EB-5 Biz Groups Sue Feds Over New Investment Restrictions
Law360 (March 2, 2021, 9:09 PM EST) -- A group of businesses that raise money from foreign investors seeking visas through the EB-5 program sued the government in D.C. federal court Tuesday in a bid to block a new policy that restricts the redeployment of EB-5 investment funds to certain preapproved geographic areas.
In a 59-page complaint, eight U.S. Citizenship and Immigration Services-designated regional centers and nearly two dozen businesses argued that as a result of the new policy, businesses that work within the EB-5 program now find themselves violating the rule retroactively despite their efforts to comply, and immigrants could lose their green cards as a result.
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