San Francisco [US], May 25 (ANI/PRNewswire): Five leading EB-5 Regional Center operators, along with the EB-5 trade organizationThe five regional centers -The lawsuit challenges the unilateral deauthorization by USCIS of the over 600 designated regional centers existing at the time that the EB-5 Reform and Integrity Act of 2022 ("RIA") was enacted into law, as well as the USCIS interpretation of the RIA that requires every regional center to apply anew for designation and receive approval as such before commencing operations.
The plaintiffs contend that USCIS's position is contrary to the plain meaning of the RIA and thwarts Congressional intent in enacting the RIA.
"We are putting our different business interests aside and joining forces to reach the common goal of protecting our clients' rights and continuing to provide needed capital for economic development projects," said the plaintiffs in a joint statement.
"Through this action, we seek to protect the viability of this highly successful economic development and job-creating program, the regional centers that facilitate the program, and the foreign investors who participate in the program. We believe Congress intended to allow regional centers to immediately get back to the business of EB-5 - while at the same time working to bring themselves quickly into compliance with the new integrity and other requirements of the RIA. In fact, there is consensus within the EB-5 industry that Congress intended to have the Regional Center program back in business as soon as the RIA was in effect on May 15, 2022."Collectively, these five long-established operators manage 26 regional centers across 21 states. Over the years, they have facilitated USD 5.3 billion in EB-5 investments, developing 143 projects across the country, and they are responsible for the creation of more than 190,000 jobs for US workers.
The EB-5 program has an overwhelmingly positive impact on the US economy. According to the data collected and analyzed by IIUSA, between 2008 and 2021, the EB-5 Program helped generate USD 37.4 billion in foreign direct investment to create and retain US jobs for Americans, all at no cost to the taxpayer.
To that end, the plaintiffs have funded the filing of an amicus curiae brief by IIUSA in a separate action against the USCIS by the Behring Regional Center currently pending in the District Court for the Northern District of California.
"We believe a global ruling in the Behring case could serve the industry at large and is worthy of our support," the plaintiffs added in their joint statement.
Golden Gate Global is an award-winning regional center operator headquartered in San Francisco, California. Established in 2011, Golden Gate Global has been offering EB-5 visa opportunities through institutional quality real estate projects with partners such as Lennar Corporation, JMA Ventures, Sacramento Kings, and Signature Development Group to EB-5 investors from all over the world.
Golden Gate Global enjoys a 100 per cent USCIS project approval rate and has been successfully servicing over 1,300 EB-5 investors. For more information, please visitThis story is provided by PRNewswire. ANI will not be responsible in any way for the content of this article. (ANI/PRNewswire)