As the trade association representing EB-5 regional centers, IIUSA has an acute awareness that events, policies, and practices that impact investors also impact regional centers and vice versa. In the broad EB-5 ecosystem, regional centers exist symbiotically with investors and therefore IIUSA takes special care to pragmatically consider how any of its activities impact the entire EB-5 ecosystem, regional centers, and investors.
On August 30, 2024, IIUSA took the carefully considered step of initiating litigation against the Department of State (IIUSA v. Blinken) to prevent the permanent loss of EB-5 visas, an event that will negatively impact the entire EB-5 community.
Specifically, by incorrectly interpreting the Reform and Integrity Act (RIA) to allow unused rollover visas to flow away from EB-5 visa applicants, the Department of State has or will extend the wait time for legacy investors (pre-RIA) and reduce the number of visas available for new investors (post-RIA).
IIUSA advocates for the orderly administration of the EB-5 program in accordance with Congressional intent. This includes the fair treatment of all EB-5 investors including those who invested before and after the implementation of the RIA.
The first focus of IIUSA’s action advocates for the thousands of investors who invested before the RIA. These investors count on visa numbers that are unused in the reserved category for two fiscal years that roll over into the unreserved visa category being retained in the EB-5 category.
The second focus of IIUSA’s action advocates for the thousands of investors who invested after RIA implementation. These investors expected that their petitions would be adjudicated in a timely manner, and they would benefit from the reserved visas as Congress intended.
Therefore, in an effort on behalf of regional centers as well as the investors on whom they rely, IIUSA filed a lawsuit to assure the correct interpretation of the RIA; and protect every possible EB-5 visa for the program’s regional centers and investors.
