The concept of a “promoter” and the obligation to ensure that the EB-5 investor provides written confirmation that s/he is aware of the compensation payments to the RC, the NCE’s Manager/GP, the migration agent, and their respective subagents of a foreign promoter.Īuthority role: There is confusion on how to determine what USCIS’s standards are to ascertain which persons have “substantive authority” in a new commercial enterprise or a Regional Center with respect to the requirements for filing the Form I-956H įund administrator: The underlying role of the newly defined and required “Fund Administrator” in comparison with a new commercial enterprise’s (NCE) decision to rely on GAAP audited financial reporting instead. USCIS’s expansive view of Form I-956K appears to include even those employees who may have more administrative duties and do not receive any form of transactional base compensation The obligations related to foreign finders or so-called migration agents and now, their sub-agents, with the filing of Form I-956K and the related amendments subsequent to signing agreements with each new NCE. Promoters: Questions surrounding whether all of an EB-5 issuer’s foreign-based contracted persons/employees would be required to file the Form I-956K, Registration for Direct and Third-Party Promoters (Form I-956K) or the Form I-956H, Bona Fides of Persons Involved with Regional Center Program (“Form I-956H”) or no forms at all. The absence of clarity relates to whether such payments are due from Active RCs or could pertain to those that will not sponsor new projects in the post-RIA world (Inactive RCs) Payment amount: Whether all RCs must pay the EB-5 Integrity Fund fees of $10,000 (if they have oversight of less than 20 EB-5 investors) or $20,000 (if they have oversight of more than 20 EB-5 investors) in order to meet the good standing requirements under the RIA. HOW EB-5 SECURITIES COMPLIANCE WAS IMPACTED BY RIA:įiling deadlines: Compliance with the uncertain filing deadline by Regional Centers (RC) of Form I-956, Application for Regional Center Designation (Form I-956), and whether or not all RCs are required to file such forms or whether the requirement only applies to those RCs that will actively sponsor new projects in the post-RIA world ![]() ![]() in a non-immigrant status at the same time they are filing their EB-5 petition, they can concurrently file their applications for conditional residency. If the EB-5 investor is currently in the U.S. The new provision of the RIA also allows concurrent filing for those EB-5 investors who are in the U.S. Many of the rural projects are in high-end markets, making the opportunity that much more attractive. Pre-RIA investors do not get this benefit and are subject to a multi-year retrogression.Īs a result, especially for rural projects that already have two years of visas for the current and past fiscal years, together with excess visas that add on to these numbers, the demand for these investment opportunities has increased dramatically. These set-asides enable Mainland Chinese and Indian nationals to be current for a period of time in investing in these projects and also receive priority processing. The RIA brought forth special set-asides that include 20% or 2,000 visas per year for rural projects, 10% or 1,000 visas for TEA projects, and 2% for infrastructure projects. The EB-5 Reform and Integrity Act of 2022 (RIA) had much guidance that would seem intuitive, and much that remains unclear as a result of the absence of definitive guidance from USCIS on a number of interpretive matters related to the RIA’s requirements. Some account types may not yet be available, processing times may vary.By Ronald R. ![]() These testimonials may not represent the experience of others and are not a guarantee of results. For additional information about the promoting advisors’ conflicts of interest when expressing their views about Altruist or Altruist’s affiliates, please see the promoting advisors’ advisory program brochures, available at. For more details on program compensation and benefits and related conflicts of interest, please visit /RIA-testimonial. Fox) received compensation or other benefits from Altruist through the promoting advisors’ participation in one or more of Altruist’s various programs, which created a conflict of interest on the promoting advisors’ part and may have influenced the views expressed by the promoting advisors. As of the date of these testimonials, the promoting advisors (D. Neither Altruist nor its affiliates paid for these testimonials, but we do earn revenue from financial advisors who use our software, from assets invested through our broker-dealer (Altruist Financial LLC) and assets invested in models made available by our registered investment adviser (Altruist LLC). These testimonials were given by current clients or investors.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |