Nov 10, 2017
Why EB-1 and EB-3 Might Not Work as EB-5 Substitutes: Green and Spiegel’s Matthew Galati Co-Authors Chinese-Language Article with CanAm’s Walter Gindin for EB-5 Investors Magazine
Manager of Green and Spiegel’s U.S. Investors and Entrepreneurs Division, Matthew Galati recently co-authored an article for EB-5 Investors Magazine, with CanAm Enterprises’ Director, In-house Immigration Counsel, Walter Gindin. The article, published in the Chinese language edition of the magazine is entitled “Why EB-1 and EB-3 might not work as EB-5 substitutes”.
In this article, Galati and Gindin discuss why the proffered alternatives for the backlogged EB-5 visa are not exact substitutes and how potential investors should be aware of the fundamental characteristics of each visa before choosing to utilize them for immigration.
Gindin and Galati suggest that the only true countermeasure for the significant backlog is to overhaul the EB-5 visa allocation process, preferably through Congress.
In the article, the two investment immigration attorneys analyze they key characteristics of the EB-1C and EB-3 visas. Specifically, they discuss the potential pitfalls for investors seeking to immigrate to the U.S. using these options and argue that they cannot be scaled or commoditized like the EB-5 visa. The two cover at great length the eligibility requirements that must be satisfied for each, which would generally disqualify many applicants that might otherwise qualify as EB-5 petitioners.
Galati and Gindin thoroughly detail the effects of Chinese EB-5 retrogression and advocate for substantial Congressional reform. They note that despite Congressional gridlock, the Department of State could amend its regulations to alter the way visas are currently allocated among principal and derivative applicants. Ultimately, the authors believe that the political likelihood of regulatory change is unclear, however, given the mixed signals sent by the Trump Administration on immigration reforms.
Founded in 1962, Green and Spiegel is one of North America’s oldest and largest immigration law firms, assisting entrepreneurially-minded immigrants achieve their immigration goals for over five decades. Led by five partners. 17 associates and a supporting team of over 100 individuals, the Firm offers solutions for the U.S. EB-5 Immigrant Investor Program, as well as representation for Canada’s Quebec Immigrant Investor Program (QIIP) and Provincial Nominee Programs (PNPs). Green and Spiegel also assists investors seeking immigration benefits in Grenada, Antigua and Barbuda, Spain, and Portugal.
CanAm Enterprises, LLC (CanAm), has more than 30 years of experience in promoting and administering private and government immigration-linked investment funds. In 1987, CanAm had its beginning in Canada’s Business Immigrant Investment Program (BIIP). Beginning in 2002, CanAm shifted its focus to the U.S. EB-5 Immigrant Investor Program. Since then, it has had designated or reaffirmed seven Regional Centers that have cumulatively raised more than $2.5 billion in EB-5 capital for 54 projects, representing over 5,000 immigrant investor families.