Carolyn Lee Interviewed by Bloomberg Law on EB-5
June 8, 2020
Bloomberg Law sought Carolyn’s insights on the impact of Covid-19 induced changes to the economy on EB-5 visas.
In the piece published today, Carolyn explains the impact of consular closures to the EB-5 visa category’s annual visa allocation. Bloomberg reports:
The EB-5 program hit an impasse after consulates around the globe closed in March to curb the spread of the coronavirus, said Carolyn Lee, an Ithaca, N.Y.-based immigration attorney who specializes in the program, which assigns about 10,000 employment-based green cards annually.
“This year we stand to lose thousands of the precious visa numbers,” Lee said, explaining that unclaimed EB-5 visas at the end of a fiscal year are redistributed to other employment-based green card categories for the next year. “It’s really a tragedy.”
Carolyn also discusses the impact to EB-5 projects, potentially facing “material changes” to their business plan:
Although construction is classified as an essential business, Covid-19 has, at times, resulted in work stoppages. The pandemic has also led to significant dips in operational revenue for the businesses created, Lee said.
“If an EB-5 project’s business plan required ongoing construction and resulting job creation within a certain time frame, which can’t now be done, it’s worrying,” she added. Those delays could qualify as a “material change” to the business plan, and USCIS deems material changes as a reason to revoke EB-5 petitions.
For the slide deck to Carolyn Lee PLLC’s webinar on Covid-19 and EB-5 Material Change, click here.
For a video of the webinar on Youtube, click here.