EB-5 Investments: Unique Opportunities and Challenges Conference – Episode 16
EB-5 Investments: Unique Opportunities and Challenges Conference
In this episode, Host Mona Shah and Co-host Mark Deal discuss EB-5 Investments held on June 16 at Baruch College. Mark and Mona provide an overview of the conference and review the panel discussions moderated by Ms. Shah and other attorneys of Mona Shah and Associates.
EB-5 investing is complicated and investors can face a number of challenges. The program is faced with challenges and potential changes, which can be overwhelming to developers and investors alike. This conference, sponsored by Baruch College’ Steven L. Newman Real Estate Investment Institute, part of the Zicklin School of Business, provided a chance for investors and developers – both new and experienced – to hear expert opinions and insights on the complicated world of EB-5 investing. A number of panel discussions touched on a variety of important topics facing investors and developers.
- A major issue facing the EB-5 program are the number of visas available. The program is currently capped at 10,000 visas annual, including the family of investors; only 2,000 of the visas have been issued to investors. Because visa types can be moved around, this problem could be potentially solved without involving Congress.
- To date, the program has contributed $16 billion to the U.S. economy, yet EB-5s represent 1% of the visas issued in the United States.
- More oversight from outside agencies such as the Securities & Exchange Commission will increase investor confidence. Fewer worries about fraud and bad projects can increase interest in the program.
- While EB-5 has added $16 billion to the economy it is not counting the benefit of the additional economic activity created by investors and their family moving to the United States.
Overview of the panel discussions:
The future of EB-5 – What can we expect? Moderated by Mona Shah. The panel focused on key issues concerning the uncertain future of the EB-5 program.
Panelists included:
- David Paterson, former New York Governor
- Ira Kurzban, Esq., Kurzban, Kurzban Weinger Tetzeli & Pratt, P.A.
- Peter Joseph, Executive Director of IIUSA
- Nima Korpivaara, David Hirson & Partners, LLP
How effective is EB-5 as alternative financing? Moderated by Mona Shah. A blend of developers both experienced and new to EB-5 were on-hand for the discussion.
Panelists included:
- Matthew Daus, former TLC Commissioner and partner at Windels, Marx, Lane & Mittendorf, LLP
- Nick Mastroianni II, President & CEO of US Immigration Fund, LLC
- Jeffrey Grasso – VP of Investment & Development, Silverstein Properties
- David Paterson, former New York Governor
- Michael Gibson, Managing Director of USAdvisors.org
- Michael Schoenfeld, EB-5 Affiliate Network
- Aaron Goforth, President, Wright Johnson, LLC
Real world experiences in raising EB-5 capital – what is the developer’s perspective? Moderated by Mona Shah. The panel covered the challenges of funding, as well as experiences of working with EB-5 projects.
Panelists included:
- Nick Mastroianni II, President & CEO of US Immigration Fund, LLC
- John Lam, Chairman & CEO, LAM Group
- Amir Hasid, Co-founder & CIO, HAP Investment Developers
- Brian Ostar, Director, Global Operations, EB-5 Capital
- George Xu, President, Century Development Group
China and the rest of the world – what do brokers, investors, and agents care about? Moderated by Hui Zeng. The panel discussed some of the motivating factors for pursuing a EB-5 visa, as well as some of the currency restrictions facing Chinese investors.
Panelists included:
- Boyi He, Chairman, Guangdong Entry and Exit Immigration Association
- Jack Gao, CEO, Si Neng Education Consulting
- Brian Ostar, Director of Global Operations, EB5 Capital
- Jinhee Wilde, Principal and Managing Partner, Wilde and Associates
- Julia Yan, President, Mei Sheng Immigration
Raising EB-5 funds: Issues to keep in mind. Moderated by Omar Hakim. The panel discussed the best practices for developers and also what investors need to know when dealing with family members who are under 18 years old.
Panelists included:
- Dawn Lurie, Shareholder, Polsinelli
- Clem Turner, Shareholder & Managing Attorney, Homeier & Law, PC
- Julia young-hee Park, Managing Director, Advantage America NY Regional Center
- Nima Korpivaara, David Hirson & Partners, LLP
- Harry Almquist, Co-founder & Managing Principal, Valyrian Real Estate Partners
- Kurt Reuss, Co-founder & COO, EB-5 Diligence
Unique Issues in EB-5. Moderated by Rebecca Singh. The panel discussed the many issues facing investors including regional centers, entrepreneurial projects, and pooled resource projects
Panelists included:
- Jinhee Wilde, Principal and Managing Partner, Wilde and Associates
- Kristal Ozmum, Partner, Miller, Mayer, LLP
- Jeffrey B. Carr, President & Senior Economist, Economic & Policy Resources
- Matthew Virkstis, Practice Group Attorney, Greenberg Traurig, LLP
- Julia young-hee Park, Managing Director, Advantage America NY Regional Center
- Reid Thomas, Executive Vice President, NES Financial