By Bruce Levinson
There is no statutory requirement that new commercial enterprises be physically located in TEAs in order for investors to qualify for the TEA provisions of the EB-5 program. To the contrary, the statute states that investor visas “shall be reserved for qualified immigrants who invest in a new commercial enterprise … which will create employment in a targeted employment area.”
VTDigger published an article titled, “Judge quashes whistleblower deposition in EB-5 investor case against state.” The article reads in part as follows;
“A judge has ruled that, for now, defrauded EB-5 investors in a class action lawsuit against the state cannot take the deposition of a key whistleblower in the case.
Lamoille County Superior Court Judge Thomas Carlson quashed the plaintiffs’ request for the deposition of Douglas Hulme, citing state rules prohibiting discovery until the defense has an opportunity to respond.
The Unified Agenda Update shows that DHS’s path for complying with President Trump’s one-in, two-out Executive Order 13771 has become a tight needle to thread. The Update lists over a dozen DHS rules in Final Rule Stage. Within USCIS alone, there are four rules in the Final Rule stage and another three rules in the Proposed Rule Stage.
New additions to DHS/USCIS list of regulations in the Final Rule Stage include
- The EB-5 Immigrant Investor Program Modernization rule which previously was in the proposed rule stage.