On April 9, U.S. Citizenship and Immigration Services introduced audit guidelines for EB-5 regional centers as part of the EB-5 Reform and Integrity Act. Prior to the RIA passage in 2022, USCIS infrequently conducted audits of regional centers, and there was no published guidance, or statutory or regulatory consequences for a regional center’s failure to comply with an audit.
The RIA now requires USCIS to audit regional centers every five years to verify compliance with immigration and securities laws, and the flow of the EB-5 funds into the projects sponsored by the regional center.
Continue reading the full article, published by Law360 May 3, 2024. Reprinted with permission.