CanAm Joins Other Leading EB-5 Regional Center Operators in Suing USCIS | Business

NEW YORK–(BUSINESS WIRE)–May 24, 2022–

Five major operators of EB-5 regional centers, as well as the EB-5 business organization Invest in USA (IIUSA)collectively filed a lawsuit today in the District Court for the District of Columbia ( Civil.No.1:22-cv-01455 ) against the United States Citizenship and Immigration Services (USCIS). The five regional centers – CanAm Enterprises, Civitas Capital Group, Capital EB5, Global Golden Gate and Pine State Regional Center – and IIUSA have jointly retained Klasko Immigration Law Partners and McDermott Will & Emery LLP to act on their behalf. The lawsuit challenges USCIS’s unilateral disauthorization of the more than 600 Designated Regional Centers in existence at the time the EB-5 Reform and Integrity Act of 2022 (“RIA”) was enacted, as well as the USCIS interpretation of the RIA which requires each regional center to reapply for designation and receive approval as such before commencing operations.

Plaintiffs argue that USCIS’s position is contrary to the plain meaning of the RIA and frustrates the intent of Congress in enacting the RIA.

“We are putting our different business interests aside and joining forces to achieve the common goal of protecting the rights of our customers and continuing to provide needed capital for economic development projects,” the plaintiffs said in a joint statement. “Through this action, we seek to protect the viability of this highly successful economic development and job creation program, the regional centers that facilitate the program, and the foreign investors that participate in the program. We believe that Congress intended to allow regional centers to immediately resume EB-5 operations – while working to quickly bring themselves into compliance with the new integrity and other RIA requirements. In fact, there is consensus within the EB-5 industry that Congress intended to revive the Regional Center program as soon as the RIA takes effect on May 15, 2022.”

Together, these five long-established operators operate 26 regional centers in 21 states. Over the years, they have facilitated $5.3 billion in EB-5 investments, developing 143 projects across the country, and they are responsible for creating more than 190,000 jobs for American workers. The EB-5 program has an extremely positive impact on the US economy. According to data collected and analyzed by IIUSA, between 2008 and 2021, the EB-5 program has helped generate $37.4 billion in foreign direct investment to create and retain American jobs for Americans, all at no cost to the taxpayer.

To this end, the claimants funded the filing of a amicus curiae brief by IIUSA in a separate action against USCIS by Behring Regional Center currently pending in the District Court for the Northern District of California. “We believe that a global decision in the Behring case could serve the industry as a whole and deserves our support,” the plaintiffs added in their joint statement.

About CanAm Enterprises

With 35 years of experience in researching, underwriting and promoting immigration-related investments in the United States and Canada, CanAm has a long, established track record and a reputation for credibility and trust. CanAm has funded over 60 projects and raised over $3 billion in EB-5 capital. To date, more than $2 billion in EB-5 capital from more than 4,000 investor families has been repaid through CanAm-sponsored regional center partnerships. For more information, please visit www.canamenterprises.com.

Show source version on businesswire.com:https://www.businesswire.com/news/home/20220524006160/en/

CONTACT: Claire Chen

clarechen@canamenterprises.com

+1 212-668-0696

KEYWORD: DISTRICT OF COLUMBIA NEW YORK UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES WHITE HOUSE/FEDERAL GOVERNMENT PUBLIC POLICY/GOVERNMENT COMMERCIAL BUILDING & REAL ESTATE FINANCE CONSTRUCTION & PROPERTY

SOURCE: CanAm Enterprises

Copyright BusinessWire 2022.

PUBLISHED: 05/24/2022 6:20 PM / DISK: 05/24/2022 6:21 PM

http://www.businesswire.com/news/home/20220524006160/en

Copyright BusinessWire 2022.

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