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科罗拉多滑雪场豪宅，中国EB5投资者都以为，项目已完工了，自己的本金和绿卡都会很有保证。但是，这仅仅是一厢情愿，因为移民局的经济学家们并没有大家想的那么天真。从我们的分析，你可以看到，你的钱可能并不是被用来盖豪宅，而是挪作他用。另一点，就是，你可能在购买不被美国政府所认可的产品。这将会是一个多么可怕的事情。
首先，资金去向。从移民的角度，因为目前募集的钱要到明年2013年年初才能从监管账号转出，而项目公寓基本建设和配套设施都于2012年初完工，这意味者EB5的钱并非项目整个资本结构一开始就是必须的。除非银行的贷款协议上有写明，贷款是过桥贷款，会最后由EB5资金返还。否则，整个项目的就业都不能纳入EB5投资者创造的就业。一个在2010年就开始建造的项目，我们很有理由怀疑银行的过桥贷款能否给出2-3年的时限。因此，可以判断，有可能资金是转到其他的地方去。聪明的投资者，需要看看基金募集条款里面有没有机关-----基金有可能会把资金投到基金管理者认为合理的其他EB5项目区。这个需要看项目的原件如何表述才知道资金到底是要转到哪里。
第二，EB5资金安全问题。既然募集的资金对项目没有任何用处，就必须看看开发商如何向投资者把他的故事讲好，比如用于装修等等，那么前期的就业就不能算到EB5投资者那里了，因为项目一直在宣传已经卖了21套，虽然一年来一直在宣传卖了21套，这意味着其实装修并不缺钱。
很有意思的是，项目说EB5是第一顺位还款人。在没有EB5资金时，银行贷款已经进入了。条款肯定是要做第一顺位还款人的。那么，如何才能够让EB5做第一顺位还款人呢？用EB5资金来置换商业贷款。但是，EB5资金并不够置换商业贷款，所以商业银行是第一顺位的，不可能EB5是第一位。例外的情况是，银行根本就没有贷那么多钱，仅仅贷了8千万。
因为投资的钱走出监管账号时，已经跟项目的完工没有关系，那么大家的钱，要么就是放到新项目，要么就是用来还原来的贷款。如果是用来还原来的贷款，自然项目的就业就跟大家没有关系，因为项目早就完工了。所以，以前有没有人通过I526跟你们能否拿到I526毫无关系。既然你其实是跟项目没有关系的，上面的图片根本就无法反映出问题。有个别的项目，他们的招股书中会讲，他们有权把投资者的钱投到他们认为符合EB5条款的项目中去，马里兰赌场项目就是一例。所以，我们还是要看看SOLARIS的招股书才能知道。
跟EB5资金等值的SOLARIS公寓实物抵押，到底是谁作出定价的，如果没有合格的第三方作出定价，这是毫无意义的担保。第三年产权转移，那么，如果EB5投资者要出售这些房产时，银行贷款怎么办？必须先归还银行贷款。银行贷款归还以后，是否还有足够资金归还EB5投资款？因为一年多以来一直没有成交，整个市场价格都是基于一年前的成交价，到底房子值多少钱，估计只有开发商知道。
退出机制----三年后，市价评估，决定是否出售公寓退出。问题：如果市值低于EB5资金跟银行贷款，是否意味着需要不能退出？银行贷款占59%，意味着，第五年，市价要涨59%，出售项目时投资人能全身而退。有没有权威机构做出项目的市场可行性报告，预测5年内市值涨59%的可能性？
第三，绿卡保障----采用的是IMPLAN，要看看就业报告所讲的，酒店公寓完工后运营和商业零售店铺运营所创造的这些就业机会是在百分之几的营业额内创造的。也就是，是否需要满负荷运营才能创造这些就业。这个跟原来拿了I526能否拿I829的投资者息息相关。所以，I829还不敢保障。因为后来者如果资金是在项目完工后才到的，是无法通过I526的，因为你跟项目根本就不搭嘎。
如果资金是被转移到其他项目去，那你要知道，你看这个以为自己要投资的豪宅项目又有什么意义呢？
大家还是仔细看看PPM（招股书）里面是否有基金管理方自由转移资金到其他的条款把，要仔细阅读才能看出错漏。马里兰赌场项目就是一个很好的例子，很多中国投资者现在还沉醉庆祝赌场已经开工的盛宴中。至于那些比如不是国债却说是国债的520大桥项目，400投资者集体被移民局拒签。都市广场II，大部分是EB5资金建造，却可以包装的EB5只占15%
第四，到底项目是否合法的EB5项目？
请看看下面来自美国的报道。开发商因为无法融到资金去开发计划中的四季酒店，找到了一个EB5中介，叫RAPID VISAS 来中国融资。但是，最大的问题是，RAPID VISAS在美国并不是合法的证券机构，所以无法销售金融产品，也就意味着，现在募集基金从某个形式上是不合法的。
从这个角度，我们看到了两个答案：第一，就是EB5投资者的资金如上文所述，并不是用来盖所谓的豪宅，而是用来建酒店，而投资者却完全不知情。到底投资者的能否创造足够就业来拿到I526呢？信息完全没有披露。第二，就是，EB5投资者，可能购买的是不被美国证监局所认可的金融产品！
EB-5 Visa Agent / Broker Rapid Visas denounces Jay Peak
Posted by Michael Gibson on Thu, Mar 01, 2012 @ 09:00 AM
Rapid USA Visas CEO Douglas Hulme and Jay Peak President Bill Stenger in happier times
This email flooded the inboxes of over 100 immigration attorneys yesterday, apparently ending what may have been the longest and most successful agent/broker relationship in EB-5 visa history:
The alliance of Jay Peak and Rapid USA Visas was formed years ago, long before most people in the U.S. had ever heard of the EB-5 Visa Immigrant Investor program, and it was a union that appeared to benefit both parties substantially and resulted in an injection of over $200 Million from more than 400 investors into this little known corner of New England.
Jay Peak co-owner and President Bill Stenger was not able to raise the capital he needed to develop Jay Peak into the vision that he had for a four season, full-service resort in an area that did not receive much traditional capital investment but had heard about the EB-5 visa program and saw that as a way to attract capital and create jobs in a depressed, remote area of Vermont.
The big problem, however, was that he did not have the resources or overseas connections to attract foreign investors who could provide him with their capital in exchange for the green card. At the time, Douglas Hulme, a British citizen, was acting as a business broker in Florida selling small businesses to UK residents for purposes of qualifying them for the E-2 visa.
With the average sales price of only a few hundred thousand dollars and low commissions, he approached Bill with an idea to sell investments in Jay in return for a commission on each investor he brought in. They both agreed on a compensation arrangement that was very profitable for Hulme's firm, Rapid USA Visas, earning well over $25,000 per investor once the I-526 had been approved. Rapid USA Visas and Jay Peak had an additional clause in the subscription agreement that provided both parties with compensation of $10,000 even if the investor did not pursue the investment after the 30-day review period ended, making Jay Peak one of the few EB-5 regional centers that charged (and still charges) a document fee.
The process worked very well for both parties as they began to market the Jay Peak projects heavily in the United States, the United Kingdom where they established an office, and around the world. A frequent fixture at AILA and other U.S. and overseas EB-5 networking events, the Jay Peak/Rapid USA Visa booths were typically among the largest in the room.
These marketing expenses were funded in part by a substantial number of immigration attorneys who recommended Jay Peak projects to their clients based on the claims made by the agent / promoter Rapid Visas and the State of Vermont and it's officials. The immigration attorneys were also paid large finder's fees and commissions to promote and sell the Jay projects to their clients and could be seen toting bags of promotional material back to their offices to hand out to their clients, whom they assured that these were very good investments, or sometimes put another way, Jay Peak had a "great track record".
The combination of marketing to immigration attorneys and substantial overseas promotion led to the funding of one of the largest EB-5 regional center projects in the program today. Statements made by Bill Stengerand James Candido with the Vermont Agency of Commerce and Community Development (VACCD) put the amount of investment in the state at over $200 million and 400 investors. Assuming that figure to be correct, the fees paid to agents and attorneys involved with the sale of these securities offerings (the subscription fee used to be $65,000 but is now $50,000) would be well over $20 million.
Given that it was such a lucrative practice for all of the parties, this announcement comes as a huge surprise to everyone who received the notice. Why such a profitable arrangement was suddenly and without notice terminated by the broker/agent is not known at this time, but several analysts have speculated that it may be due to either the financial condition of the resort due to the large amounts of capital expenditures and low revenue from the warm winter and low bookings or doubts that the job creation projections may not be realized as outlined.
Should Jay Peak fail to achieve the removal of conditions upon the filing of the I-829 petition (they are claiming a 100% approval rate right now) or fail to return a substantial portion of the principal, their investors may look to the agents, promoters, and attorneys who recommended this investment for relief.
The question of whether federal and state regulators would consider Rapid USA Visas to be an unregistered broker whose activities included marketing, soliciting and facilitating the sale of a U.S. security in exchange for a commission (finder's fee) will be explored next, as well as the State of Vermont's role in supervising the activities of the projects that fall under their jurisdiction. Questions must be raised as to VACCD's role in supervising the marketing, promotion and solicitation of these projects involving possible unregistered brokers / agents and the payment of fees to unregistered persons (such as attorneys) which could be violations of federal (SEC) and state securities laws and regulations.
We will also explore the role of immigration attorneys in the recommendation of securities to their clients, issues of ethics, dual compensation, due care, conflicts of interest, and their liability should the Reg. D exemption found to have been violated and the offer rescinded, as well as what potential liability they could face should there be a failure of the project to create sufficient jobs to remove conditions or fail to repay a significant portion of the capital invested.
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