Eb5 news 2020

Here are some notable EB-5 news stories from 2020:

Regulatory Changes

• In January 2020, the U.S. Department of Homeland Security (DHS) and U.S. Citizenship and Immigration Services (USCIS) announced changes to the EB-5 program, including a new definition of "targeted employment area" (TEA) and a requirement for regional centers to submit annual reports to USCIS.
• In June 2020, USCIS issued a final rule updating the EB-5 program's regulations, including changes to the TEA designation process and the requirement for regional centers to submit annual reports.

Investment Opportunities

• In February 2020, a new EB-5 regional center was launched in Los Angeles, California, focusing on investments in the entertainment and technology industries.
• In March 2020, a regional center in Miami, Florida, announced a new EB-5 investment opportunity in a luxury condominium project.
• In August 2020, a regional center in New York City announced a new EB-5 investment opportunity in a mixed-use development project in Brooklyn.

Challenges and Delays

• In January 2020, USCIS announced that it would be implementing a new process for processing EB-5 petitions, which led to delays and backlogs in the processing of applications.
• In March 2020, the COVID-19 pandemic led to further delays and disruptions in the EB-5 program, including the closure of USCIS offices and the suspension of in-person interviews.
• In October 2020, USCIS announced that it would be extending the validity of certain EB-5 petitions that were previously approved but had expired due to the pandemic-related delays.

Litigation and Controversies

• In February 2020, a lawsuit was filed against USCIS challenging the agency's decision to deny an EB-5 petition based on alleged fraud by a regional center.
• In April 2020, a controversy arose over the use of EB-5 funds to finance a luxury hotel project in Miami, Florida, which was allegedly mismanaged by the project's developers.
• In November 2020, a report by the Government Accountability Office (GAO) criticized the EB-5 program for its lack of transparency and oversight, and recommended reforms to improve the program's integrity.

Other News

• In January 2020, the EB-5 Industry Forum was held in Washington, D.C., bringing together industry professionals, policymakers, and stakeholders to discuss the future of the EB-5 program.
• In June 2020, the EB-5 Investors Coalition, a trade association representing EB-5 regional centers and investors, launched a new website and advocacy campaign to promote the benefits of the EB-5 program.
• In December 2020, the EB-5 program's annual quota was reached, with over 10,000 EB-5 visas issued to foreign investors and their families.