This information was provided by Klasko Immigration Law Partners and was republished with permission.
On August 23, 2023, U.S. Citizenship and Immigration Services (“USCIS”) published the newest edition of Form I-956G, Regional Center Annual Statement, and its accompanying instruction manual. Each USCIS-designated regional center must file Form I-956G, Regional Center Annual Statement, for each federal fiscal year (October 1 through September 30) on or before December 29 of the calendar year in which the federal fiscal year ended.
Importantly, USCIS clarified on page 4 of its Form I-956G instructions that regional centers must complete Attachment 1 for each NCE and Capital Investment Project that has “active EB-5 investors” during the applicable reporting period. Pursuant to USCIS guidelines, “active EB-5 investors” means “those who are seeking classification under INA 203(b)(5) or who have obtained conditional permanent resident status and not yet filed for removal of conditions”. In other words, all projects that have investors who have filed an I-526/I-526E, and/or investors who have become conditional permanent residents but have not filed their I-829 petitions during fiscal year 2022, must file Attachment 1 by December 29, 2023, to report information including but are not limited to:
- The aggregate amount of EB-5 investor capital invested in the NCE for capital investment project over the lifespan of the project. The amount must be supported by an “accounting” of the aggregate capital investment, which may include: accounting spreadsheets, bank statements, and/or wire transfer records.
- Evidence showing 100% of EB-5 investors’ investment capital has been committed to the project, which may include: a ledger of transaction showing the money flowing from the NCE to JCE, bank statements or other documents to show how the EB-5 money was used by the NCE/JCE.
- Evidence showing project progress, which may include: the last draw request, the latest project status report, the latest investor update, photos of the project, and/or permits.
- Evidence showing job creation, which may include: updated economic impact report for the project.
- Disclosure of all fees collected from EB-5 investors for locating/soliciting investors.
Given the increased reporting requirements this year, we strongly encourage regional centers to begin preparations for filing the Form I-956G immediately. As best practice, we suggest that all previously-approved regional centers should file an I-956G, regardless of whether they have filed an I-956 or I-956F after the enactment of the EB-5 Reform and Integrity Act of 2022 (“RIA”).
As a reminder, the RIA made major policy changes to the EB-5 immigrant investor program and imposed significant new requirements on EB-5 Regional Centers. The Form I-956G is essential for Regional Centers to maintain compliance and retain investors’ confidence. Klasko Immigration Law Partners provides the tools to collect, manage, and present critical information for I-956G filings, with a team of knowledgeable EB-5 attorneys experienced in advising on legal issues, USCIS policies, and EB-5 trends.
