DALLAS, July 25,
2024 /PRNewswire/ -- Civitas Capital Group, a
Dallas-based alternative
investment manager offering niche opportunities in U.S. real
estate, announced its 13 regional centers across the U.S. remain
compliant in the wake of USCIS' recently issued alert that
"interprets the provisions related to sanctions, including
terminations, debarments, and suspensions, for noncompliant
regional centers."
On July 16th, USCIS
(U.S. Citizenship and Immigration Services) issued guidance on new
provisions in the Immigration and Nationality Act (INA) that cover
consequences for noncompliance under the EB-5 Reform and Integrity
Act of 2022 (RIA).
One of the new compliance requirements under the RIA is the
establishment of the Integrity Fund. The Integrity Fund is
primarily intended to allow USCIS to administer the EB-Program
including the detection and investigation of fraud and
other immigration related crimes as well as ensuring overall EB-5
Program compliance.
The Integrity Fund is funded through an integrity fee paid by
each regional center that is due by October
1st of each year. USCIS said that it intends to
issue a Notice of Intent to Terminate (NOIT) to regional centers
that do not pay this fee on time.
Civitas has complied with the RIA by paying the integrity fee
for its regional centers for fiscal year 2023 and fiscal year
2024.
Dan Healy, CEO of Civitas, said
he's extremely proud that Civitas has avoided the potential
disruption a NOIT could cause a regional center. "Civitas paid its
bills on time," Healy says, "and therefore we are not affected by
the widespread issuance of NOITs that is greatly impacting the EB-5
industry right now."
Exactly how many regional centers recently have received NOITs
is unclear. Ron Klasko, Chairman of
Klasko Immigration Law Partners, estimates that more than 100 — and
possibly as many as 200 — regional centers have received notices of
intent to terminate based on unpaid fees or fees
alleged to have been paid in the wrong amount.
Jeff Kiser, Director of EB-5
Investor Relations for Civitas, says that those seeking citizenship
through the EB-5 Immigrant Investor program should always conduct
proper due diligence when investing. "It's the most basic level of
professionalism for a regional center to pay its fees on time,"
Kiser says. "We always encourage potential EB-5 investors as well
as existing EB-5 investors to insist that their regional centers
remain compliant with all USCIS program requirements."
Kiser added that if an investor discovers their regional center
is currently facing a Notice of Intent to Terminate from USCIS,
they should discuss their options with an immigration attorney. For
more information on how USCIS handles regional center terminations,
see details on the agency's website.
As always, if potential EB-5 investors have questions about the
EB-5 program, they can reach out to Civitas' investor relations
experts via email at ir@civitascapital.com.
ABOUT CIVITAS CAPITAL GROUP
Civitas Capital Group is a nimble alternative investment manager,
founded in 2009, offering compelling, niche opportunities in U.S.
real estate. Civitas exists to create opportunities that enrich our
communities, investors, and employees alike. Driven by relentless
creativity, Civitas digs deeper to uncover opportunities that
others miss. Follow Civitas Capital Group on LinkedIn. Learn more
at civitascapital.com.
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SOURCE CIVITAS CAPITAL GROUP