USCIS figures leave no doubt about the fact that EB-5 visa investors have an approximately 40% chance of getting their permanent green card if they invest in EB-5 visas, and the ICE memo (see the memo at smartbusinessbroker.com/EB5_ICE_fraud_memo.pdf ) that recommends that the regional center program be shut out of the EB-5 visa program is a great first step.
The bill proposed by Jared Polis (HR 616) to extend regional centers in the EB-5 visa program is a terrible idea as it does basically NOTHING in order to protect EB-5 visa investors or the integrity of the EB-5 visa program.
I personally believe that ICE-HSI's recommendation to remove regional centers from the EB-5 visa program is actually a fantastic way to help eliminate fraud in the EB-5 visa program, but in case regional centers do wish to stay in the program, they should be made to adhere to the following guidelines: which would significantly help reduce if not eliminate fraud and abuse in the EB-5 visa program:
1. For the past 7 years, regional centers have illegally offered and sold BILLIONS of Dollars of worthless securities in overseas markets such as China. USCIS and SEC should require that any regional center that offers and sells securities overseas should provide documentation that they are doing so in a lawful manner by providing authenticated evidence of approval to offer securities from the overseas regulator. Any regional center that fails to offer this evidence should see their petition rejected.
2. Require all regional center CEO's to offer sworn affidavits that they do not and will not engage in conflict of interest. Those regional centers whose CEO's refuse to offer this affidavit should be barred from the EB-5 visa program.
3. Require all regional center CEO's to offer sworn affidavits to their EB-5 visa investors that they have fully disclosed and will disclose all material facts on an on-going basis.
Here are some of the critical reasons that EB-5 visa investors should ALWAYS choose Genuine Direct Investment Businesses and avoid regional centers:
Genuine Direct Investment Businesses offer easy exit strategies to EB-5 visa investors while those who invest in regional centers experience TERRIBLE exit strategies.
Mohammed Shaikh, MBA (Accounting), CFE, Licensed Business & RE Broker (CA & FL)
Online: http://www.smartbusinessbroker.com Phone: +1 407 535 0616