Investor Immigrants File Class Action Over New EB-5 Rules
Law360, New York (June 24, 2015, 4:06 PM EDT) -- Two potential immigrant investors filed a proposed class action in D.C. federal court Tuesday accusing U.S. immigration authorities of improperly denying their visa applications under the EB-5 program by retroactively applying a new, more stringent collateralization standard to their investment.
Huashan Zhang and Masayuki Hagiwara contend that even though they complied with capital investment requirements under the EB-5 Immigrant Investor Program, U.S. Citizenship and Immigration Services still denied their bids for green cards on the sole basis that the cash they invested was obtained through loans and therefore represented indebtedness, which didn't qualify as capital.
USCIS, they say, changed its policy...
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