AIIA has written an open letter to Senators Schumer (D-NY), Grassley (R-IA) and Leahy (D-VT). With the reauthorization deadline looming and no sign of resolution of gridlock on this issue, AIIA would like to remind Congress about the importance of upholding the contract with existing immigrant investors. Below are the highlights of our letter.
Program integrity that is much often talked about also includes showing good faith to EB-5 investors whose capital has already been invested in job-creating U.S. businesses through the Regional Center program, but who have not yet received visas due to USCIS processing delays. These immigrant investors have made good faith investments expecting to achieve their desired immigration outcomes. As a result, it is imperative upon Congress to ensure that any lapse in the program does not negatively impact their processing timelines and/or immigration outcomes.
In this regard, we implore the Senators to ensure that existing EB-5 investors, who invested in good faith years ago, are suitably protected as Congress continues to deliberate on the future of the Regional Center program. Even in the case of a lapse in authorization, Congress should ensure that existing investors have a safe passage through the immigration process in accordance with the Regional Center legislation that was in effect at the time these investors filed their immigrant petitions with the U.S. Citizenship and Immigration Services.
Copies of the open letters can be accessed here:
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