Coinciding with the end of the government’s fiscal year, the EB-5 regional center program is set to expire today. However, it will get a temporary reprieve with expected final passage of a Continuing Resolution (CR) that will fund the government through December 11 and also temporarily extend the regional center program through that same date. Alexander Hecht and R. Neal Martin of ML Strategies, our consulting affiliate, and Douglas Hauer posted an alert for our clients regarding the status of the EB-5 program and the continuing resolution.
As students and scholars change status from F-1, J-1 or other FICA exempt statuses to H-1B starting October 1, these employees will become subject to FICA taxes upon the effective date of their H-1B status.
Over on our Mintz Levin EB-5 Blog, member Douglas Hauer provides a series of educational videos about the EB-5.
The first video reviews some basics of the EB-5 transaction. The second video provides some great information on the common securities law problems that issuers of EB-5 securities and regional centers face.
It’s September 25th, not April 1st! Like a cruel April Fool’s joke, the October Visa Bulletin has just been revised and the new India & China EB-2 filing dates have retrogressed. The instructions in bold type in the new bulletin indicate that this revised bulletin is to be used to determine who is eligible to file on October 1st.
Something similar to this happened in 2007 when the Department of State and Department of Homeland Security got in what may be best described as a spat over advancing visa bulletin numbers. In 2007, the government gave in and ended up allowing filings based on the previous bulletin.
These government agencies will be harshly criticized for releasing a revised visa bulletin only days before the October 1st planned filing date under the initial bulletin issued on September 9th. We are waiting to see if anything changes early next week.
USCIS announced today that it will:
“suspend final adjudication of employment-based Form I-485 applications… because the Department of State reports that the statutory cap has been reached for the employment-based preference categories for fiscal year (FY) 2015.”
However, this is not something to panic about.
As my colleague Michele Frangella wrote about in August, the end of the government’s fiscal year is September 30th. As of today, all available employment-based green cards have been used up so there are no more green card numbers for USCIS to access to approve cases for the next 6 days. Once the new fiscal year starts on October 1st, they will again have green card numbers officially available. It doesn’t impact eligibility to continue to file I-485 applications based on Visa Bulletin guidance, including those cases newly eligible to file October 1st.
In response to several posts by the Wall Street Journal regarding the EB-5 program, Mintz Levin partner Douglas Hauer responds with 5 Things the WSJ Did Not Mention about Real Estate Finance and the EB-5 Program. Read more about this and related EB-5 news and analysis on our EB-5 Matters Blog.
In 2014, Massachusetts created the Global Entrepreneur in Residence Program (GEIR), a program meant to capitalize on the opportunities provided by concurrent H-1B employment. Under this program, universities partnered with the Commonwealth to provide foreign entrepreneurs with relevant, part-time employment opportunities that carried cap-exempt H-1B status. This part-time employment authorization then enabled the entrepreneurs to apply for a concurrent H-1B petition, which would also be cap-exempt, to allow them to work on getting their business off the ground.
Exciting news from U.S. Citizenship and Immigration Services (USCIS) and the Department of State (DOS) this week. The agencies announced that beginning with the visa bulletin effective October 1, 2015, USCIS will accept for filing I-485 applications to adjust status to Permanent Resident according to a separate filing date chart.
Looking ahead to expected changes by Congress in EB-5 Regional Center Program regulations, attorneys Peter Saparoff, Douglas Hauer, and John Nucci examine how existing law on liability schemes for issuers and intermediaries in an exempt crowdfunding offering might serve as a model for any future EB-5 legislation. Read more on our EB-5 Matters Blog.
Our series exploring alternatives to the H-1B continues with foreign trade and treaty visas.
Was your petition one of the estimated 148,000 not selected in this year’s H-1B lottery? Is your client from one of the 79 countries with which the United States maintains treaties of commerce or navigation?
A free trade or treaty based visa may serve as a good alternative during times of H-1B unavailability. Both the TN and E visa categories have flexible features that can be instrumental to establishing a U.S. presence for a foreign company.