Los Angeles, CA (PRWEB) October 29, 2012
The all-day event gathered immigration attorneys, advisors, developers and economists for comprehensive workshops pertaining to EB-5.
The Discussion Leader was Charles Foster, Co-Chair of FosterQuan LLP, one of the largest global immigration firms. Speakers included Michael Gibson, Managing Director of US advisors, who runs EB5info.com, Elise Hui Arias, a specialist in immigration and nationality law from Stone & Grzegorek, and Al Rattan, president and co-founder of USA Continental Regional Center.
Topics spanned from key considerations in EB-5 project selection to source of funds issues and the importance of business plans.
Attorney Michael Homeier said events like this are important to the EB-5 community because, “It gives us the opportunity not only to provide information and education to other practitioners in the business, also to meet people who are active or interested in getting active and remind folks there are laws out there that need to be followed.”
One of the most poignant parts of the event was when Michael Gibson stated that 50 percent of EB-5 projects would fail. Many were surprised, if not shocked. Gibson said, “That’s probably conservative, it could be higher.”
Gibson continued, “By failures I mean they fail to produce the conditions to remove the 829, they don’t produce enough jobs or they can’t verify that the jobs are being created according to the business plan . . . or satisfy the investor requirements; the repayment of the principle.”
An emerging trend in the EB-5 program is the expansion into smaller markets. Many of the event’s guests discussed where they saw the future of EB-5. Morgan Smith of California Regional Center says, “I really see startups and smaller companies taking on the investor and the regional center will become more along the lines of what a regional center is supposed to be which managers are doing their due diligence.”
The last speaker of the day was Michael Homeier who discussed legally and effectively marketing projects. The event ended in the early evening with a networking reception.