I have been offered a late-stage mixed-use construction project that will likely be completed in 6 months—likely in a debt model to replace bridge loans. The project apparently already has approved I-526s. Even if I apply now, it may take 18-22 months for USCIS to approve my I-526, by which time the project will have already been constructed for 1-2 years. Assuming the job formula is correct and all the jobs have been created, what are the dangers in investing in this type late-stage project? Early-stage projects run the risk of not getting off the ground, but late-stage projects may already be close to completion. What are the relative advantages and disadvantages?
Answers
Salvatore Picataggio
Immigration Attorneys DirectoryIt just depends on how the job creation and expenditures are calculated. Many investors are successful in later-stage projects.
BoBi Ahn
Immigration Attorneys DirectoryThere are no disadvantages as long as there is room for job creation at this stage. But, the advantage is that the project appears to have been vetted by the USCIS (approved I-526s).
Charles Foster
Immigration Attorneys DirectoryThe advantage of a late-stage project is it already has approved I-526 petitions which would give you even greater confidence that the approval your I-526 petition based upon the same project would be even more likely. The downside is, if the project is near completion, you would want to make sure that there were sufficient jobs created that covered all petitioners and that the project would be able to keep your funds at-risk through re-deployment upon completion of the project while you are waiting for the approval of not only your I-526 petition but also the Petition to Remove Conditions on Form I-829.
Ed Beshara
Immigration Attorneys DirectoryYour I-526 petition and I-829 petition will be successful if the required number of jobs have been created and the investment funds have been maintained until the I-829 is approved. If funds have been returned to the new commercial enterprise that you and all the other investors have invested in before the I-829 is approved, then the funds can be redeployed in similar projects which will maintain the funds at risk.
Jinhee Wilde
Immigration Attorneys DirectoryIf the job creation methodology is based on the construction spending and the spending amount promised for X number of investors has been spent, being the late-come investor has no negative effect. In fact, being in an already approved I-526 project could shorten your processing time.
Bernard P Wolfsdorf
Immigration Attorneys DirectoryThe advantage is you have approvals so USCIS accepts the project. If there is a sufficient job cushion, the risk of insufficient jobs is not a concern as you are in the back of the pack in regards to job allocation. Do the project and project documents clearly anticipate that EB-5 funds will be used to replace bridge financing? If so, there is no problem with investing in a late-stage project.
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