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If you are an EB-5 investor in a Regional Center project, you may be interested to learn of new information released by the U.S. Citizenship and Immigration Services (USCIS) regarding Regional Center audits.

In March 2022, with the passage of the EB-5 Reform and Integrity Act of 2022, Congress implemented new reforms designed to increase the oversight of Regional Centers to prevent fraud and abuse within the immigrant investor program.

Among these fraud prevention mechanisms, USCIS established the EB-5 Integrity Fund, funded by annual regional center fees and immigrant petition fees, to detect and investigate fraud and other crimes related to the program, ensure compliance, conduct regional center audits (every five years) and site visits (for each new NCE or JCE).

USCIS recently released information confirming that the agency must audit each designated regional center at least once every five years.

What is done during a Regional Center audit?

Audits are performed during a site visit which include a review of documentation required to be maintained by the regional center and a review of the flow of immigrant investor capital into any capital investment project.

Effective April 23rd audits will be utilizing the Generally Accepted Government Auditing Standards, also known as the Yellow Book. The Yellow Book provides standards and guidance for auditors and audit organizations.

What is the purpose of Regional Center audits?

Regional center audits are conducted to strengthen the integrity of the EB-5 program by verifying information in regional center applications, annual certifications, and associated investor petitions.

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Recently, the American Immigration Lawyers Association (AILA) requested an update from the U.S. Citizenship and Immigration Services (USCIS) regarding the delayed adjudication of Form I-829 petitions filed by EB-5 investors seeking to remove their conditions on permanent residence.

AILA suggested two alternatives for providing evidence of continued lawful permanent residence which consisted of making simple adjustments to the language of Form I-829 receipt notices.

On January 19, 2024, USCIS responded to these concerns indicating their awareness of the issue and ongoing efforts to reduce the burden on investors.

USCIS pointed out that beginning on January 11, 2023, the agency extended the validity of Permanent Resident Cards (also known as Green Cards) for petitioners who properly filed Form I-829, for 48 months beyond the green card’s expiration date.

This extension was made in consideration of the long processing times USCIS has been experiencing to adjudicate Form I-829, which have increased over the past year.

They also note that USCIS field offices also recently began issuing and mailing the Form I-94 (arrival/departure record) with ADIT (temporary 1-551) stamps as temporary evidence of Legal Permanent Resident status without requiring an in-person appearance at field offices, for investors who have requested evidence of their LPR immigration status from USCIS.

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girls-gd854827cc_1280Welcome back to the start of a brand-new week! In this blog post we share with you an exciting new update from the United States Citizenship and Immigration Services (USCIS).

Today, January 23, 2023, USCIS announced that it is extending the green card validity period of conditional permanent residents who have a pending Form I-751 Petition to Remove Conditions on Residence or Form I-829 Petition by Investor to Remove Conditions on Permanent Resident Status for EB-5 immigrant investors, as well as those filing new petitions.

What is this all about?

USCIS is extending validity of Permanent Resident Cards (also known as Green Cards) for a period of 48 months (4 years) beyond the green card’s expiration date for petitioners who properly file Form I-751, Petition to Remove Conditions on Residence, or Form I-829, Petition by Investor to Remove Conditions on Permanent Resident Status.

USCIS began to implement this extension on January 11, 2023, for Form I-829 petitioners and has announced that it will start to implement the extension starting on January 25, 2023, for Form I-751 petitioners.

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