EB5AN is pleased to announce that EB-5 investors in the EB5AN Kolter Water Club Condominium EB-5 project have started receiving Form I-829 approvals from USCIS.
Form I-829 is the final step before an EB-5 investor completes the EB-5 visa process and obtains unconditional permanent resident status in the United States in the form of a 10-year renewable permanent green card.
Removal of Condition Requirements for Form I-829 Approval
Removing the conditions from the investor’s temporary permanent resident status is contingent upon successfully completing the job creation and capital at risk requirements of the EB-5 program. To obtain Form I-829 approval, an EB-5 investor must demonstrate: (i) that at least 10 new jobs have been created as a direct result of the EB-5 investor’s capital investment, and (ii) the EB-5 investor’s capital investment has remained at-risk.
Job Creation For EB5AN Kolter Water Club Project Was More Than 3X the Required 10 Jobs Per EB-5 Investor
The EB5AN Kolter Water Club Condominium EB-5 project created a total of 1,531 jobs, and each of 50 EB-5 investors was allocated 31.2 jobs, far more than the 10 jobs required per EB-5 investor to successfully complete the EB-5 immigration process and obtain Form I-829 approval from USCIS. The Water Club Condominium project consists of three (3) waterfront condominium towers and more than 30 townhouses in North Palm Beach, Florida. 100% of the condominiums have been sold and the project has been a financial success.
The EB5AN Kolter Water Club North Palm Beach EB-5 project is the first of 10+ EB5AN Kolter EB-5 projects, all of which have had 100% financial success and USCIS project and Form I-829 approval to date.
Replacement of Temporary Bridge Financing is a Best Practice for EB-5 Investment and an Important Feature of EB5AN Direct and Regional Center EB-5 Investment Projects
The EB5AN Kolter Water Club Condominium EB-5 project is the first of many EB5AN Kolter EB-5 projects that have successfully relied on USCIS policy guidance on the replacement of temporary bridge financing with EB-5 investment capital – a unique investment structure that reduces both immigration and financial risk for EB-5 investors.
The replacement of temporary bridge financing with EB-5 investment capital is a best practice because, at the time of investment, EB-5 investors usually know that the project is fully capitalized and there is minimal execution risk in identifying required additional capital to fully fund and complete the project. If a project is not fully capitalized, then EB-5 investors are taking on the risk of all other required capital, including additional EB-5 capital, being successfully identified and invested into the project for it to be completed without delay.
This strategy of replacing temporary bridge financing with EB-5 investment in a fully capitalized and underway project is an EB-5 investment best practice and a feature of EB5AN’s direct and regional center EB-5 projects.