Cutoff date appears for Chinese EB-5 visa petitioners for first time

I predicted late last year that the U.S. Department of State would issue a cutoff date for EB-5 visa petitioners from China sometime this spring.  The department did not disappoint.
The May Visa Bulletin establishes a cutoff date for Chinese EB-5 petitioners of May 1, 2013.
What does this mean?  According to the Visa Bulletin:
"Heavy applicant demand has required the implementation of an Employment Fifth preference cut-off date to hold number use within the maximum level of numbers which may be made available for use by such applicants during FY-2015. No specific prediction regarding movement of this date is possible at present. Future visa availability will depend on a combination of demand for numbers being reported each month, and the extent to which otherwise unused numbers may become available. An increase in visa demand by applicants with relatively early priority dates COULD make necessary a retrogression of this cut-off date prior to the end of the fiscal year; retrogression is NOT being predicted but it cannot be ruled out. It is extremely likely that this category will remain subject to a cut-off date indefinitely."
So, suddenly there are no EB-5 visas for Chinese who filed their I-526 petitions after May 1, 2013!
I am afraid the nightmare scenario is here.

There are a few bad apples in any EB-5 barrel

See:

http://www.sec.gov/litigation/litreleases/2014/lr23077.htm

EB-5 visas for Chinese likely will see delays in availability in FY2015

While the Visa Bulletin shows that EB-5 immigrant visas are "current" for September, it is widely believed that this immigrant visa category will "retrogress" and that there will be delays in availability of EB-5 immigrant visas for Chinese in federal Fiscal Year 2015, which begins October 1.
No one knows how long the delay -- when it occurs -- will be.  During the first few months of the fiscal year, I would guess that there will be no delays.  But as we get further into the fiscal year, I expect to see delays in availability of a few months.

Fortune slams EB-5 Program

See:

http://tinyurl.com/pwt886u

This is a hatchet job, in my humble opinion.  Where there is a lot of money, you will find some scam artists and charlatans and just plain crooks.

My white paper on USCIS expedite criteria at ILW.com

http://tinyurl.com/kgq2n32

Pleased to see the number one EB-5 lawyer get his say

Tom Rosenfeld has been featured in an interview by the online magazine, EB5investors.com.  I am so pleased because he is THE MAN aka the number one EB-5 lawyer in the world.

http://tinyurl.com/oen335k

Please read it and take it to heart.  Tom knows what he is talking about.

Senate panel seeking information about regional center projects

Sen. Tom A. Coburn (R-OK), ranking member on the Senate Committee on Homeland Security and Governmental Affairs, has sent letters to approved regional centers asking for a lot of information that goes far beyond the scope of the annual audit (Form I-924A).
For example, the letter seeks information about any fees charged to EB-5 investor visa applicants and received by the regional center, including amount and description, a list of any current and former corporate officers of the regional center, including title, position and dates of employment, and the name and address of any individual or entity -- either foreign or domestic -- that the regional center has an agreement with to provide legal, accounting, recruiting or consulting services, as well as a description of the service provided.
I'm not sure why Sen. Coburn wants all of this information or what he and his committee would do if or when they got it.  Most members of Congress see the EB-5 Program as a benefit for their constituents in states that have regional centers.  True, there have been some problems.  EB-5 attracts crooks and scam artists -- and EB-5 lawyer and consultant wannabes -- because there is a lot of money involved.  But EB-5 is no more full of fraud and abuse than any other visa program run by USCIS.
In fact, a lot of projects -- some completed, some ongoing -- are creating thousands of jobs in the United States for hard-working Americans.  When I find out what's going on, I'll let you know.