专家详细解读EB-5改革新提案 Ron Klasko版,美国地产微信公众号文章

6月4日，美国参议院委员会司法委员会高级参议员Patrick J. Leahy，代表他及主席Charles E. Grassley提出，名为：To promote and reform foreign capital investment and job creation in American communities （促进和改革外国投资和美国就业创造）的EB-5改革，S1501提案。

前天发的文章，是源自于GT律所对于提案主要条款的快速粗略解读。今天来看下，另外两位律师的解读。由于，两位律师解读在某些地方还是有些出入的，还是时间的关系吧，都还能来得及完全统一一致，所以今天EB5Sir把这两篇文章，分开发，非常建议朋友们两篇文章都能读下。

这里的这篇是Ron Klasko律师的，由业内朋友Dora义务翻译，特此感谢。今天另外一篇Mona Shah律师的解读，请进微信号查看。

对EB-5再授权法案的简要分析

美国参议员司法委员会主席Charles Grassley和参议员Patrick Leahy共同提出了一项针对投资移民项目EB-5延期和改革的两党提案。原法案将于2015年9月30日到期。该提案将使EB-5区域中心计划延长五年，但改革涉及了很多关键方面。我们会在稍后提供此提案的深入分析，以下是所总结提案要点：

投资金额

1. TEA（目标就业区域）项目的最低投资额将上涨至80万美元，非TEA项目的投资额将上涨至120万美元。

2. 最低投资金额可以根据规定进行修改，并每五年会根据消费者价格指数（CPI）自动调整。

3. TEA项目的最低投资额不得少于非TEA项目最低投资额的1/2，也不得超过非TEA项目最低投资额的3/4。

目标就业区

4. TEA的定义修改为：包括失业率为全国平均失业率150%的单一人口统计区域，一个关闭的军事基地，或农村地区。农村地区的定义没有改变。

EB5Sir注：这是一个非常大的变更，而且非常要命，有两点：

首先，非常要命的是，在城市地区，以前EB-5项目可以用各种方式，把周边高失业的人口统计区拉进来一起做高失业率，现在只允许一个人口统计区，显然会使得在大城市大EB-5项目几乎会消亡殆尽。

很奇怪，如何限定一个项目只能用一个人口统计指数，我造高速大桥，就得跨多区域呢？

就现在了解到的情况，起码纽约的区域中心已经在启动，积极准备游说抵制了。

其次，新加了，关闭的军事基地，这是好事。

5. 如果TEA位于大都市统计区或组合统计区，项目用于计算的就业至少要有50%必须在这个大都市统计区或组合统计区里。如果TEA是在大都市统计区或组合统计区之外，那么至少50%的工作必须是在TEA所在的郡创造。如果不是这样，总的就业数量将被减少，直到满足50%的门槛。

就业创造

6. 隶属于一个区域中心的商业企业的投资者，所使用的间接就业数最高可以到90%的就业需求。还不清楚这是否意味着新的商业企业一定要要有直接雇员，或者按经济模型RIMS II或IMPLAN计算出来的经济上的直接就业。这标志着与现行法律有了一个重大的变化。

7. 即使非EB-5资金的占比超过总投资额的30%，非EB-5资金所产生的就业最多也只能占总就业的30%。这又是一个与现行操作不同的明显的变化。

EB5Sir注：这也是一个非常非常大的变化，按照现在做法，理论上来讲EB-5资金只占比5%甚至更小都可以。现在新的条款，明显限制了使用非EB-5资金的范围。当然，EB-5最低投资款高了，就业也更容易产生，也许实际操作不会有太大影响。暂时还想不明白。。。

8. EB-5投资者可以使用BEA认可的经济模型和有效预测工具。我们认为这意味着至少是RIMS II。

审理过程变化

9. 项目的范本申请和预审批将是强制性的。

10. 提案设置了一个处理预审批的上限时间为120天，并允许通过收取额外费用而加速审批。

11. 处理I-526申请的平均时间被限为150天，I-829的审理时间被限制为180天。

EB5Sir注：I-924的范本审批倒是好事，也许可以加快整个审批流程。当然，前提是能解决排期的问题，否则快了没意义。

资金来源

12. 管理费必须要证明其合法来源

13. 强制要求投资者7年的税收记录。

14. 资金赠与只能来自于配偶、父母、子女、兄弟姐妹或者祖父母。

15. 抵押贷款的抵押物必须完全由申请人拥有。注意，这一部分的定义有些模糊，对从资本负债和从基础贷款获得的现金仍有一些疑惑。

16. 贷款必须通过有信誉的银行或贷款机构取得，这些贷款机构必须是由州、区域或国家法律或使用的法律裁定来认定。何为“有信誉”必须通过咨询相关的商业和政府数据库，包括外国资产控制办公室（OFAC），TFFC，和FinCEN决定。

EB5Sir注：这里又是要命条款，不知道有几个中国投资者能拿出税单的，非大企业高管的话，难道以后都没法做EB-5了吗？

并行提交和子女超龄

17. 如果签证有名额，可以同时提交I-526申请和I-485转换身份的申请。

18. 在某些情况下，已取得有条件绿卡的投资者，其子女的I-829申请根据INA 216A被拒，可以在随后递交的I-526申请里，保持EB-5投资者家属“孩子”的身份。

EB5Sir注：这句话没看懂，推荐大家看下英文原文，或者找下提案条款，这里和Mona Shah律师的文章里一样的条款。弄明白的也请微信留言告诉我。是说子女年龄可以被锁定在早先一份已经被拒的EB-5申请吗？

区域中心监管和合规

19. 提案增加了主要报告、自我认证和合规要求，并要求每个区域中心每年增加20,000美元的费用，用以支持一个EB-5诚信基金，此基金将用于在美国和海外进行审计、现场考察和调查。

20. 提案授权USCIS可暂停、终止和惩罚区域中心和隶属于区域中心的新商业企业，并提供广泛的权力可以永久禁止某个个人参与EB-5项目。

21. 提案要求EB-5的推广者进行注册，并允许USCIS设置行为准则，甚至设定了推广费用的限制。

22. 提案要求证券法合规、合规认证和维护政策和程序，以确保隶属于区域中心或新商业企业（广泛定义包括律师、推广方和其他）的各方都合规。

23. 提案为拒绝或撤销区域中心的批准，项目批准，投资者申请批准，甚至永久居留权批准提供了各种各样的证据。对拒绝和撤回的所有证据几乎都可以由国土安全部部长自由决定。广泛的自由裁量权和宽松的标准似乎引起了严肃的正当程序问题，并威胁破坏了有意愿使用EB-5作为资金来源的项目和开发商所需的可预见性和稳定性。

24. 如果一个区域中心或新商业企业终止，已经获得有条件居住权的投资者可以转到一个新的区域中心，在一个新的商业企业做新的投资，或通过隶属于不同的区域中心的一个新商业企业做投资。两年的有条件居住计划将重新开始。

25. 如果两年有条件居住期在投资者获得有条件居住之前结束（想必是由于配额积压），投资者可以申请I-829，如果得到批准，可以以永久居民身份进入美国。

EB5Sir注：上面这句话很拗口，个人理解是：在I-526获批之后的2年时间过了，但是由于排期没有拿到有条件绿卡（在等在美国之外），这时候可以去递I-829，获批后拿无条件的绿卡进入美国。这点是好消息。第一，先不用去美国居住。第二，I-526获批之后直接开始计算I-829的两年了，不用受排期耽搁。

26. 区域中心和新商业企业负责人必须是美国的永久居民或美国公民。如果区域中心和新商业企业负责人以前有过证券违法行为或者各种欺诈的民事或刑事判决、欺骗、证券违法行为，或是曾受到纪律管制的律师，那么都是不合格的。

生效日期

27. 在通常情况下，提案似乎是在发布之日起生效。不过，有些关于TEA定义的变化和最低投资金额变化的章节，将不会适用于在实施之日前，已经获批的项目或已递交范本申请的项目。因此，强烈建议当前的项目尽快递交范范本预审批。

EB5Sir注：这个可以解读为，一旦一个项目只要在法案生效前（假设为9月30日）递交了I-924的范本认证（或者有投资者已经递交了I-526申请），那么这个项目就能继续维持现有的TEA定义和最低50万美元的投资款要求。

总之，此提案对现行的EB-5变更很大，提案显示出一定程度的模糊性和不确定性。很明显，在城市里的项目将因为TEA指定方式的改变而收到严重影响。同样明显的是，如果该提案通过，运营一个区域中心将需要区域中心负责人更多的承诺。

原文作者：Ron Klasko律师，原文网站：eb5immigration.com。

Brief Analysis of EB-5 Reauthorization Bill
_____________________________________________________________

Senators Charles Grassley and Patrick Leahy have introduced a bi-partisan bill to extend and significantly amend the Immigrant Investor Program, which is currently set to expire on September 30, 2015. The bill would extend the EB-5 regional center program for a period of five years, but changes many key aspects of the program. We will provide in depth analysis of the Bill at a later date, but the following is a summary of the proposed changes.

Investment Amount

The minimum investment amount will increase to $800,000 for investments in a Targeted Employment Area (TEA), and $1.2 million for investments not in a TEA.
The minimum investment amount can be amended by regulation, and will automatically adjust in proportion to the Consumer Price Index every five years.
The minimum investment in a TEA cannot be less than half, nor more than three-quarters of the non-TEA minimum.

Targeted Employment Area

The definition of a TEA has been amended to include an area consisting of a single census tract that has 150% of the national average unemployment rate, a closed military base, or a rural area. The definition of a rural area has not changed.
For TEAs in a Metropolitan Statistical Area or Combined Statistical Area, at least 50% of a project’s job creation must be within that Metropolitan Statistical Area or Combined Statistical Area to be counted. If the TEA is outside of a Metropolitan Statistical Area or Combined Statistical Area, then at least 50% of the jobs must be created within the county in which the TEA is located. If not, the total number of jobs will be reduced until the 50% threshold is met.

Job Creation

An investor in a commercial enterprise affiliated with a regional center can use jobs predicted to be created indirectly to satisfy up to 90% of the job creation requirement. It is not clear if that means that the NCE must have direct employees, or economically direct employees, as calculated by an economic model such as RIMS II or IMPLAN can be counted. This represents a significant departure from the current law.
A maximum of 30% of the total jobs that are created can be created as a result of non-EB-5 investment, even if the non-EB-5 investment represents more than 30% of the project’s funding. This is a significant change from current practice.
EB-5 investors can use economic models and valid forecasting tools that are accepted by the BEA. We presume this means at least RIMS II.

Changes in Processing

Exemplar filings and pre-approval of projects are mandatory.
The Bill sets a limit of 120 days on average for the processing of exemplars, and allows for premium processing with an additional fee.
Processing times for an I-526 petition are limited to 150 days, on average, and I-829 processing is limited to 180 days.

Source of Funds

Administrative fees must be sourced.
7 years of tax returns mandatory for investors.
Gifted funds can only be used for EB-5 investments if gifted by a spouse, parent, child, sibling, or grandparent.
Capital based on loans to be collateralized on investor’s personal assets. Note, the language at this section is vague and there is still some confusion on capital as indebtedness and capital as cash obtained from an underlying loan.
Loans must be obtained by a reputable bank or lending institution that is properly chartered of licensed under laws of state, territory, or country, or applicable jurisdiction. “Reputability” determined by consulting relevant commercial and government databases, including OFAC, TFFC, and FinCEN.

Concurrent Filing and Age-Outs

Concurrent filing of I-526 petition and I-485 adjustment application if a visa number is immediately available.
In certain cases, conditional residents who obtained such status as the derivative child of an EB-5 investor, whose I-829 is denied under INA 216A, can remain a derivative “child” of the EB-5 investor in a subsequently filed I-526 petition.

Regional Center Oversight and Compliance

The Bill adds major reporting, self certification, and compliance requirements, and adds a $20,000 per year fee to each regional center to support an EB-5 integrity fund, which will be used for audits, site visits, and investigations, both in the U.S. and abroad.
The Bill gives USCIS the authority to suspend, terminate and fine regional centers and NCEs affiliated with regional centers, and gives broad authority to permanently bar individuals from participating in the program.
The bill creates a registration requirement for promoters of EB-5 projects, and purports to allow USCIS to set standards of conduct, and even place limitations on fee arrangements.
The Bill requires compliance with securities laws, certification of compliance, and maintenance of policies and procedures for ensuring the compliance of parties affiliated with the regional center or NCE (defined broadly to include attorneys, promoters, and others).
The Bill provides a wide variety of grounds for the denial or revocation of a regional center approval, project approval, investor petition approval, or even permanent residence. Almost all grounds for denial or revocation are within the unreviewable discretion of the Secretary of DHS, and many can be based on the Secretary’s reasonable belief that the affected party has committed an offense. The broad discretion and loose standards appear to raise serious due process concerns, and threaten to undermine the predictability and stability needed for projects and developers to be willing to use the EB-5 program as a source of funding.
If a regional center or NCE is terminated, investors that have already obtained conditional residence can either affiliate with an new regional center, make a new investment in a new NCE, or make a new investment through an NCE affiliated with a different regional center. The two year conditional residence program would start over.
If the two year conditional residence period elapses before the investor obtains conditional residence (presumably due to quota backlogs), the investor can file an I-829 and, if approved, can enter the U.S. as an unconditional resident when able.
Regional center and NCE principals must be permanent residents or nationals of the U.S. and are not eligible if they have previous securities violations or various civil or criminal judgments for fraud, deceit, securities violations, or have been subject to discipline as an attorney.

Effective Dates

The Bill appears to be effective on the date of enactment in most cases. Certain sections relating to changes in TEA status and minimum investment amount would not apply to projects with an approved or pending exemplar on the date of enactment. Therefore, it is highly recommended that current projects file exemplar petitions as soon as possible.

In summary, the changes to the EB-5 Program effected by this Bill are sweeping, and the Bill presents a fair level of ambiguity and uncertainty. It is clear that projects in urban areas stand to be severely affected by the changes in the way TEAs are designated. It is also clear that operating a regional center will require significantly more of a commitment by regional center principals if this Bill is passed as is.

来源：本文来自EB-5美国移民投资一点通

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