Did you know?
Breaking News: Preliminary injunction ruling on EB-5 Regional Center Program!
Investors can file immigration petitions under the RIA.
On June 24, 2022, Judge Vince Chhabria of the Federal District Court for the Northern District of California issued a preliminary injunction ruling. His ruling reverses the USCIS decision in April that removed the authorization of all formerly designated EB-5 Regional Centers based on its almost certainly erroneous interpretation of the Reform and Integrity Act (RIA) that the U.S. Congress passed in March. Investors can now file new immigration petitions under the RIA while the agency creates new regulations for RIA implementation.
In the beginning paragraph of the ruling, Judge Chhabria stated:
The agency thus announced that the existing regional centers were deauthorized, effectively cutting off their revenue streams. That was almost certainly a legal error because it is unclear whether the Integrity Act deauthorized existing regional centers or allowed them to continue operating under Congress’s new regime. The agency was therefore required to weigh competing interests before deciding whether the existing regional centers should be deauthorized. And the agency’s treatment of the previously authorized regional centers is harming them irreparably, in a manner that is contrary to the public interest. Therefore, the agency is enjoined from treating the existing regional centers as deauthorized while this litigation is pending (or until the agency engages in a reasoned decision-making process regarding treating these centers under the Integrity Act).
You can read the full text of the ruling below:
The RIA mandates that the Regional Center file the specific project with USCIS before subscribing to new EB-5 investors. USCIS approval of the project is not necessary for investors to file their EB-5 petitions.
Greenberg Traurig, the counsel of the Plaintiff, Behring Regional Center, issued a statement to its clients in a blog that appeared in EB5 Insights. The authors, Dillion Colucci and Laura Reiff, state as follows:
While this is a victory for Plaintiff, it remains to be seen how USCIS will act or whether USCIS will appeal and seek a stay of this ruling and/or decide to embark on new rulemaking. USCIS is still permitted to engage in “reasoned decision-making consistent with the Administrative Procedure Act” about how regional centers should be treated given certain ambiguities in the RIA. As the Court noted, it is possible that USCIS, after engaging in the required reasoned decision-making process, could conclude that new regional center applications are required of existing regional centers. Alternatively, it is possible that USCIS could simply allow regional centers to operate while applications for a renewed designation are pending. These are only two possible outcomes of many, and all eyes will be on USCIS’ next move.
As such, this injunction might be presenting a short time window for investors to rush in their petitions notwithstanding the court’s conclusion that USCIS’ decision rested on “an erroneous view of the law,” the Plaintiff is “exceedingly likely (if not certain)” to prevail on the merits.
If you want to find out more about the ruling or simply how to invest in the EB-5 program, please do not hesitate to call us at + 1 917 355 9251 or write to us at firstname.lastname@example.org.
Posted by americaeb5visa on June 26, 2022