新备忘录出炉：就业创造和投资维持｜EB-5重磅,美国EB5一点通微信公众号文章

2015年8月10日，移民局对于，因排期而造成的EB-5战线拉长之后，就业创造和投资维持的审案政策，出台了一份草案：就业创造及持续投资之政策备忘录｜草案回顾。

快两年了，我们一直在期待，移民局的正式政策出台。就在昨天，6月14日，移民局正式公告了，该项政策发布在了审案备忘录中。

关于在当前的审案备忘录中发布更新内容，和以前移民局发布新版本的做法，套用当前互联网的产品发布方式就是，5年前的软件是几年发一个新版本，现在是小步迭代的方式发布新产品，微信一个月更新几次，现在移民局的做法，基本就是如此，如果有新的审案政策，就一并更新到16年11月30日推出的那个审案备忘录里（参考阅读：新葵花宝典来了，移民局发布审案手册｜EB-5快讯）。

现在，EB5Sir就根据个人理解，来简单解读下，移民局现在已经明确的新政策。

I. 就业创造

就业创造，同移民局15.8.10的草案，明确为，就业不需要维持到I-829递交时。

见第五章，解除条件部分：

In making the determination as to whether or not the immigrant investor has created the requisite number of jobs, USCIS does not require that the jobs still be in existence at the time of the petition to remove conditions adjudication in order to be credited to the investor. Instead, the job creation requirement is met if the investor can show that at least 10 full-time jobs for qualifying employees were created by the new commercial enterprise as a result of his or her investment and such jobs were considered to be permanent jobs when created.

上文就不翻译了，意思很明确，就是只要证明就业创造出了就行，而不需要在递交I-829的时候，还要证明就业还在。个人感觉，应该是同样适合，区域中心和非区域中心的模式。当然，非区域中心模式下，如何递交相关文件，留给专家来考虑。

II. 投资维持

这次文件更新，主要在投资维持部分，今天EB5Sir也来重点谈下个人理解。

1. 再投资要求

先来看15.8.10草案，移民局对于区域中心项目的再投资（Reployment），含混不清，唯一提到的地方是（第七页）：

However, if the investment was directed to a job-creating entity undertaking the project presented in the initial filing, the requisite number of jobs were created according to the plan presented with the Form I-526, and the loan made to the job- creating entity was repaid to the new commercial enterprise, the new commercial enterprise may redeploy such repaid capital in another “at risk” activity without causing the petition to be denied or revoked. In that instance, the redeployment of investment funds would not be considered a material change because the facts related to the petitioner’s eligibility, based upon which the petition was filed, did not change or deviate from the business plan.

草案的态度是，如果你还没获得临时绿卡，但是你已经创造出就业的话，你可以再投资，我不会回过头来拒你的I-526。

不过，虽然移民局没有明确，一定要求再投资，但是考虑到排期因数造成的I-829递交时间延迟，再投资的业务逻辑是不可避免的。

在此次17.6.14正式文本中，移民局多次明确提出再投资（further deployment）的概念，并且明确了如何处理再投资的政策。主要原因在于，I-526获批之后，但是尚未获得临时绿卡，再进行投资，能否还算满足EB-5的要求。主要内容，在第二（就业创造）、第四（I-526审批）和第六章（I－829审批）的章节。

2. 还款时间

先来看，15.8.10草案中的“投资维持”部分的要求，第四页：

When filing the Form I-829, the petitioner must also include, in accordance with 8 C.F.R. § 216.6(a)(4)(ii)-(iii):

[e]vidence that the immigrant investor invested or was actively in the process of investing the required capital and sustained this action throughout the period of the immigrant investor’s residence in the United States. The immigrant investor can make this showing if he or she has, in good faith, substantially met the capital investment requirement and continuously maintained his or her capital investment over the two years of conditional residence. At this stage the immigrant investor need not have invested all of the required capital, but must have substantially met that requirement.8

The petitioner must show that he or she has continuously maintained his or her capital investment over the two years of conditional residence when filing the Form I-829 petition. INA § 216A(c)(1)(A). In addition, in order to qualify as an investment in the EB-5 Program, the immigrant investor must have actually placed his or her capital “at risk” for the purpose of generating a return. 8 C.F.R. § 204.6(j)(2). Therefore, the continuous maintenance or “sustainment” of the capital investment requires that the capital be “at risk” throughout the sustainment period and sustained in a single new commercial enterprise.

简单解释下，上面这段话。该段话指明的政策，完全出自移民法的条款。主要有三句话：

a. 在递交I-829时，你必须证明你投资了或正在投资；

b. 在递交I-829时，你必须证明在2年的有条件绿卡时期，你还在维持投资；

c. 该投资必须，“at risk（在风险状态）”；

上面这句话，如果再用人话，来解释就是：

递交I-829前，你不能还钱，递交之后，我没说你不能还钱。

所以，EB5Sir个人一直有一个观点，移民法明确的是，投资款收回不需要等到I-829获批，只需要在递交I-829之时，你还在投资就行了，递交之后是可以抽回投资而不用非得等到I-829获批的。

之所以，我们之前一直都在说，I-829获批之前不能还款，是约定俗成，是操作惯例，是不想去挑战移民局政策，也是移民局的通用做法。

再来看看，这次正式发布的，17.6.14政策文本（第五章）：

2. Sustainment of the Investment The immigrant investor must provide evidence that he or she sustained the investment throughout the period of his or her status as a conditional permanent resident of the United States. USCIS considers the immigrant investor to have sustained the actions required for removal of conditions if he or she has, in good faith, substantially met the capital investment requirement and continuously maintained his or her capital investment over the sustainment period. [4] When filing a petition to remove conditions, the full amount of required capital does not need to have been invested, but the immigrant investor must provide evidence that he or she has substantially met the requirement.

＃4的脚注：The sustainment period is the investor’s 2 years of conditional permanent resident status. USCIS reviews the investor’s evidence to ensure sustainment of the investment for 2 years from the date the investor obtained conditional permanent residence. An investor does not need to maintain his or her investment beyond the sustainment period.

移民局，再次明确的是，需要证明的是，在临时绿卡的两年期间继续在投资。但是，没有要求I-829递交之后一定要还在维持投资，或者获批之前不能收回投资。

不过，在＃4的脚注中，移民局明确指出：An investor does not need to maintain his or her investment beyond the sustainment period. （在2年有条件绿卡期限之后，投资者不需要继续维持投资了。）

政策，没变，不过移民局明确了所有的逻辑，就是2年的有条件绿卡期限之后，也就是在递交I-829之后，不需要继续维持投资了。

III. 重大变更（Material Change）

本次更新的主要篇幅之一，就是Material Change部分。主要原因在于，一旦资金再部署，如果投资者尚未获得临时绿卡，是否算重大变更。现在，移民局明确了，没有问题。

IV. 区域中心关停

区域中心关停，会造成I-526的被拒，但是，一旦EB-5投资者获得临时绿卡之后，可以继续去证明就业已经创造出来，有可能不影响I-829。

V. At risk条件

在15.8.10草案中，移民局没有明确，怎样的再投资能满足“at risk”的条件。

在此次17.6.14正式文本中，移民局指出（第二章）：

For example, if the scope of a new commercial enterprise was to loan pooled investments to a job-creating entity for the construction of a residential building, the new commercial enterprise, upon repayment of a loan that resulted in the required job creation, may further deploy the repaid capital into one or more similar loans to other entities. Similarly, the new commercial enterprise may also further deploy the repaid capital into certain new issue municipal bonds, such as for infrastructure spending, as long as investments into such bonds are within the scope of the new commercial enterprise in existence at the time the petitioner filed the Immigrant Petition by Alien Entrepreneur (Form I-526).

移民局在此非常明确，再投资可以投资到municipal bond，市政债券中。这点，是EB5Sir个人看到的最大利好。

也就是，虽然，我们因为排期EB-5投资款需要继续维持投资，乃至再投资，但是，投资到安全的市政公债中也是可以的。当然，有个前提条件，就是“as long as investments into such bonds are within the scope of the new commercial enterprise in existence at the time the petitioner filed the Immigrant Petition by Alien Entrepreneur (Form I-526).” 这个条件有点难理解，咨询了Tim Shih律师，他的意见是，债券的投资种类必须与NCE在递交I-526时的投资业务类型一致，当然这条的文字不是特别清楚，以后还是有讨价还价的余地。

最后，大家最关心的问题是，I-829递交之后的还款问题，个人想指出两点：

1. 移民局的政策，没有变化，不过在备注中明确了，I-829递交之后没要求继续投资。但是，移民律师是否能放心执行该政策，不等到I-829获批就还款，恐怕接下来行业内的律师，还需要继续与移民局明确。

2. 是否能直接还款，不单是看移民局的政策，还得看你的EB-5投资协议。就个人所见的当前所有投资协议，还款必须满足两点：a. 投资协议期满，b. I-829获批。

前文解释过，I-829获批再还款是之前所有的投资协议的操作惯例，所以，做为一个已经签约的EB-5投资者，原则上还是按照投资协议执行。一旦与移民局明确，I-829申请递交之后就能还款，那么当前已经投资或者将要投资到一个现存项目中的投资者，还需要与项目方明确，他们是否有可能变更投资协议，把还款条件改成在I-829递交之后就还款。

移民局，三年磨一剑，从14年开始业内就在期望的政策，最终正式出炉，给整个行业一个相对明确的只，当然如上个人意见，I-829递交之后还款和再投资到市政债券这两大利好的细节，尚需落实细节。

最后，得感谢业内大拿，Suzanne在其博客网站（blog.lucidtext.com），提供了上述审案备忘录第一版16.11.30文本，以及刚刚发布的17.6.14版，并注明了两版之间的更新，Suzanne完全是一个神一样的存在。上述文件，可以微信留言索取，或到移投路网站的文档区下载。

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