The first four I-526 petitions for All Aboard Florida project have been approved by USCIS.
CanAm Enterprises (“CanAm”) is pleased to announce that the first I-526 petition submitted under the All Aboard Florida project – CanAm’s first EB-5 project located in Florida - has been approved by the United States Citizenship and Immigration Services (USCIS). The proceeds of the $350 million EB-5 loan helped finance the first high-speed passenger rail system in Florida. The segment from Fort Lauderdale to West Palm Beach station is slated to be operational by the end of this year. CanAm knows how much uncertainty there is in the EB-5 Program, both for the projects that depend upon EB-5 financing and for the immigrant investors waiting to learn whether their investments will make them eligible for conditional permanent resident status. For these reasons, CanAm’s standard policy is to seek pre-approval for all of its projects, All Aboard Florida Project is one of them. “We strive to make sure that each submission to USCIS seeking pre-approval of a new project addresses any possible concerns that USCIS may have,” said Walter S. Gindin, Director and CanAm’s immigration counsel, “we work closely with each project during our due diligence process to make certain that all the project-related information necessary to obtain approval from USCIS.” CanAm’s track record over the past years attests to that. Following the first I-526 petition approval, CanAm anticipated that all other investors in this project will receive USCIS adjudication decisions soon. Currently, the USCIS processing time for Form I-526 adjudication is about 22 months. # # # About CanAm Enterprises With three decades of experience promoting immigration-linked investments in the United States and Canada, CanAm has a long and established track record. Based on a reputation of credibility and trust, CanAm has financed more than 55 project loans and raised more than $2.5 billion in EB-5 investments. CanAm exclusively operates seven USCIS-designated Regional Centers that are located in the City of Philadelphia, the commonwealth of Pennsylvania, Los Angeles County, Hawaii, the New York Metropolitan Region, Florida, and Texas. For more information, please visit www.canamenterprises.com. About the EB-5 Investor Program The EB-5 Immigrant Investor Program (EB-5), administered by the United States Citizenship and Immigration Services (USCIS), provides opportunities for qualified foreign nationals to achieve permanent legal residency in the U.S. through an investment in an USCIS-approved project that will generate at least ten full-time jobs in the United States. ... See MoreSee Less
This was published in April and takes a good look at the FECR buyout by Grupo Mexico and Softbank's purchase of Fortress/FECI/All Aboard Florida.
"Operating rights are not the same as ownership, so while Japan’s Softbank may be more sympathetic to semi-fast trains than Grupo Mexico, Brightline will have to stay in Grupo Mexico’s good graces for its operation to succeed. If the passenger trains conflict with FEC freights, FEC could impose unanticipated costs on Brightline, such as train delays and freight train interference with its operations. Brightline is confident that it will begin earning operating profits by 2018. It better meet that target or FEC’s new owner will likely put up even more obstacles to its plans to expand to Orlando." ... See MoreSee Less
The Future of Brightline 1 Reply Mexican conglomerate Grupo Mexico is acquiring Florida East Coast Railway for $2.1 billion. This raises questions about the future of Brightline, FEC’s planned moderate-speed rail line that was previously called All Aboard Florida. Brightline is scheduled to begin op...