Regional Centers participating in the EB-5 Immigrant Investor program are subject to ongoing compliance requirements designed to maintain transparency and accountability. These requirements include notifying the Department of Homeland Security (“DHS”) of significant organizational changes, maintaining records for a specified period, and cooperating with government audits. Understanding these obligations is important for Regional Centers as they continue to operate and support EB-5 investment projects.
Notification Requirements for Significant Changes
A Regional Center is required to notify the U.S. Citizenship and Immigration Services (“USCIS”) of significant proposed changes to its organizational structure, ownership, or administration. This includes the sale of the Regional Center, as well as other arrangements that would result in individuals who were not previously subject to the requirements under subparagraph (H) (INA§203(b)(5)(H)) becoming involved with the Regional Center. In such cases, the Regional Center must provide notice to the DHS no later than 120 days before the significant proposed change is implemented. If exigent circumstances are present; however, the Regional Center must provide the notice described above no later than five business days after the change occurs. During any such notice period, USCIS shall continue to adjudicate business plans submitted for approval under subparagraph (F) (INA§203(b)(5)(F)), and Form I-526E Petitions, as long as the amendment to the business does not negatively impact program eligibility.
Record Keeping and Audits
Regional centers are subject to specific record-keeping and audit requirements. Each Regional Center must establish and preserve relevant books, ledgers, records, and other documentation from the Regional Center, New Commercial Enterprise (“NCE”), or Job-Creating Entity (“JCE”). These records must be maintained for five years beginning on the last day of the federal fiscal year in which the relevant transactions occurred. The required documentation includes records used to support any claims, evidence, or certifications contained in the Regional Center’s annual statements, as well as records associated with petitions by EB-5 immigrant investors seeking EB-5 visa classification (both Form I-526E and Form I-829 Petitions). In addition to these record-keeping obligations, USCIS is required to audit each Regional Center at least once every five years. Each audit must include a review of the documentation required to be maintained under the record-keeping requirements for the preceding five years, as well as a review of the flow of alien investor capital into any capital investment project. If multiple Regional Centers are located at a single site, USCIS may audit multiple Regional Centers during a single site visit.
Compliance with these audit requirements is essential to maintaining Regional Center designation. If a Regional Center fails to consent to an audit or deliberately attempts to impede such an audit, USCIS shall terminate the designation of the Regional Center.
This is part of a series on the EB-5 Reform and Integrity Act of 2022. To read more in this series, click here.
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