains only to approved petitions revoked by USCIS .
Conclusion
Amid the rapid growth of the EB-5 program , Form I-924A has become a critical tool for USCIS to oversee the program and ensure the continuing eligibility of regional centers . Completing the form can be complicated , but is required . Regional center operators who do not file the form annually may ultimately face the termination of their center . 7
Jane ( Yue ) Zhang is an associate in Miller Mayer ’ s immigration practice group . She focuses on employmentbased immigration and specializes in EB-5 . Zhang represents EB-5 regional centers in matters related to immigration , corporate and securities law , including designation , compliance , and governance . Prior to this , Zhang was corporate counsel of a commercial real estate development company . She is a member of the New York and New Jersey State bars , and received her J . D . from Syracuse University College of Law , where she was Lead Articles Editor of Syracuse Law Review . She received her B . A . from Barnard College , Columbia University .
5 : See USCIS ’ s Q & A page on Form 1-924A at https :// www . uscis . gov / forms / questions-and-answers-form-i-924a . 6 : On September 17 , 2015 , USCIS held a teleconference , “ EB-5 Interactive Series : Annual Reporting Requirements for Continued Eligibility within the Regional Center Program , ( Form I-924A )”: https :// www . uscis . gov / outreach / eb-5-interactive-series-annual-reporting-requirements-continued-eligibility-within-regional-center-program-form-i-924a . A full recording of the teleconference is available at https :// iiusa . org / blog / recording-uscis-eb5-interactive-series-teleconference-i924a-annual-reporting-requirements / ( membership required ). 7 : To find out more , visit the USCIS ’ s Q & A page on Form 1-924A at https :// www . uscis . gov / forms / questions-and-answers-form-i-924a .
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EB5 INVESTORS MAGAZINE