USCIS extends the term of the Green Cards of the EB-5 Program to 48 months after expiration
The increase in the number of interested parties has forced the institution to improve processing times, which is why they have granted a longer extension period after expiration.
The United States Citizenship and Immigration Service announced that it will extend the validity period of permanent residence permits to people who have presented forms I-829 and I-751 48 months after the expiration date of the card
According to USCIS, the change is “to accommodate current processing times for Form I-751 and Form I-829, which have increased over the past year.” The entity updated the information in the notices of receipt of both forms so that the change would be reflected in those with newly filed forms. However, the announcement has received mixed reactions in the EB-5 community.
“While we prefer that USCIS expedite the processing times for your I-829, this new 48-month extension alleviates the issues EB-5 investors face in proving lawful permanent status for employment and travel without needing to obtain a permit. new I-551 permanent resident status stamp annually while the I-829 petition remains pending,” said Christian Triantaphyllis, partner at Jackson Walker LLP.
USCIS Issues Extensions for Green Card Holders
The US State institution announced that it will again give notice to eligible conditional permanent residents who have already received notices that have a reduced length. Receipt notices can be submitted with an expired Green Card as proof of continued status, as the case is still pending with USCIS.
This allows petitioners to remain authorized to work and travel for 48 months from the expiration date on the expired residence card.
Mona Shah, managing partner of Mona Shah & Associates Global, said her I-829 investors have experienced “inconvenience, frustration and hardship.” She says the firm is constantly getting calls asking if they should file a Writ of Mandamus petition.
“Some examples of the annoyances? One of them is: since there is no Green Card, some loans are not available. An investor was fired because his company did not recognize his status; another is the nightmare scenario when traveling,” he said.
EB-5 Visa Processing Times
USCIS also announced that conditional permanent residents who plan to travel outside the United States for a year or more will need to apply for a reentry permit by filing Form I-141 before they leave.
“We are certainly pleased to see longer receipt notices being issued, but at the same time we are disturbed,” Shah says. “Does this mean it will take USCIS four years to adjudicate the I-829s or is it a temporary situation until the backlogs are cleared? We certainly hope it’s the latter.”
Triantaphyllis, for his part, says he hopes the 48-month period gives the agency adequate time to adjudicate the I-829 petition “before an EB-5 investor and their dependents need to obtain other extension stamps at an office.” USCIS location.
Closing out the dialogue, Meyer asserts that the USCIS move “does not bode well for those of us who have the eternal hope that USCIS can improve their processing times,” adding that the agency is “essentially admitting what it already We know that they cannot carry out their work in a reasonable time”.
Investing in BAI Capital is investing in the United States
With a presence in the real estate sector in the states of Florida, Texas and New York, BAI Capital specializes in generating value from land acquisition to the development of mixed-use projects. Such as residences for the elderly, student residences, multifamily buildings for rentals and mixed use that include condos and retail.
Our mission is to safeguard the capital of the partners and the own capital under the minimum risk exposure. With a safe development and going through all the stages. Purchase of land, adjustment of urban zoning, commercial vision in architectural development and management of building permits. Then, we take charge of the capitalization, construction and exit with return of the capital and profits to the partners.
In this way, we guarantee fixed and stable returns for our client portfolio. In addition to having a confidential work protocol with encrypted web forms. Use of protected personal data and private meetings with our agents throughout Latin America.
You already know how to invest and obtain a Green Card in the USA as a foreigner. If you are looking to protect your capital from inflation through investments with returns in dollars, or invest in projects that qualify for the EB-5 investor visa to get a Green Card, complete our form and an agent will contact you.
