<p>Comment: TEA Differential <br/>
<div>
In their paper,
<a
href=”http://ilw.com/articles/EB-5-Reform-on-the-Horizon.pdf”
target=”_blank”
>
EB-5 Reform on the Horizon by Gary Friedland and Jeanne
Calderon
</a>
, the professors present a table on Summary Comparison: Minimum Investment
Amount and TEA Spread. We congratulate the authors for drawing our
attention and that of the EB5 industry to the pattern of how the various
proposals for investment amounts for TEA and non-TEA have varied with time
and across various proposals.
</div>
<div>
<br/>
</div>
<div>
Please find a version of their original table with a row added for the
“non-TEA Premium %” added.
</div>
<div>
<br/>
</div>
<div>
<p>
<strong>
Table: Summary Comparison: Minimum Investment Amount and TEA Spread
with “non-TEA Premium %” added
</strong>
</p>
<table border=”1″ cellspacing=”0″ cellpadding=”0″>
<tbody>
<tr>
<td width=”150″ valign=”top”>
</td>
<td width=”79″ valign=”top”>
<p>
Existing
</p>
<p>
Statute
</p>
<p>
(Unchanged
</p>
<p>
since
</p>
<p>
enactment in
</p>
<p>
1990)
</p>
</td>
<td width=”79″ valign=”top”>
<p>
S.1501 (introduced June 2015); H.R. 5992 (introduced
Sept. 2016)
</p>
</td>
<td width=”79″ valign=”top”>
<p>
March 2017 Staff drafts of S.1501 and H.R. 5992
</p>
</td>
<td width=”79″ valign=”top”>
<p>
Proposed USCIS Regulations January 13, 2017
</p>
</td>
<td width=”79″ valign=”top”>
<p>
Senator Cornyn Draft Bill April 2017
</p>
</td>
<td width=”79″ valign=”top”>
<p>
Senators Grassley and Cornyn March 2018 Draft Bill
</p>
</td>
</tr>
<tr>
<td width=”150″ valign=”top”>
<p>
Non-TEA (standard)
</p>
</td>
<td width=”79″ valign=”top”>
<p align=”center”>
1,000,000
</p>
</td>
<td width=”79″ valign=”top”>
<p align=”center”>
1,200,000
</p>
</td>
<td width=”79″ valign=”top”>
<p align=”center”>
1,000,000
</p>
</td>
<td width=”79″ valign=”top”>
<p align=”center”>
1,800,000
</p>
</td>
<td width=”79″ valign=”top”>
<p align=”center”>
925,000
</p>
</td>
<td width=”79″ valign=”top”>
<p align=”center”>
1,025,000
</p>
</td>
</tr>
<tr>
<td width=”150″ valign=”top”>
<p>
TEA
</p>
</td>
<td width=”79″ valign=”top”>
<p align=”center”>
500,000
</p>
</td>
<td width=”79″ valign=”top”>
<p align=”center”>
800,000
</p>
</td>
<td width=”79″ valign=”top”>
<p align=”center”>
800,000
</p>
</td>
<td width=”79″ valign=”top”>
<p align=”center”>
1,350,000
</p>
</td>
<td width=”79″ valign=”top”>
<p align=”center”>
800,000
</p>
</td>
<td width=”79″ valign=”top”>
<p align=”center”>
925,000
</p>
</td>
</tr>
<tr>
<td width=”150″ valign=”top”>
<p>
TEA Discount
</p>
</td>
<td width=”79″ valign=”top”>
<p align=”center”>
500,000
</p>
</td>
<td width=”79″ valign=”top”>
<p align=”center”>
400,000
</p>
</td>
<td width=”79″ valign=”top”>
<p align=”center”>
200,000
</p>
</td>
<td width=”79″ valign=”top”>
<p align=”center”>
450,000
</p>
</td>
<td width=”79″ valign=”top”>
<p align=”center”>
125,000
</p>
</td>
<td width=”79″ valign=”top”>
<p align=”center”>
100,000
</p>
</td>
</tr>
<tr>
<td width=”150″ valign=”top”>
<p>
<strong>non-TEA Premium %</strong>
</p>
</td>
<td width=”79″ valign=”top”>
<p align=”center”>
<strong>100%</strong>
</p>
</td>
<td width=”79″ valign=”top”>
<p align=”center”>
<strong>50%</strong>
</p>
</td>
<td width=”79″ valign=”top”>
<p align=”center”>
<strong>25%</strong>
</p>
</td>
<td width=”79″ valign=”top”>
<p align=”center”>
<strong>33%</strong>
</p>
</td>
<td width=”79″ valign=”top”>
<p align=”center”>
<strong>16%</strong>
</p>
</td>
<td width=”79″ valign=”top”>
<p align=”center”>
<strong>11%</strong>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div>
The crucial point is that the percentage differential between TEA and
non-TEA investments shapes the distribution of investment within the EB5
market. At current investment levels of $500K and $1Million, the percentage
differential is 100%. All the proposals involve dramatic reduction of the
non-TEA premium from the current 100% to as little as 11%.
<br/>
</div>
<div>
<br/>
</div>
<div>
We await the publication of the new EB5 regulation. While the amount of TEA
amount is important, so is the non-TEA premium percentage which will shape
the distribution of EB5 investments between wealthy urban areas on the one
hand, and distressed urban and rural areas on the other–especially when
the designation of TEAs is centralized.
</div>
<div>
<br/>
</div>
<div>
Let us know your thoughts by writing to us at <a href=”mailto:editor@ilw.com” target=”_blank”>editor@ilw.com</a>.
</div>
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