CanAm is an integrated, multinational investment management firm that specializes in immigration-linked investment funds and private equity. With over three decades of experience, CanAm’s strategic approach to utilizing investor capital and managing risk has raised over $3 billion in private placement funds. Headquartered in New York City with offices in China, Vietnam, India, and Singapore, CanAm is proud to serve a domestic and international community of investors.
Dear Limited Partner:
As you may know, the EB-5 Regional Center Program (the “Program”) will sunset at the end of the day on June 30, 2021 due to a lapse in Congressional authorization to continue the Program. We understand that you may be wondering about the impact of this lapse on your immigration status, and we hope this letter helps alleviate some of your concerns.
While USCIS has yet to issue formal guidance regarding its intended treatment of regional center-affiliated EB-5 petitions during the current lapse, USCIS is very likely to put pending cases on hold (e.g., in abeyance) until the Program is reauthorized. We note that the Program has been extended more than 15 times since its launch in 1992 in both long-term and short-term intervals and typically with broad bi-partisan support in Congress. During the most recent short-term Program lapse from December 22, 2018-January 25, 2019, for example, USCIS published a notice (access here) indicating that any pending I-526 Petitions will be “put on hold” until further notice (e.g., until the next reauthorization) and that it will continue to accept and process all I-829 Petitions. Notably, USCIS did not begin denying, revoking, or terminating any immigration benefits during the December 2018 lapse (or during any of the prior lapses). Moreover, Senate Majority Leader Schumer’s office reached out to USCIS earlier this month and obtained verbal confirmation that it would proceed the same in the event that the Program lapsed. Therefore, consistent with USCIS’s recent precedent and verbal representations, CanAm fully expects USCIS to preserve the status quo during the current Program lapse and not jeopardize investors’ immigration status. As always, we will share any information/guidance provided by USCIS when it becomes available.
We also wish to reassure you that CanAm is working closely with leading EB-5 industry groups to push for the reauthorization of the Program as soon as possible and that these efforts are already underway. This includes outreach to the broader EB-5 stakeholder community and direct advocacy to key members of Congress. It is anticipated that an amendment to reauthorize the EB-5 Program will be attached to other legislative proposals much as it has in the past, such as a potential infrastructure bill or the Continuing Resolution, which authorizes the annual federal budget. While we acknowledge that there are different perspectives regarding potential reforms to the Program, we note that there is virtually no disagreement within the EB-5 industry and strong bi-partisan support in Congress that the Program should continue. We therefore strongly believe that Program reauthorization is a matter of “when” not “if.”
We know that you must have questions regarding the impacts of the short-term Program lapse on your status. We anticipate the USCIS will issue guidance in the coming days, and once that is in hard, we intend to host a webinar so that we may better address your concerns and share with you any additional news we may have. We thank you for your patience as these events are quickly developing. In the meanwhile, please refer to the IIUSA Frequently Asked Questions regarding the Program reauthorization, attached.
We will continue to advocate for a long-term extension of the EB-5 Program and engage in bi-partisan efforts to implement meaningful reforms. Our number one priority has always been, and will remain, to serve our investors and help them fulfill their immigration and financial goals. We will provide additional details regarding the EB-5 Program as they become available. Should you have any questions, please contact our Investor Relations Department at IR@canamenterprises.com.
President and CEO
CanAm Enterprises, LLC