Japan samurai

Hi, I also investor Reverside One LP.

Japan samurai

Hi , I am also invested Reverside One Lp.

Japan samurai

How months have you been waited?

Japan samurai

It is same to me. My documentation has been in lawyer's keeping.

Japan samurai

My lawyer has been waiting, too. Apply for I 526 opportunity.

eb51R

Hey, I've been waiting for almost a year, not even applying for I-526 yet.

dm2b

It's now Oct/2013, the above URL shows it as updated in July 31 2013, but still the date for I-526 shows as March 16th, 2012. Is it possible that they haven't advanced even a single day in almost 4 months of objective time between the updates? Or perhaps the information on that page is simply wrong?

dm2b

Sorry if my question is stupid (I'm still a rookie at this EB5 stuff), but haven't your investments been made under a scroll account conditional on your I-526s being approved? If yes, why don't you ask for your money back and reinvest in another project?

eb51R

Hi dm2b,

I actually asked that to Amlife and the person answered only latest projects that aren't I-526s approved are available to transfer.

But why not, right?
I think waiting for "just" applying for I-526 over one year, and it's already enough.

dm2b

Hi eb51R,

So I misunderstood you and you have actually received your I-526 already? Or do you mean that AmLife only scrolls a particular investor's money until the first I-526s are issued, and then they take *all* investors' funds out of their scroll accounts, regardless of a particular investor having received his/her individual I-526 or not?

Sorry for my lack of comprehension...

eb51R

You don't misunderstand me. I am not an expert to get to know all details about applying for I-526 yet (Isn't this the first step to get a green card?)since I'm just waiting for my lawyer to apply my I-526.

This happened because 14575 innovation LP is quite similar project as Riverside One.

I already asked to Amlife what options I could go for. Of course they never say they'll return my money. They just said I could transfer to other latest project, like Seattle Hilton.

And then, I can imagine that the same thing goes on and on even I transfer to Seattle Hiltons. I started to look for other projects with other region centers. Amlife earns interests on my investment over a year, so they should return my money, right?

dm2b

Hi eb51R,

Humrmrmr... I'm no expert either (much to the contrary), but it was pretty clear to me that, in projects where the investor put his/her money in a scroll account, if he/she gets no I-526, the investor can request his/her money back directly from the scroll company, it doesn't even have to involve the RC...

I did some research on the subject and from what I was able to find, they are exactly the same project (14575 innovation LP was the company formed to receive the investor funds and buy the real estate for the Riverside One project).

If I were you, I would talk to your immigration lawyer, not to the RC (as you stated, there are obvious conflicts of interest in anything they say to you in such a situation).

Of course, what's happening to Riverside One could happen to any EB-5 project, but this one seems to be specially "blighted"... if I could transfer to another project for zero cost, I would certainly do it, specially for another project in the RC "proper venue" (ie, Seattle in the case of AmLife).

I get the impression that AmLife's participation on the Riverside One project was basically "renting" their SoCal RC to the 14575 innovation LP folks, which are the ones really managing the project (and working the legal issues, specially the response to the untimely RFEs/NOIRs on the I-529s). But of course I can be wrong...

Fixuis

I've spoken to various sources and unfortunately the info on that page is totally correct. They are still processing 526 from march 2012. I've been told that this is due to the high volume and backlog in eb-5 now and due to the complexity of the cases. Th good news is that uscis seems to be following their own erratic pattern. Some investors have been approved in as little as 6-8 months so it seems uscis is not approving 526 apps in a sequence. If the first few investors of a project/RC get approved, then others will quickly join suit it seems because then the business plan part of the 526 has been approved at the first few investors level and only source of funds has to be approved for all other investors. Business plan part of the 526 would be same for all investors in a particular project.

Similarly if a RC gets 924 approval, chances are the first few 526 will start coming in soon. USCIS also has a new processing centre in DC that's just coming online now. It's already processing 924 apps quickly and as soon as those are done they will move onto 526 apps. So that should also speed up approval times and get the numbers in that page looking far more bearable.

dm2b

Hi Fixuis,

Thanks for the update. What you say makes a lot of sense; as one who is getting ready to invest in EB5 in the next few months, I do hope it not only makes sense but is also correct... :-)

eb5s

Normally after investment has been made, the I-526 petition should be submitted.