Five regional center operators collectively praise the judge’s ruling, which signals that EB-5 is open for business nationwide
DALLAS, June 28, 2022 /PRNewswire/ — The District Court for the Northern District of California, on Friday, June 24, issued a preliminary injunction in Behring Regional Center vs. Mayorkas et.al. The Court ordered in part that previously designated EB-5 regional centers “must presently be permitted to operate;” this order enjoins the government from implementing its action deauthorizing EB-5 regional centers. This decision clears the way for investors to file new immigration petitions (I-526) under the EB-5 Reform and Integrity Act of 2022.
Five leading EB-5 regional center operators – Civitas Capital Group, CanAm Enterprises, EB5 Capital, Golden Gate Global, and Pine State Regional Center – are gratified that the Court recognized the agency’s unlawful action and the significant harms resulting to all preexisting regional centers operating in good faith.
“We are particularly grateful that IIUSA, the industry trade association representing over 100 regional center members, was able to make such a compelling case to the Court in its briefing and at the second hearing on the matter as amicus curiae” said Lulu Gordon, General Counsel for EB5 Capital, speaking on behalf of the listed regional center operators.
“Judge Chhabria accepted IIUSA’s legal arguments and legal reasoning to extend nationwide relief to all regional centers and thereby reopen the EB-5 regional center program” said IIUSA counsel Ron Klasko.
The EB-5 Program has an overwhelmingly positive impact on the U.S. economy. Between 2008 and 2021, the EB-5 Program helped generate $37.4 billion in foreign direct investment to create and retain U.S. jobs for Americans at no cost to the taxpayer.
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SOURCE Civitas Capital Group