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Zhang v. USCIS Signals a Victory for EB-5 Immigrant Investors Looking for More Options to Fund Their Investments as USCIS Approves Petition at Heart of the Case Yet Questions Remain

By Taher Kameli and Chathan Vemuri   On October 27 of 2020, the D.C. Circuit Court of Appeals invalidated a United States Citizenship and Immigration Services (USCIS) denial of an EB-5 immigrant investor’s petition under its Loan Proceeds Policy.[1] The DC Circuit invalidated the Loan Proceeds Policy, under which cash from loans were treated as indebtedness and had to be collateralized by the investor’s assets.[2] This policy, which was adopted in 2015, differed from its older policy where the USCIS only looked at “whether capital resulting from secured loans was secured by the assets of the investor (indebtedness),” and that