Sunday, June 25, 2017

SEC sues Chicago developer over $89 million visa funding plan

(Source: Crain's Chicago Business) Another Chicago real estate developer who raised money through a controversial federal visa program is facing charges that he cheated overseas investors in his projects. The Securities & Exchange Commission has filed a lawsuit against Taher Kameli, an immigration attorney who formed several companies starting in 2009 to build assisted-living facilities in the Chicago suburbs and Florida. (You can read the suit at the end of this story.) The SEC accuses Kameli of defrauding at least 226 foreign citizens, mainly from Iran and China, who agreed to invest $88.7 million in the developments.

Kameli raised the money through the EB-5 visa program, which allows foreigners to become U.S. residents if they invest at least $500,000 in qualified business ventures, like real estate developments. The program has many critics, who contend that it's vulnerable to fraud and is used mainly by developers of luxury projects that don't need the financing. In March, a developer who planned a 995-room hotel project near O'Hare International Airport was sentenced to three years in prison after pleading guilty to charges that he swindled 290 Chinese citizens who invested in the development through the program.

Kameli and his company, Chicagoland Foreign Investment Group, solicited overseas investors through the EB-5 program for assisted-living projects and memory-care facilities for dementia patients in Aurora, Elgin, Fox Lake and West Dundee, and in the Florida cities of Naples, Fort Meyers, Wildwood and Sun City, according to the lawsuit, which the SEC filed yesterday in U.S. District Court in Chicago. So far, the only project that's been completed in Florida or Illinois is Bright Oaks of Aurora, a 60-unit facility in the west suburb that opened earlier this year and has 12 residents, according to the complaint. Contractors hired to build the Elgin and Fox Lake projects have stopped work and sued to collect $3.7 million in unpaid bills, the SEC says in its suit.

Kameli and his attorney did not return phone calls. As an immigration attorney, Kameli is usually on the other side of lawsuits with the federal government: In January, he sued President Donald Trump over his controversial executive order restricting travel from seven Muslim-majority nations. The SEC alleges Kameli defrauded investors by commingling funds—using money for a project funded by one group of investors, for instance, to pay bills for a project funded by a different group—and using his investors' money for unauthorized purposes. In one case, he improperly transferred $575,000 from the West Dundee and Fox Lake developments to the Aurora project, using the money to cover electrical, carpentry and other subcontractors, the suit alleges.

The SEC also alleges Kameli skimmed money from land purchases, allowing him to pocket more than $1 million in undisclosed profits. In Wildwood, Fla., for instance, a venture he controlled paid $664,850 for two parcels where Kameli planed a senior living facility, the complaint says. But when he flipped the properties to a development venture financed with EB-5 money, he marked the price up to $1 million, generating a $335,000 profit for himself, according to the SEC. Kameli also charged investor-funded projects fees that were not disclosed to EB-5 investors, according to the SEC. From 2010 to 2016, five projects paid two Kameli companies a combined $4.1 million in fees, part of "a fraudulent scheme to obtain undisclosed compensation," the suit says. The SEC has asked a judge to freeze assets associated with the projects and appoint a receiver to take control of Kameli's companies.

Saturday, June 24, 2017

Artisan Business Group to host Chinese investment event in San Juan

 Artisan Business Group is hosting another session of "2017 and Beyond: Chinese Investments and Trends" in San Juan, Puerto Rico on July 27, 2017, please register at http://www.ArtisanBusinessGroup.com 

Thursday, June 22, 2017

USCIS releases crucial EB-5 data – but beware, it could be full of flaws

(Source: The Real Deal) The United States Citizenship and Immigration Services issued three years of EB-5 visa data this week, confirming what was already known to many in the industry: big city regional centers servicing developer clients dominate the field for investors looking to immigrate to the U.S. Between 2014 and 2017, USCIS approved more than 26,000 petitions for visas nationwide and rejected 3,313, its data show. The overwhelming majority of regional centers saw 100 or fewer petitions processed during the period. EB-5 visa issuance is currently capped at 10,000 new investor visas annually. Read more at https://therealdeal.com/

Wednesday, June 21, 2017

The EB-5 Program and China's Fugitives

(Source: Forbes) Recent events have put the U.S.’ so-called “investor visa” program back into the spotlight. A significant, if not the largest portion, of investor visa applicants come from China.  Whatever the merits of the program as a matter of public policy, one aspect of the program that has not received as much attention is its potential for abuse by kleptocracy or other fraud fugitives overseas to seek a safe harbor in the United States. The program, more formally known as the EB-5 program (“EB” meaning “employment based” immigration and “5” representing the level of preference), is designed to promote economic growth in relatively undeveloped parts of the country.

Generally, U.S. Citizenship and Immigration Services (USCIS) designates “regional center” projects, based on proposals to promote economic growth in targeted rural areas or areas with high unemployment. A foreign applicant submits an investment of $500,000 to participate in the project and also provides an application that describes the lawful source of that investment.  Upon USCIS approval, the applicant begins a two-year path to a “green card,” or legal permanent resident status. The program has been attractive to developers, because of the relatively low returns that the applicants expect from their investment (given that the primary motivation is to obtain U.S. permanent resident status). Some projects, however, have resulted in criminal fraud prosecutions in Southern California, Washington State, and Chicago, as a result of the defendant in question either failing to invest EB-5 funds in the underlying project or diverting funds from an existing project. A number of these cases involve defrauded investors from China.

The counterpart to the fraudulent promoter is the kleptocrat investor, who seeks refuge in the United States.  If the fugitive is from China, it will not be easy to compel the fugitive to return, given that the U.S. and China do not have an extradition treaty.  Criminal prosecution presents an avenue to the fugitive’s return, because the conviction of certain serious crimes may make immigration removal more likely. In one recent federal criminal case, a would-be investor, Shilan Zhao, allegedly submitted falsified paperwork that included false representations as to the sources of the $500,000 EB-5 investment funds (Note: When I served as a federal prosecutor, I worked on this case up to the time it was charged; the description here is based on public sources).  In turn, Zhao obtained derivative immigration status for Jianjun Qiao, whom Chinese authorities alleged had embezzled funds from the state-owned grain reserve.  In her application to USCIS, Zhao represented Qiao to be her husband, even though the two had previously divorced in China.

The government alleged that these defendants caused criminal theft proceeds to be transferred from China through a money trail leading to Hong Kong, then to Canada, and finally to the U.S. for the purchase of a residence in Newcastle, Washington. Zhao was arrested in early 2015, and recently this year pleaded guilty to a conspiracy charge involving her submission of false statements to USCIS that she and Qiao were married (even though she had previously divorced her former husband) and the investment funds came from a legitimate source. Zhao also agreed to the criminal forfeiture of the Newcastle property, along with a condominium in Flushing, New York, and properties in Monterey Park, California (both being popular suburbs in the overseas Chinese community in the United States).

Sentencing is pending. Qiao, the former husband, has yet to be arrested. The use of the EB-5 program here is another variation on immigration fraud that often makes up an integral part of kleptocratic behavior. In earlier cases, the immigration fraud vehicle might have been marriage fraud, through a U.S. citizen willing to take a payment to “marry” the fugitive.  With EB-5 as the vehicle, the difficulty of verifying the legitimate origin of the investment from overseas creates new challenges to detect the fraud. In any case, immigration fraud will remain a part of the prosecution’s arsenal. There is much debate in legal circles whether fraud or money laundering charges can be exercised extraterritorially to address corrupt conduct overseas.  Whatever the results of that debate, it appears to be much more accepted that the U.S. government has the authority to address conduct resulting in an immigration offense, even if that conduct is overseas.

Tuesday, June 20, 2017

行程安排:2017中国赴美投资与财富管理高级研习班(黄埔三期)


过去两年的黄埔一期和二期深受广大行业同仁支持,大家难得有机会在美国与资深投资与法律专家面对面的交流学习并建立业务关系,很多同学通过研习活动建立了深厚的友谊。今年秋季由美国雅商顾问集团举办的黄埔三期将进一步提高大家赴美学习与体验的质量,让更多涉外服务与投资的同仁们受益。研习班名额有限,欢迎大家提早报名, 目前已经有十多位新老同学预定了席位! 研习班首次离开芝加哥,将在美国投资热点德克萨斯州达拉斯市和波多黎各两地举办,让大家能够更广泛的接触美国商界精英与各类商业、投资与教育机遇。

2017年中国赴美投资与财富管理高级研习班(黄埔三期)将于2017年9月26日至10月4日在德克萨斯州达拉斯市理查森国际商务中心和美属波多黎各首府圣胡安市安娜门德斯大学两地举办, 届时来自全美各地的一流投资、财富管理与法律专家团队将主导教学,来自中国加拿大和美国的学员们将利用这一良好时机与美国政商精英零距离学习和接触交流。黄埔三期将重点学习中国高净值人士的财富管理和海外资产配置以及小型商业赴美投资与移民的替代途径!


黄埔三期将在涉外服务行业面临洗牌和严峻挑战的形势下,顺应中国对美投资向纵深发展的财富管理和海外资产配置趋势,将及时推出对美国海外资产配置与保护、CRS税务保险策划、小型商业投资、财富管理等为重点的高级研习班,将以实际案例和分析作为起点,引导业界人士快速高效地进入美国商业投资与财富管理领域。黄埔三期将适度压缩投资移民课程内容, 增加精选税务、资产保护、小型企业投资务实与实际操作及资金出境途径讨论科目,并通过让全体学员们出席同期举行的“中国赴美投资交流会议”加强与美国各界精英的广泛接触与交流,促进未来合作共赢 。

另外, 培训期间将同时举办“中国赴美投资交流会暨黄埔三期结业典礼”, 将有来自全美各地的财富管理和投资专家参加活动,共同探讨美国各类投资与理财机遇与合作。 


行程安排(课程具体内容正在策划中):
9月26日周二  抵达达拉斯,下榻入住及欢迎晚宴
9月27日周三  地点: 理查逊国际商务中心 全天培训 ;考察
9月28日周四  全天培训 ;购物
9月29日周五  实地考察学习与当地生活体验
9月30日周六  达拉斯游览或前往波多黎各首府圣胡安游玩
10月1日周日  前往波多黎各首府圣胡安,下榻入住及欢迎晚宴(自由活动)
10月2日周一  地点: 安娜门德斯大学 全天培训 ;篝火烤猪晚会
10月3日周二 交流会议与黄埔三期结业仪式,庆祝结业晚宴
10月4日周三 在当地自由活动或观光考察 (也可返回美国大陆)
10月5日周四 离开波多黎各或返回中国


黄埔三期师资:来自全美各地的一流地产、基金投资与财富管理专家、律师、会计师、地产开发商、政府官员等

黄埔三期报名费用: 优惠价: 2017年7月1日前报名,享受10% 折扣参加过黄埔一期和二期的同学将享受10%折扣。

签证邀请函: 如果需要签证邀请函,请尽早联系我们安排。美属波多黎各自由邦仅需要美国签证即可。

航班指南: 大家可以搭乘美国航空AA由北京、上海,香港直飞达拉斯沃斯堡国际机场(机场代码:DFW); 也可经由芝加哥,纽约,洛杉矶等前往达拉斯。美国航空AA(航班号 AA2481 中午12:40)提供每天从达拉斯沃斯堡国际机场(机场代码:DFW)直飞波多黎各首府圣胡安(San Juan) 的路易斯·穆尼奥斯·马林国际机场(机场代码:SJU)航班。另外美国西南航空公司(Southwest)提供从达拉斯爱田Love Field机场(机场代码:DAL)途径休斯顿国际机场(机场代码:HOU)和奥兰多国际机场(机场代码:MCO)飞往圣胡安的航班。

黄埔三期教学语言:师资将采用英或中文授课,二期课堂上将配备翻译
培训地点:  达拉斯理查逊商务中心、圣胡安安娜门德斯大学

报名参加黄埔三期的同行,请联系: artisanbusiness@yahoo.com 

USCIS updated track records of EB-5 regional centers

The USCIS has been updated with links to documents that list regional center names and tally the  I-526 and I-829 approvals for each RC from January 1, 2014 to May 31, 2017. A great reference tool for potential investors. It appears that urban projects have greater advantages over rural projects. The numbers say all.

Sunday, June 18, 2017

Rich Indians applying for costly EB5 visas

(Source: Sunday Guardian Live)  The number of wealthy Indians applying for costly EB5 visas at US embassies is increasing every year. EB5 visas enable one to directly become a green card holder  in the US, unlike the H1B visa, procuring which has become uncertain for Indians after the Donald Trump administration’s anti-immigration policies. However, for obtaining an EB5 visa, one of the best alternatives to get a green card, the total investment required is $500,000 (Rs 3.3 crore) for a family (investor, spouse and children below 21 years) and the time taken to process the application is around 18 months. Unlike the EB5 visa, it takes at least 15-18 years for an H1B visa holder to become a green card holder.

With 239 EB5 visa applications filed by Indians at the US embassy in 2015, compared to 99 in 2014, India has been ranked as the third country after China and Vietnam to be the largest investor in the United States by way of EB5 visas, with an investment of over $120 million, registering a growth rate of 140% since 2014. Procuring EB5 visas amounts to investing in the US, with a minimum amount of $500,000 (Rs 3.3 crore) legally acquired by the investor. Read more at http://www.sundayguardianlive.com/

Saturday, June 17, 2017

Kushner Companies fails to respond to lawmaker requests on EB-5 activity

(Source: The Real Deal)  Jared Kushner has gone from head of a multibillion dollar real estate developer to subject of multiple government investigations in blinding speed. Through his attorneys, Kushner said he will cooperate with these investigations, already well underway in the Senate and House intelligence committees. On Thursday, the Washington Post reported that White House special counsel Robert Mueller was also investigating Kushner and his business dealings. See more at https://therealdeal.com/

Thursday, June 15, 2017

3 Things We Like, and 3 Things We Don’t Like, About USCIS’ New EB-5 Guidance

(Source: Wolfsdorf Rosenthal) Yesterday USCIS released new guidance on the EB-5 Visa which updates the adjudication policy on issues related to Form I-526 and Form I-829 petitions.  In particular, the new guidance attempted to clarify the “at risk” requirements for Form I-526 approval and the “sustainment” requirement for Form I-829 approval.  We blogged on the specifics yesterday, and now we’ve had time to digest the changes.

Here are 3 things we like, and 3 things we don’t like, about USCIS’ new guidance:

Things We Like
  1. USCIS Policy Now Consistent with EB-5 Regulations. Applicable regulations indicate that a Form I-829 must be accompanied by evidence that the EB-5 investor “in good faith, substantially met the capital investment requirement of the statute and continuously maintained his or her capital investment over the two years of conditional residence.”  USCIS has now clarified its policy to be consistent with the regulations:  “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.”
  2. USCIS Shows Understanding of Reality of Chinese EB-5 Visa Backlog. The new guidance is particularly interesting for mainland-Chinese EB-5 investors who are stuck in the EB-5 visa backlog.  It provides some assurance that EB-5 projects can structure their investments deals to obtain higher return on investment once the job creation requirement has been met, even if an EB-5 visa is not yet available, to meet the “at risk” requirement.  Additionally, because an EB-5 investor’s “two years of conditional residence” is dependent on when an EB-5 visa is available, EB-5 projects may be able (depending on the terms of the investment contracts and NCE organizational agreements) to return EB-5 capital to investors at an earlier time under the new guidance.
  3. Relief to Conditional Green Card Holders with Terminated Regional Center. The new guidance states that an EB-5 investor’s conditional permanent resident status is not automatically terminated if he or she has invested in a new commercial enterprise associated with a regional center that USCIS terminates.  The EB-5 investor may still demonstrate compliance with EB-5 requirements, including reliance on indirect job creation, by demonstrating that the NCE has associated with a new Regional Center.   The new guidance does not provide similar relief to EB-5 investors whose Form I-526 is pending or who are waiting for an EB-5 visa; the termination of a Regional Center in this instance would constitute a material change to the petition that would require an EB-5 investor to re-file the Form I-526 with a new Regional Center.  USCIS’ different treatment between EB-5 investors with and without conditional green card status shows the extreme importance in performing critical due diligence on a Regional Center prior to making an EB-5 investment.

Things We Don’t Like
  1. Too Many Undefined Terms. While we certainly appreciate USCIS’ attempt at making EB-5 adjudication policy more clear, there is still too much uncertainty involved for Regional Centers, EB-5 investors, and EB-5 projects to feel secure in their decisions.  In particular, USCIS’ use of vague or ambiguous terms like “related to engagement in commerce,” “consistent with the scope of the new commercial enterprise’s ongoing business,” and “commercially reasonable time” could lead to subjective and arbitrary adjudications by USCIS.  We hope USCIS will provide some updated guidance to clarify these terms.
  2. Effective Immediately. USCIS indicated that its new adjudication policy is effective immediately, as of June 14, 2017, despite the fact that the EB-5 community did not have the ability to review and comment on the big changes.  This regrettably seems to be par for the course on EB-5 and Immigrant Investor Program Office, which previously changed policies on indebtedness, foreign currency exchangers, and eligible EB-5 expenditures, among many others, without going through standard APA notice-and-comment rulemaking.  It’s likely that these interpretive rules or policy statements will not receive the same level of deference if/when they are challenged in federal court.  Public comment on the guidance, due June 28, 2017, may unfortunately do little, if anything, to change USCIS’ new policies.
  3. Little Relief for NCEs with Pending I-526s Wishing to Redeploy. The new guidance is clear that an NCE’s redeployment of repaid capital must be “within the scope of the new commercial enterprise in existence at the time” the EB-5 investor filed the Form I-526.  We take this to mean that clear redeployment language must be adequately described in the NCE’s securities offering and/or organizational agreements.  However, by referring to 8 C.F.R. § 103.2(b)(1), it appears that USCIS may indicate that any such changes to the offering documents after a Form I-526 is submitted would constitute a “material change” that would require the EB-5 investor to re-file a Form I-526 with the updated redeployment language.


USCIS Issues Critical New Guidelines on EB-5 Sustainment, Job Creation, and Effect of Regional Center Terminations

(Source: Wolfsdorf Rosenthal) USCIS updated the USCIS Policy Manual today to provide guidance on the requirement of an EB-5 investor to sustain an “at risk” investment to receive a permanent green card.  This update provides finalized guidance on some of the issues discussed in the August 2015 draft memorandum.  Despite public comment to USCIS being due on June 28, 2017, this guidance is effective immediately, indicating that USCIS is unlikely to change its policy.

The most important updates include: 
  • Once the job creation requirement has been met, the full amount of the investment no longer must be made available to the business(es) most closely responsible for creating the employment upon which the Form I-526 is based. Instead, the capital “is properly at risk if it is used in a manner related to engagement in commerce (in other words, the exchange of goods or services) consistent with the scope of the new commercial enterprise’s ongoing business.”  This means that upon repayment of a loan from a JCE that resulted in the required job creation, the NCE may deploy the repaid capital into one or more similar loans to other entities, or municipal bonds 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 I-526.
  • In all cases where further deployment is envisioned, officers review the evidence submitted with the petition to determine whether the petitioner has presented sufficient evidence to demonstrate continuing eligibility with the capital at risk requirement. The investor must show that the capital is, and will remain, at risk of loss and gain and is and will be used in a manner related to engagement in commerce within the scope of the new commercial enterprise’s business. Further deployment of capital that occurs before the immigrant investor becomes a conditional permanent resident must be adequately described in the Form I-526   This flexibility is critical for Chinese investors currently waiting for visa numbers to become available, as their period of conditional residence may not begin for another few years, after completion of the EB-5 project’s specific plan presented in the I-526 petition. 
  • 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.
  • The termination of a regional center associated with an investor’s Form I-526 petition constitutes a material change to the petition.  However, this does not automatically terminate an investor’s conditional permanent resident status.  He or she will have the opportunity to comply with the EB-5 program requirements, including a reliance on indirect job creation.

We are still digesting this important update but are hopeful that these critical clarifications will help guide Regional Centers and EB-5 project developers create more attractive investment options for EB-5 investors.

Monday, June 12, 2017

Artisan Business Group to host 2017 US Investment Executive Training Program

2015 session

2016 session

Artisan Business Group will be hosting 2017 US Investment Executive Training Program in Dallas and San Juan September 26 - October 4, 2017.  This is the 3rd annual training event for Chinese investment executives and migration professionals. Please contact us for speaker and sponsor participation! Feel free to inquire at artisanbusiness@yahoo.com 

Real estate experts rally behind proposed EB-5 legislation

(Source: The Real Deal) Real estate experts in the EB-5 visa field strongly believe new legislation governing the controversial immigration program that rewards foreign investors with permanent U.S. residency will pass by the end of September. Read more at https://therealdeal.com/

Sunday, June 11, 2017

Related, Oxford want to raise another $380M in EB-5 funds for Hudson Yards

(Source: The Real Deal) Related Companies and Oxford Properties Group are looking to raise a fresh $380 million from EB-5-investors to fund new buildings in their Hudson Yards megadevelopment, according to an advertisement by Chinese migration agency Wailian Group. Read more at https://therealdeal.com/

Thursday, June 8, 2017

Wealthy Mexicans living in The Woodlands feel unwelcome, return home

(Source: The Charlotte Observer) A year ago, Perla Soto wrote a guidebook to help Mexicans coming to The Woodlands understand how things work in America. In the introduction, she explained why so many of her wealthy countrymen were drawn to life 30 miles north of Houston. Read the story at http://www.charlotteobserver.com/

After Gear Up, EB-5 scandals, lawmakers look for transparency in tracking funds

(Source: Argus Leader)  Opening up reports about groups that administer state and federal funds could help avert scandals like Gear Up and EB-5, lawmakers said Tuesday. Sen. Deb Peters, R-Hartford, said she'd like to bring legislation in 2018 that would require private groups that receive state funds to publicly share their audits. Groups that receive pass-through funds through those contractors should be publicly probed as well, she said. Read more at http://www.argusleader.com/

US Senator Ted Cruz to speak at EB-5 industry conference co-sponsored by Related Companies

(Source: The Real Deal) U.S. Sen. Ted Cruz will speak at an EB-5 investment industry gathering co-sponsored by Related Companies in late July, according to the event’s website. Read more at https://therealdeal.com/

Wednesday, June 7, 2017

Artisan Business Group to host Chinese investments workshop in San Juan


Artisan Business Group is hosting another session of "2017 and Beyond: Chinese Investments and Trends" in San Juan, Puerto Rico on July 27, 2017, please register online at https://lnkd.in/eGSiwwD - 15 seats only!

Monday, June 5, 2017

Leahy, Conyers, Lofgren Send Letter To Kushner Companies Asking About EB-5 Visas And Conflicts of Interest

Senator Patrick Leahy (D-Vt.), Representative John Conyers, Jr. (D-Mich.), and Representative Zoe Lofgren (D-Calif.) on Thursday pressed the president of Kushner Companies for answers on the company’s use of EB-5 visas and its continued ties to Jared Kushner, President Trump’s top advisor and son-in-law.  At a time when Mr. Kushner is facing scrutiny over his contacts with Russian officials and his former company reportedly is facing financial trouble at its company headquarters and marquee building, there are mounting questions about Kushner Companies’ reliance on and recruitment of foreign investment through the EB-5 Immigrant Investor program.  Leahy has worked for years to reform the flawed EB-5 program, and he was joined by House Judiciary Committee Ranking Member John Conyers (D-Mich.) and House Judiciary Immigration Subcommittee Ranking Member Zoe Lofgren (D-Calif.), who have worked for years to reform the EB-5 program in the House of Representatives.

The EB-5 program has recently been under scrutiny due to documented cases of fraud and concerns that it is not serving the disadvantaged communities that it was originally intended to benefit.  In the letter, Leahy, Conyers, and Lofgren ask about Kushner Companies’ lobbying efforts and about whether Kushner Companies’ practices, and those of its U.S. and Chinese partners, comply with EB-5 program rules and U.S. securities laws.  They also demand answers about Kushner Companies’ use of its relationship to the White House to recruit foreign investors.

Sunday, June 4, 2017

One Belt, One Road: China’s Grand Enterprise

(Source: Brink Asia) Dubbed by some as a modern-day Marshall Plan, China’s One Belt, One Road (OBOR) initiative will build roads, ports and railway tracks along ancient trading routes to Asia, Europe, the Middle East and Africa. Launched in 2013 by President Xi Jinping, OBOR is a China-backed global connectivity initiative, aimed at creating a better infrastructure network across 65 countries that cover 60 percent of the global population and about one-third of global GDP. Read more at http://www.brinknews.com/

2017 New Regulations and Trends: China Outbound Investments Seminar is taking place on June 6, 2017 in Chicago, Illinois.  Please register now at https://2017investusa.eventbrite.com

Overseas bank card use tightened

(Source: Global Times) China's recently announced rules for overseas transactions using domestic bank cards comply with the country's overall regulation of financial markets and are also vital for fighting money laundering, illegal transfer of assets and tax avoidance, experts noted Sunday.

The State Administration of Foreign Exchange (SAFE) said in a statement on its website on Friday that China's banks will be asked to report on a daily basis their bank card holders' withdrawals in overseas countries and regions starting from September 1, as well as any bank transactions exceeding 1,000 yuan ($146.8). Read more at http://www.globaltimes.cn/


2017 New Regulations and Trends: China Outbound Investments Seminar is taking place on June 6, 2017 in Chicago, Illinois.  Please register now at https://2017investusa.eventbrite.com

Why are Middle Class Chinese Moving Their Money Abroad?

(Source:  South China Morning Post) Homes in Thailand, insurance in Hong Kong – investors have many ways to skirt the rules and send their savings overseas, leaving Beijing with a growing headache in its war on capital flight. Read more at http://www.scmp.com/

GOP senator wants to probe Kushner family’s deal with China

(Source: New York Post) The chairman of a Senate committee has called for an investigation into “potentially fraudulent statements” made by companies touting business opportunities involving top White House adviser Jared Kushner’s family through a controversial visa program for wealthy investors. Read more at http://nypost.com/

Saturday, June 3, 2017

KIM: Kushners throw spotlight on dubious EB-5 program

(Author and Source: Mickey Kim, IBJ.com) A year ago, I wrote about the controversial EB-5 Immigrant Investor Program, whereby foreign investors (and their immediate families) can acquire coveted lawful-permanent-resident status if they invest $500,000 in a project that creates at least 10 jobs for U.S. workers. With a new administration and rhetoric regarding immigration policy and potential conflicts of interest running hot, this is a good time to revisit the topic. Read more at https://www.ibj.com/

Kim is the chief operating officer and chief compliance officer for Kirr Marbach & Co. LLC. He can be reached at (812) 376-9444 or mickey@kirrmar.com.