Tuesday, October 30, 2012
Why so long?
USCIS processing times were released, and the California Service Center reported that it takes eight months to process an I-526 petition by an EB-5 alien investor. Eight months! I know for a fact it is taking CSC longer -- in many cases more than a year -- to process I-526 petitions.
Eight months or more is disgraceful!
CSC reported that it takes one month to process an L-1 (intracompany transferee) visa cases and two months to process an E-2 (treaty investor) case.
There is $500,000 minimum behind each I-526 petition that could be invested in an American business and create jobs, but USCIS seems quite comfortable to drag its feet.
A former USCIS employee told me that the more employees USCIS trains and devotes to a given type of visa case, the longer the processing time. That's counter-intuitive, but it is so true.
Saturday, October 20, 2012
OFAC licenses no longer required for Iranian EB-5 investors
When they are published Monday, Oct. 22, new federal Iranian Transaction and Sanctions Regulations will no longer require licenses from the Office of Foreign Assets Control (OFAC) giving permission for Iranian investors to transfer funds to the United States from Iran.
I am still studying the new regulations, but they do say, in pertinent part:
"U.S. persons are authorized to engage in all transactions necessary to export financial services to Iran in connection with an individual's application for a non-immigrant visa under category E-2 (treaty investor) or an immigrant visa under category EB-5 (immigrant investor), provided that any transfer of funds pursuant to the authorization set forth in this paragraph is effected in accordance with [section] 560.516.
"In the event services are exported under [the] paragraph [above] ... in connection with an application for an E-2 or EB-5 visa that is denied, withdrawn, or otherwise does not result in the issuance of such visa, U.S. persons are authorized to transfer, in a lump sum back to Iran or to a third country, any funds belonging to the applicant that are held in an escrow account during the pendency of, and in connection with, said visa application, provided that any transfer of funds pursuant to the authorization set forth in this paragraph is effected in accordance with [section] 560.516."
Section 560.516 states:
"United States depository institutions are authorized to process transfers of funds to or from Iran, or for the direct or indirect benefit of persons in Iran or the Government of Iran, if the transfer arises from, and is ordinarily incident and necessary to give effect to, an underlying transaction that has been authorized by a specific or general license issued pursuant to, or set forth in, this part and does not involve debiting or crediting an Iranian account.
"U.S. registered brokers or dealers in securities are authorized to process transfers of funds to or from Iran, or for the direct or indirect benefit of persons in Iran or the Government of Iran, if the transfer arises from, and is ordinarily incident and necessary to give effect to, an underlying transaction that has been authorized by a specific or general license issued pursuant to, or set forth in, this part and does not involve debiting or crediting an Iranian account."
I am still studying these new regulations (which run to 193 pages, by the way) but they appear to allow an EB-5 investment project to obtain a general license, which would obviate the need for specific OFAC licenses for Iranian EB-5 investors.
I will write more about this startling event later after I have digested all of the regulations. If the regulations are evidence of a policy shift on Iranian sanctions, it appears that the federal government wants to extend a friendly hand to private investors (most of whom love America) while getting tougher on the Iranian government. Another factor is that OFAC licenses are taking more than six months to get from Treasury. When I got my first one in 2009, it took two weeks.
I am still studying the new regulations, but they do say, in pertinent part:
"U.S. persons are authorized to engage in all transactions necessary to export financial services to Iran in connection with an individual's application for a non-immigrant visa under category E-2 (treaty investor) or an immigrant visa under category EB-5 (immigrant investor), provided that any transfer of funds pursuant to the authorization set forth in this paragraph is effected in accordance with [section] 560.516.
"In the event services are exported under [the] paragraph [above] ... in connection with an application for an E-2 or EB-5 visa that is denied, withdrawn, or otherwise does not result in the issuance of such visa, U.S. persons are authorized to transfer, in a lump sum back to Iran or to a third country, any funds belonging to the applicant that are held in an escrow account during the pendency of, and in connection with, said visa application, provided that any transfer of funds pursuant to the authorization set forth in this paragraph is effected in accordance with [section] 560.516."
Section 560.516 states:
"United States depository institutions are authorized to process transfers of funds to or from Iran, or for the direct or indirect benefit of persons in Iran or the Government of Iran, if the transfer arises from, and is ordinarily incident and necessary to give effect to, an underlying transaction that has been authorized by a specific or general license issued pursuant to, or set forth in, this part and does not involve debiting or crediting an Iranian account.
"U.S. registered brokers or dealers in securities are authorized to process transfers of funds to or from Iran, or for the direct or indirect benefit of persons in Iran or the Government of Iran, if the transfer arises from, and is ordinarily incident and necessary to give effect to, an underlying transaction that has been authorized by a specific or general license issued pursuant to, or set forth in, this part and does not involve debiting or crediting an Iranian account."
I am still studying these new regulations (which run to 193 pages, by the way) but they appear to allow an EB-5 investment project to obtain a general license, which would obviate the need for specific OFAC licenses for Iranian EB-5 investors.
I will write more about this startling event later after I have digested all of the regulations. If the regulations are evidence of a policy shift on Iranian sanctions, it appears that the federal government wants to extend a friendly hand to private investors (most of whom love America) while getting tougher on the Iranian government. Another factor is that OFAC licenses are taking more than six months to get from Treasury. When I got my first one in 2009, it took two weeks.
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