On April 21, 2017 U.S. Citizenship & Immigration Services (USCIS) published a new form I-829, Petition by Entrepreneur to Remove Conditions on Permanent Residence Status. It was announced that beginning July 24, 2017, USCIS will only accept the 4/21/17 edition of the form, which is available on the USCIS website.
The new edition remains 11 pages in length, but includes reorganization of some of the information collection to different sections and combining sections from the previous edition. The most notable changes to the 4/21/17 edition are the collection of additional and more detailed information on the New Commercial Enterprise (NCE) and Job Creating Entities (JCE). Some of the more significant additions include:
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No longer requires disclosure of the NCE’s net income
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Asks if any changes were made the NCE since the date of investment, including selling of assets or the sale of any proceeds
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Asks if the Regional Center was terminated
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New section on JCE information which:
- Collects name and physical address of JCE(s)
- Asks for number of full-time direct jobs at the time of the EB-5 investment and at the time of the I-829 filing
- Asks if the investment was in a troubled business and how many jobs were maintained and create
- How much EB-5 capital was transferred from the NCE to the JCE
- Asks if jobs were created according to the business plan in the I-526 filing
Another interesting new question regarding the JCE(s) is Part 7, question 7 which asks:
Has any of the JCEs filed for bankruptcy, ceased business operations, materially changed the nature of the business, or made any changes in its organization or ownership since the date of your initial investment, or have any criminal or civil proceedings been filed against any of the JCEs or any of their owners, officers, directors, general partners, managers or other persons with a similar interest of in a similar position of authority for any of the JCEs involving fraud or other unlawful activity?
An answer of “yes” to the above question requires a more detailed explanation to be attached at the end of the document.
The update to the form I-829 reflects USCIS’s goal of better oversight of the EB-5 Program and the more detailed information collection seems to be in an effort to help with any of the site visits or I-829 interviews they may conduct. The above summary of changes is not exhaustive and you are encouraged to review the new form and consult your legal counsel with any questions.
Remember, you must use the 4/21/17 edition of this document beginning July 24th.
