September 3. 2021
Dear EB-5 Investor clients,
As you may know, the EB-5 Regional Center program has lapsed and, if you have not yet attained your conditional green card (CGC), USCIS has announced that it will hold your application in abeyance. We understand that this is distressing for you, as it is for us. During this time, we are making all possible efforts to get the program reauthorized and ensure that our clients are prepared for when the program is ultimately reauthorized.
For EB-5 investors looking to actively participate in efforts to reauthorize the EB-5 Regional Center Program we would encourage you to get involved with the American Immigrant Investor Alliance (AIIA), an organization run by and for EB-5 investors like yourselves.
The American Immigrant Investor Alliance (“AIIA”) is a Washington, D.C. based 501 (c) (4) non-profit formed to make up for the lack of investor representation on EB-5 issues. AIIA is dedicated to informing, educating, and advocating on behalf of all EB-5 investors from across the globe. AIIA was founded to provide a real voice to American immigrant investors.
In light of the current lapse of the Regional Center program and conversations around the new reauthorization legislation, AIIA’s primary goal is to ensure investors have a seat at the table when it comes to EB-5 program reform. AIIA has recently drafted a single-objective bill called the Foreign Investor Fairness Protection Act (FIFPA), that seeks to grandfather in all existing EB-5 applications under the eligibility rules in effect at the time they filed their initial immigrant petition, regardless of the current state of authorization of the program. The proposed bill seeks to protect foreign investors from loss of immigration benefits under the EB-5 Regional Center Program due to the expiration of the program or from future amendments to the statute. In essence, FIFPA seeks to ensure that expiration of the EB-5 Regional Center Program does not have retroactive effect on investors already committed to the process. AIIA’s longer-term objectives include other reforms, including shorter processing times and improving transparency at USCIS.
AIIA confirms that multiple experienced immigration attorneys have vetted the draft bill and that they have endorsements from Invest in the USA (“IIUSA”) and EB-5 Investment Coalition (“EB5IC”).