Event 23 Aug. 2023
Partner Borzu Sabahi Speaks at the 52nd IDRI Professional Accreditation & Membership Programme
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Event 14 Oct. 2022
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Event 18 Aug. 2023
Partner Borzu Sabahi Speaks at FDI Moot Shenzhen
News 25 Jul. 2023
Partner Eric Gilioli Ranked in Top 10 Influential Energy & Natural Resources Lawyers in Kazakhstan in Business Today
Article 22 Aug. 2023
Fuad Zarbiyev Publishes Article in Journal of International Economic Law
Client Alert 14 Aug. 2023
The EU’s Market in Crypto Assets (MiCA) Regulation: The Highlights
Event 22 Aug. 2023
Partner Dr. Claudia Frutos-Peterson to Speak at Arbitration and ADR Commission of the ICC Mexico
Event 11 Jul. 2023
Partner Elisa Botero Speaks on the Role of the ICC in Investment Disputes
News 15 Aug. 2023
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News 31 Jul. 2023
Curtis Welcomes Senior Saudi Advisor, Dr. Majed Alotaibi, to its Riyadh Office
News 24 Aug. 2023
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News 06 Mar. 2023
Russia Sanctions at the First Anniversary: An Overview of Current Sanctions in the US, UK, and EU and How Global Companies Can Navigate Evolving and Conflicting Sanctions Regimes
Client Alert 30 Aug. 2022
The EU Adopts the “Maintenance and Alignment” Sanctions Package
Client Alert 24 Jun. 2021
Update on Virtual Notarization (Executive Order 202.7) During the COVID-19 (Coronavirus) Pandemic (Updated: June 24, 2021) — U.S. Insight
Update on Virtual Witnessing (New York Executive Order 202.14) During The COVID-19 (Coronavirus) Pandemic (Updated: June 24, 2021) — U.S. Insight
Client Alert 11 Mar. 2022
Click here to download the full alert
Late Thursday, the Senate passed a $1.50 trillion spending bill that will fund the federal government through September 30, 2022. Included in the bill is the “EB-5 Reform and Integrity Act of 2022”, which renews a 1990 program that incentivizes foreign investment in the U.S. with the promise of providing green cards for immigrant investors.
The program will be renewed after much uncertainty due to recent criticism over its perceived ineffectiveness and claims of fraud. The bill addresses some of these underlying issues as well as issues applicants are facing stemming from the uncertain future of the program.
Among other things, the reauthorization includes new measures intended to prevent fraud. For example, projects receiving funding from EB-5 investors will need to comply with additional reporting requirements, and the Department of Homeland Security’s oversight role has been bolstered to help ensure that incoming investments are ethically sourced.
Regional centers, which are intended to promote growth in economically challenged and rural areas by pooling investors for EB-5 projects, have long been criticized for allowing commercial real estate developers to direct funds towards affluent areas through gerrymandering. The bill includes a number of reforms that are targeted at such regional centers, including a requirement for an audit by USCIS at least once every five (5) years and a prohibition on involvement by certain criminals and persons who have been sanctioned by the government.
Further, the bill earmarks available EB-5 visas for specific categories of investments: 20% are reserved for investments in rural areas; 10% are reserved for investments in high-unemployment areas; and 2% are reserved for investments in infrastructure projects.
Immigrant investors can expect higher investment minimums as a result of the renewal, including a new minimum investment of $800,000 for areas of high unemployment and rural areas (up from the current minimum of $500,000), and a minimum investment of $1,050,000 for non-targeted areas.
Regional center applicants can also expect some welcome changes. The renewal extends the EB-5 program to September 30, 2027. Additionally, if the program ever expires, as it did on June 30, 2021, new grandfathering laws will ensure that EB-5 petitions will continue to be processed by USCIS if they are filed on or before September 30, 2026. These changes address major concerns voiced by immigrant investors whose futures in the U.S. were thrown into question when the program faced yearly renewal, which has recently triggered multiple lawsuits.
About Curtis
Curtis offers comprehensive EB-5 Program legal services to investors, job-creating entities, new commercial enterprises, and regional centers under the EB-5 Program. These services vary from advising investors, filing petitions, providing compliance advice, challenging USCIS Form I-526 and Form I-829 denials in federal court, and handling EB-5 commercial disputes, to advising on the structuring, formation, and administration of pooled investment vehicles for EB-5 investors consistent with U.S. securities laws.
Curtis attorneys have also been recognized for their EB-5 Program expertise. In September 2021, Curtis litigation partner Jason Wright was featured in The Investment Migration Report’s 10th Episode, “A Conversation with an EB-5 Government Litigator”. In March 2022, the U.S. Bankruptcy Court for the District of Delaware also qualified Jason as an expert witness in the EB-5 Program pursuant to a complex EB-5 related restructuring in a bankruptcy proceeding involving 150 EB-5 investors. The Court commended Curtis’ advice and contributions.
Immigration
Jason D. Wright
PARTNER, ECONOMIC SANCTIONS CHAIR, NATIONAL SECURITY LAW CHAIR
Randy J. DeSmyter
Partner
New York
+1 212 696 6000
Event 19 Sep. 2023
Curtis Partners Address Diverse Panels at the IBA Annual Conference
Client Alert 12 Sep. 2023
The European Commission Published the T&Cs for the Innovative Fund H2 Auction
Event 08 Sep. 2023
Curtis Environmental Chair Charles Howland to Speak on the Latest Developments in Environmental Due Diligence at ABA Masterclass on Environmental Transactions
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