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USCIS Terminates California EB-5 Foreign Investor Program
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29 Oct 2010
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The federal government has ended the Victorville, California EB-5 foreign investor program, the first time that USCIS has ended an EB-5 program. According to USCIS, the program was unable to demonstrate that it could meet the criteria to raise funds through the EB-5 program.
Victorville’s application for EB-5 status in June 2009, which enabled the city to solicit loans of $500,000 from foreign citizens, as long as those funds were used to create a minimum of 10 local jobs each. USCIS asked for further information from the city repeatedly, but did not receive more information. The final notice of termination was sent by USCIS on October 20.
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29 Oct 2010
USCIS Terminates California EB-5 Foreign Investor Program
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