Velocity Investments LLC was a Regional Center approved by USCIS to participate in the EB-5 visa program. However, on March 24, 2016, USCIS terminated the designation of Velocity Regional Center, making it the 17th Regional Center to have its designation revoked. This article looks at the background of Velocity Investments and the reasons for its termination.
Velocity Regional Center was located in California
According to USCIS records, Velocity Regional Center was based in California when its designation was terminated on March 24, 2016. At the time, USCIS provided no specific reasons for shutting down Velocity Regional Center.
Tens of Regional Centers terminated by USCIS since 2015
Velocity Regional Center’s termination came amid a wave of Regional Center terminations by USCIS. Beginning in 2015, USCIS began ramping up oversight of Regional Centers in the EB-5 program. Common reasons for terminations include failure to submit required I-924A forms, lack of actual projects and investments, and inability to show job creation.
Regional Center terminations can affect EB-5 investors
When a Regional Center has its designation terminated, it can spell trouble for EB-5 investors associated with that center. Their I-526 petitions may be denied or revoked, and even I-829 petitions down the road can be jeopardized. Investors should conduct proper due diligence on any Regional Center before investing to understand the risks.
In summary, Velocity Regional Center was a California-based Regional Center that had its EB-5 designation terminated by USCIS on March 24, 2016. Its termination was part of a broader crackdown by USCIS on Regional Centers, and may have affected investors associated with Velocity investments.