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CanAm's industry-leading EB-5 track record once again audited by PKF


CanAm Enterprises has announced that its stellar track record of achieving positive results for EB-5 investors has been audited by the global accounting firm PKF O'Connor Davies, LLP (PKF) which certified the company facilitated an aggregate capital repayment of over USD 1 billion to investors.

CanAm commissioned the internationally acclaimed accounting firm to ensure a transparent and efficient process for EB-5 investors as they fulfill their dreams of becoming American citizens while making significant contributions to the nation's infrastructure.

PKF performed a comprehensive audit of several thousand investor records, cross-referencing USCIS-issued notices, bank statements, and related financial documents for each EB-5 investor from 2003 through 2018.

PKF was able to verify that, as of December 31, 2018, CanAm's had a high success rate for securing key petition approvals necessary for obtaining US visas. CanAm's I-526 petition approvals and I-829 petition approvals constituted 4,589 and 2,304 approvals, respectively.

The few denial cases were unrelated to the operations of any CanAm-sponsored project. PKF also reported that CanAm facilitated 2,080 full investor repayments, representing an aggregate EB-5 capital repayment amount of over USD 1 billion. Note that the PKF audit report does not reflect outstanding projects that have not yet reached maturity.

"A regional centre's track record is an extremely important factor for virtually all EB-5 investors when assessing the likelihood of their immigration goals being achieved," said Tom Rosenfeld, CanAm President, and CEO.

"At CanAm, we are very proud of our track record which is truly second to none", he added.

The audited report only reflects data up to the end of 2018. According to the record-keeping as of July 2019, CanAm has received more than 4,640 I-526 petition approvals, more than 2,310 total I-829 petition approvals, and received over USD 1.25 billion capital repayment from 2,500 investor-families in 38 projects.

"CanAm continues to be the standard-bearer in the EB-5 industry. And to the best of our knowledge, no other regional center has come even close to our track record", added Rosenfeld.

The EB-5 Immigrant Investor Program is administered by the United States Citizenship and Immigration Services (USCIS). The Program provides qualified foreign investors with the opportunity to earn "conditional" or temporary two-year visas in return for investing USD 500,000 in businesses located in high unemployment areas that create or retain at least ten permanent full-time jobs for US workers.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, August 16 2019. 12:30 IST