Latest Reforms to EB-5 Program Are Nearly CompleteDecember 10, 2015 – In The News
Scott E. Bettridge and Rogelio "Roy" J. Carrasquillo were mentioned in the Daily Business Review article, “Latest Reforms to EB-5 Program Are Nearly Complete.” Full text can be found in the December 10, 2015, issue, but a synopsis is below.
Congress is currently working on reforms to the EB-5 immigration program which will “create jobs by leveraging foreign interest in becoming a U.S. citizen”.
The EB-5 immigration program has received scrutiny in the past due to abuses such a as fraud, SEC violations, preferential treatment and manipulation of census tract selections.
"These are reactions to a history of abuses," said Scott Bettridge, a partner and immigration attorney with Fox Rothschild LLP who represents individuals in the EB-5 program. "It's absolutely necessary. It will definitely shed the marginal players in the field."
Fox Rothschild’s Roy J. Carrasquillo added that it may be more difficult to market projects in rural cities to foreign investors who may have never heard of the city.
"Projects outside of gateway cities may take longer and they might have to offer more incentives to those investors," Carrasquillo said.