EB5AN is pleased to announce that we have now received seven Form I-956F approvals from United States Citizenship and Immigration Services (USCIS) for the EB-5 projects we manage. Each of these Form I-956F petitions was approved without a single request for evidence (RFE) from USCIS.
To our knowledge, EB5AN has more Form I-956F approvals than any other regional center operator. Once again, we have set a new benchmark for USCIS compliance across the EB-5 industry.
In this article, we outline EB5AN’s track record of obtaining Form I-956F approval from USCIS. Next, we provide an in-depth explanation of the role of Form I-956F and why USCIS approval of this form is important for EB-5 investors. Finally, we explain how working with a regional center with multiple Form I-956F approvals reinforces the safety of your investment and increases your likelihood of obtaining a Green Card.
EB5AN’s Record of Form I-956F USCIS Approvals
- Rapid Adaptation to Changes in EB-5 Law
- More Form I-956F Approvals than Any Other Regional Center Operator
- Faster Approval Than the Industry Average
- 100% Approval Rate for Regional Center Projects Managed by EB5AN
The Role of Form I-956F
Why Form I-956F Approval Is Important for EB-5 Investors
- What Form I-956F Means for You as an EB-5 Investor
- Risks of Investing in a Project Without Form I-956F Approval
What Is Your Regional Center’s History of Form I-956F Approvals?
EB5AN’s Record of Form I-956F USCIS Approvals
EB5AN has a strong track record of receiving Form I-956F approval for all of the EB-5 projects we manage. These EB-5 projects span a wide range of industries and markets. Our projects include single-family homes, condominiums, ski resorts, luxury residences, and more. With USCIS-approved regional centers covering the entire continental United States, our projects also span multiple markets. In fact, each of our EB-5 projects with Form I-956F approval is in a different geographic market—namely Florida, Georgia, Colorado, and Utah. Notably, we have received these approvals quickly and without USCIS issuing any RFEs.
Other regional centers typically sponsor only a few EB-5 projects. Most focus on a single industry in a single geographic market. Despite this, many of these regional centers do not yet have Form I-956F approval, are facing long processing times, or have received RFEs.
The following are a few of the ways EB5AN’s track record stands out in the industry.
Rapid Adaptation to Changes in EB-5 Law
When the EB-5 Reform and Integrity Act of 2022 (RIA) was signed into law in March 2022, EB5AN quickly adapted to the changes it brought about. We carefully reviewed our project documents and processes and made the necessary adjustments to comply with the new law. As USCIS released new forms for EB-5 projects and regional centers, we were among the earliest to file and receive approval for these forms.
More Form I-956F Approvals Than Any Other Regional Center Operator
As mentioned above, we have now received seven Form I-956F approvals from USCIS for the EB-5 projects we manage. Despite offering a variety of EB-5 projects in different industries and markets, we have obtained these Form I-956F approvals with no RFEs.
USCIS has approved seven Form I-956F applications for four of our projects:
- Twin Lakes Georgia (multiple phases)
- Kindred Resort
- Wohali Utah (now closed)
- Saltaire St. Petersburg (now closed)
To our knowledge, EB5AN has more Form I-956F approvals than any other regional center operator. Once again, we have set a new benchmark for USCIS compliance across the EB-5 industry.
EB5AN is one of the few regional centers—if not the only—that can boast such a track record. Regarding the company’s record, Sam Silverman, a managing partner of EB5AN, said, “EB5AN is proud to be the regional center operator with the most Form I-956F approvals in the industry. The fact that none of our managed EB-5 projects’ Form I-956F submissions has received an RFE shows our expertise in structuring financially safe and USCIS-compliant projects.”
Faster Approval Than the Industry Average
USCIS granted some of EB5AN’s Form I-956F approvals in six months or less. This means our Form I-956F processing times are significantly faster than the industry average. Petitions we filed in 2023 were approved in an average of 7.3 months, nearly twice as fast as the USCIS average processing time of 12.8 months.
100% Approval Rate for Regional Center Projects Managed by EB5AN
Since we began operating in 2013, we have enjoyed a 100% project approval rate from USCIS on all of the EB-5 regional center projects that we have managed.
EB5AN’s track record speaks for itself. Mike Schoenfeld, a managing partner of EB5AN, said, “EB-5 investors deserve to work with experienced regional centers. Our investors make a significant financial commitment, and their immigration goals depend largely on how careful we are in complying with USCIS policies.”
Mike added that EB5AN’s “record-setting I-956F approvals send a clear message: at EB5AN, we always make sure our projects are compliant with the EB-5 program. We are committed to helping our investors get fast I-526E approvals so they can enjoy living in the United States as permanent residents.”
The Role of Form I-956F
In June 2022, USCIS released Form I-956F, Application for Approval of an Investment in a Commercial Enterprise. This form was released as part of a new set of documentation requirements under the RIA.
The goal of Form I-956F is to provide USCIS with the information it needs to develop a thorough understanding of the EB-5 offering. USCIS uses Form I-956F to gather key information about an EB-5 project and determine whether it complies with the EB-5 program.
This wide-ranging petition requires regional center operators to submit copies of all offering documents. These documents include, but are not limited to, the following:
- the confidential offering memorandum
- the limited partnership agreement
- loan or equity agreements
- a comprehensive business plan
- an economic impact analysis
These key documents are used to describe the EB-5 investment structure, the new commercial enterprise (NCE), the job creating entity (JCE), and the project’s estimated economic impacts. Crucially, the filing must show that the project is credible and EB-5 compliant.
As part of Form I-956F, EB-5 regional centers must also submit background information on certain individuals. This information must be submitted for each person “in a substantial position of authority” in the NCE and the JCE.
When an EB-5 regional center files Form I-956F, it must also inform USCIS whether the EB-5 project is located in a targeted employment area (TEA). If so, it must submit a TEA analysis and qualification report to prove that the location qualifies for TEA status.
In this filing, the regional center must list any potential conflicts of interest between the entities involved with the project. It must also mention any pending litigation. Additionally, the regional center must provide USCIS with its policies for monitoring the sale of securities to EB-5 investors. Form I-956F must certify that all material risks have been disclosed to the project’s investors.
Why Form I-956F Approval Is Important for EB-5 Investors
In addition to the $800,000 invested, your family’s immigration goals hang in the balance when you make an EB-5 investment. As a result, you want to reduce risk whenever possible. Investing in projects that have Form I-956F approval is one way to do so. The more approvals a regional center has obtained from USCIS, the better.
Multiple Form I-956F approvals show that a regional center takes USCIS compliance seriously. A strong track record of approvals demonstrates that the regional center operators are knowledgeable and can effectively structure EB-5 projects.
What Form I-956F Means for You as an EB-5 Investor
As described above, USCIS uses Form I-956F to closely examine every aspect of an EB-5 project. If a project passes USCIS’s scrutiny and receives Form I-956F approval, that project has been proven to comply with the EB-5 program. As a result, EB-5 investors in a project with Form I-956F approval are more likely to be approved for U.S. Green Cards.
When you file Form I-526E to apply for an EB-5 Green Card, your petition is evaluated based on two main criteria. These criteria are whether the project is EB-5 compliant and whether you are personally eligible to immigrate through the EB-5 program.
If your EB-5 project has received Form I-956F approval, USCIS has already decided that it is compliant with the program. USCIS will not need to review the project again. In such cases, only your personal qualifications, such as your source of funds and admissibility, need to be reviewed.
By investing in a project with Form I-956F approval, your Form I-526E is likely to be approved unless USCIS finds a problem with your source of funds documentation or personal background. And since the project has already been reviewed and approved, USCIS will likely review your Form I-526E petition more quickly.
Form I-526E approval qualifies you and your eligible family members for your initial U.S. Green Cards. With your EB-5 Green Cards, you will be able to live, work, and study in the United States with few restrictions.
Risks of Investing in a Project Without Form I-956F Approval
In contrast, EB-5 projects that have not yet received Form I-956F approval are generally riskier for EB-5 investors. USCIS allows EB-5 investors to invest in a project and to file their Form I-526E petitions once a project has filed Form I-956F. The project’s Form I-956F does not need to be approved at that time.
Without Form I-956F approval, however, the project may still be denied by USCIS. If that were to happen, all EB-5 investors in that project who have filed Form I-526E may receive RFEs. More likely, these investors will receive notices of intent to deny (NOIDs) and will probably have their immigrant petitions denied.
You can easily eliminate this risk simply by investing in an EB-5 project that already has Form I-956F approval.
According to EB5AN’s Sam Silverman, “A regional center’s history of Form I-956F approvals is a crucial indicator of success under the EB-5 program’s current rules. Investing in a project without Form I-956F approval can create uncertainty for investors. Investors can easily avoid this risk by choosing a project that has already been approved by USCIS. If you cannot find a project you like that has Form I-956F approval, investigate the regional center sponsor. If the regional center has an excellent track record of Form I-956F approvals, the project is more likely to be approved.”
What Is Your Regional Center’s History of Form I-956F Approvals?
Before investing in an EB-5 project, you need to know whether the project has received Form I-956F approval from USCIS. But beyond this, you really should look at the regional center operator’s entire record as well. Knowing whether the regional center has a history of Form I-956F approvals is critical.
Form I-956F was released on June 2, 2022. Now, about two years later, many regional center operators still have few—if any—Form I-956F approvals. Other regional centers have even received extensive RFEs for their Form I-956F submissions. Before investing in a project, you should ask whether the regional center has received any RFEs or NOIDs from USCIS for any of its projects.
If a regional center operator has few Form I-956F approvals or has received RFEs or NOIDs, this may show that it does not have a good understanding of the EB-5 program and current USCIS policies. Investing in a project sponsored by a regional center like this could put your immigration goals and EB-5 funds at risk.
Instead, you should look for an experienced regional center operator with a record of sponsoring successful EB-5 projects. The regional center should have a history of receiving USCIS approvals, including several Form I-956F approvals.
EB5AN’s track record of success enables you to invest with confidence, knowing that your I-526E petition will likely be approved without additional delays. If you would like to learn more about our regional center projects, we invite you to schedule a free consultation.
