Global Investment Voice

Borrow $800,000 for an EB-5 investment, and USCIS calls it capital. But if you borrowed the exact same amount for Canada’s old immigrant investor program, it barely counted as money at all. The same debt with two different outcomes. 

In this episode, Mona and Rebecca dig into the collapse of the Canadian Immigrant Investor Program, showing how a structure built on interest-free government loans and zero investment risk quietly hollowed out its own economic case, leading to the central question: what actually makes borrowed money legitimate capital?

Listeners may remember the Zhang litigation from the 2015 EB-5 era. The years-long fight over whether loan proceeds could qualify as valid capital or should instead be treated as “indebtedness,” and how the fungibility of cash became one of the most contested issues in EB-5 source-of-funds review. Tune in to find out more.

“The virtue of EB-5 is not that it keeps borrowed money out. It’s that it asks the right questions.” – Mona Shah, Esq.

Two years is the number every EB-5 investor fixates on when thinking about the return of capital. But is this timeline fact or fantasy? In this episode, Mona brings back guest Manuel Ortiz, Vice President of Global Business Development at First Pathway Partners to dissect the regulatory timeline from the real world timeline.

Manuel is put in the hot seat and does not sugarcoat reality. For most projects, two-year exits are rare; take it from someone with 13 years of experience in the industry. Most projects require 24 months to break ground, let alone stabilize. So, what is an honest timeline for return of capital? Manuel reveals the realistic timeframe and explains how rushing an exit could turn an EB-5 investment into a high-risk short-term loan in disguise.

The current debate around rural versus urban projects gets its time in the spotlight too, with Mona and Manuel looking at where the market is heading and what investors should keep in mind before committing capital. Their conclusion is clear. Whilst the two-year rule may be the law, a realistic return of capital usually depends on the project, the asset, the stage of construction and the strength of the exit plan

The insights shared on Global Investment Voice are for informational purposes only and do not constitute legal or investment advice. Please seek tailored legal, financial, or investment advice where needed.

“You don’t want investors getting mixed signals and overcorrecting, saying, ‘Well, now I should get it back in two years,’ because that creates a whole host of other issues.” – Manuel Ortiz

Manuel Ortiz serves as Vice President of Global Business Development. Ortiz has over 20 years of public and private sector finance experience in global and domestic markets.

Mr. Ortiz has led award-winning investor relations teams, directing capital raise efforts in excess of $500M with investors from over 40 countries. In recognition of his work in emerging markets, he earned a national industry award for bringing EB-5 services and educational resources to underserved countries around the globe. His rich expertise, communication with stakeholders, and cultural competency have earned the trust of global institutional investors, family offices, hedge funds, qualified individuals, and their intermediaries. He has also been featured in the media on Fox News, ABC and UniVision. 

Prior to leading top awarded investor relations teams for private equity firms and EB-5 fund managers, Mr. Ortiz started his career as an analyst and underwriter conducting detailed valuations and due diligence for M&A acquisitions and financial analysis for commercial construction risks. He went on to become a public information officer and spokesperson, at the Port of Brownsville, working on economic development matters for the Port’s CEO and Senior Management. 

Mr. Ortiz earned an MBA from the Cox School of Business at Southern Methodist University and a BBA at the University of Texas at Austin, with a minor in international business. He also holds a FINRA Series 7 license and is bilingual – fluent in Spanish and English. 

Think that filing before September 30, 2026, guarantees smooth sailing to your green card? Not so fast.

In this week’s episode of Global Investment Voice, hosts Mona and Rebecca sit down to debunk the myths surrounding EB-5’s grandfathering clause. The provision was born out of the chaos of 2021, when the regional center program lapsed overnight, leaving 32,000 investors and their families hanging with $15 billion in committed capital at stake.

There are multiple dates circulating and here is what people are mixing up. September 30, 2026, is not when the program expires; that’s 2027 and there is a separate clock ticking to lock in the current investment threshold. Most of all, grandfathering itself does not promise a green card. It promises adjudication.

We walk through each myth one by one explaining exactly who the clause protects, and which investors don’t even enter the conversation. The most important thing to remember amid the rush to the deadline is that one thing matters above all: A qualifying petition.

If you have deadline anxiety or all the dates are running together, tune in as we separate fact from myth.

“Grandfathering is like a seat belt. It’s not a fast pass. It keeps the crash from hurting you, but it doesn’t make the car go faster.”– Mona Shah

Mexico City may be enjoying its moment in the World Cup spotlight, but another story is unfolding beyond football. A steady stream of Americans are packing their bags for Tulum, Merida and Guanajuato. In today’s episode, Mona speaks with Juan Felipe Sanchez of Mexico Business Lawyers about why Mexico has become such an attractive destination for Americans to relocate and invest.

Having practiced Mexican residency, real estate, and business law since 2007, Juan Felipe explains the real reasons behind the southern migration, including how remote work has changed the game and how 350k can buy you a foothold on the Mexican coast. Most importantly, he reveals the truth behind Mexico’s property myths (no, you don’t need to be Mexican to own beachfront real estate!).

For anybody planning their retirement, weighing up a second home or looking for the practical guide to temporary and permanent residency south of the American border, this episode offers a first-hand briefing from someone who’s lived and practiced it for nearly two decades.

With over 18 years of experience in the field, Juan Felipe brings a wealth of knowledge and a deep understanding of Mexican legal frameworks. His expertise spans a broad range of services, including business law, property law, and international transactions, making him an invaluable asset for foreigners looking to navigate the complexities of the Mexican market.

Juan Felipe’s journey in the legal profession is marked by his dedication to providing honest and efficient support to his clients. With a focus on expert legal guidance, he holds a Master’s degree in Legal Consulting from the Universidad de Monterrey. His commitment to excellence and his client-centric approach ensure that each client receives personalized and effective legal solutions tailored to their specific needs.

Throughout his career, Juan Felipe has helped numerous international clients establish businesses and purchase properties in Mexico, always prioritizing transparency and thoroughness in his work. His leadership and strategic insights have not only resolved complex legal challenges but also facilitated seamless transactions, fostering trust and long-term relationships with clients from around the globe.

Juan Felipe’s vision aligns perfectly with our firm’s mission: to support and empower those who seek to grow their businesses and investments in Mexico. Under his guidance, our legal team is equipped to handle every aspect of your legal needs, ensuring a smooth and successful experience from start to finish.

Think Portugal lost its shine when they scrapped the real estate route? Think again.

In this episode of Global Investment Voice, Mona Shah and Rebecca Singh bring back immigration expert Tiago Gali Macedo to discuss Portugal’s Golden Visa Program. They dig into the route, which is stealing the spotlight, the cultural heritage donation. At a price tag of €200,000- €250,000 for Portuguese residency it’s less than half the cost of the popular €500k fund route and buys you the exact same residence permit. The same Schengen residence, right to live, work and study, but a smaller check.

However, before you book your flights there are some questions worth answering. What safeguards exist to ensure cultural projects are vetted? Where does your money go? And, with no return of capital, is the cultural route simply the most expensive option in disguise? Tiago breaks it all down for you including why an investors position is more protected than expected.

There is also a hint at something new on the horizon, can you keep the secret?

If you are weighing up residency options and exploring routes to Europe or trying to get the most out of your money, we deliver the answers to make your decision easier.

“Investing 500k in a fund or several funds and 200 or 250 as a donation, you have exactly the same permit with all the same benefits, all the same possibility to get to nationality” – Tiago Gali Macedo

Tiago Gali Macedo

Tiago Gali Macedo is the managing Partner of Next – Gali Macedo & Associados, an international award winner of Legal Awards since 2013, namely Immigration Law Firm of the Year, Real Estate Law Firm of the Year, Boutique M&A Law Firm of the Year, Insurance Law Firm of the Year, consistently ranked among the Top 25 Global Immigration Attorneys by Uglobal Magazine and member of IMC.

Before founding this Firm, he gained invaluable experience working at renowned law Firms, such as Simmons & Simmons Rebelo de Sousa and PricewaterhouseCoopers Portugal.

Next – Gali Macedo & Associados is a multidisciplinary Firm with offices in Porto, Lisbon, and Brussels, and its primary areas of expertise encompass Immigration Law, Mergers & Acquisitions, and Foreign Investment. Tiago Gali Macedo also led a career as Professor at various universities, such as Lusíada University (Portugal), Oporto Business School (Portugal), and Baltimore University (USA). Following an academic path focused on fields such as Labor Law and Corporate Law [with a post-graduation in Labor Law (Portugal) and a 2nd Cycle at the Santiago de Compostela University (Spain), he is currently concluding his PhD at Salford University (UK). He started pursuing Immigration Law as a new area of expertise, being now one of his areas of proficiency, frequently as a panelist in some of the main Immigration events held worldwide.

In a previous episode, we said that rural EB-5 projects trade safety for speed; and that did not go down well with everyone.  In this episode, We put the hard questions to Dr. Vish, a developer with over 43 years of experience who is actively building in rural America, with projects spanning from Chicago to Hawaii. 

Yes, it’s true that rural projects are moving with processing times spanning six to eight months whilst urban TEA projects sit in queues stretching to eighteen months. But does faster necessarily mean riskier? Dr. Vish makes the compelling case that the urban / rural framing is the wrong lens entirely. The questions and factors that genuinely matter, he argues, surround capital stack depth, developer track record and market strength. 

Whether it’s financing myths or developer misconceptions, this episode covers the most persistent assumptions in EB-5 due diligence. Merely stamping a project as “rural” or “urban” tells you little about whether your capital is properly protected. The simple fact we keep returning to is that processing speed is just one input you should consider when choosing a project, not a substitute for the full picture. 

For investors, advisors, and anybody exploring EB-5 projects requiring sharper due diligence methods: This episode is one to bookmark. 

“So I think instead of branding it as urban versus rural, we have to look at other aspects such as what’s the capital stack and how soon do the investors get their money back? What is the pro forma operating statements? What do they show? There are so many other variables.” – Dr. Vish

DR. GANESAN VISVABHARATHY

Dr. Ganesan Visvabharathy (“Dr. Vish”) is the founder and CEO of Hawthorne World, a commercial real estate developer. An Electrical Engineer, with an MBA from IIM Ahmadabad, India, and a Ph. D. from the University of Illinois, Champaign, Illinois. His vision of providing affordable housing for the masses has led him to do several projects in areas not previously known for the same.

In several of Chicago’s gleaming suburbs and neighborhoods, his firm was able to offer housing at a price well below the competition, thus providing an opportunity for thousands to own their homes, an unthinkable task previously for many of them.

Such housing has been made possible by the relentless efforts of Dr. Vish, and his team, with a razor-like focus on technology, costs, affordability, and elegant design.

Over the years, Dr. Vish has proven that ‘green’, and ‘affordability’ are not antonyms, but indeed can be synonymous.

Just before Americans fired up for their Memorial Day weekend, USCIS dropped a policy memo that sent the immigration world into a panic. With lawyers, investors, and visa holders alike scrambling to analyse their message. So, what does it actually mean? And more importantly, should EB-5 investors be worried?

In this episode of Global Investment Voice, Mona Shah is joined by immigration attorney Abdul Arif and paralegal Doris Chakra to cut through the chaos and deliver what really matters. Whilst the law hasn't changed, the posture has. Discretion has always existed in adjustment of status decisions, and this memo is less of a revolution and more a reminder of what officers could already do.

Crucially for EB-5 investors, the Reform and Integrity Act of 2022 has your back. The right to concurrent filing under Section 245N is baked into statute. No policy memo can override an Act of Congress.

But that doesn't mean you should be complacent. The trio dig into what this means for applicants from higher-scrutiny countries, what "extraordinary circumstances" actually means (spoiler: nobody knows yet), and why a well-prepared file with strong counsel is your best defence right now.

If you're navigating EB-5, adjustment of status, or US investment immigration, this is the episode you need to hear before your next filing.

For those in EB-5 or the adjustment of status process, this is the episode for you

Abdul Arif is an EB-5 specialist with a background in international tax law and anti-money laundering. He earned his law degree from St. Thomas University School of Law in Miami and began his legal career primarily practicing white collar criminal defense.

Since entering the EB-5 and immigration field in 2018, he has assisted real estate developers in securing over $100 million in project financing, established eight Regional Centers, and filed more than 55 EB-5 petitions in the past few years. His practice also includes EB-5 litigation before the U.S. District Court for the District of Columbia.

He is licensed before the Michigan Supreme Court, the United States Supreme Court, and the United States District Court for the Northern District of Texas, and has litigated pro hac vice in numerous states across the United States.

Your next passport could cost less than a luxury car and take you farther!  Until now, you may have never heard of Nauru, a small island nation in the Pacific, with a population of just 12,000 and a landmass you could cross in half an hour. Nauru has launched one of the most disruptive citizenship-by-investment programs yet. With a price tag of $90k, only a 3-4-month waiting time, and zero residency requirement, this one is hard to beat.

In today’s episode, Mona Shah is joined by Edward Clark, CEO of the Nauru Program Office, to unveil the program, which is turning heads and issuing passports at a staggering rate. We cover geopolitical anxieties that are driving demand for Nauru citizenship, including fears of military conscription, political uncertainty, and instability in the Middle East. Then there is the family-friendly structure, which lets you bring siblings, adult children, and even your mother-in-law for minimal extra cost!

Nauru has 86 visa free destinations to offer, including Singapore, Hong-Kong and the UAE, at a price tag which undercuts Caribbean programs by upwards of $60k. So, whether you need a plan B for your family, want to travel politically neutrally, or are simply intrigued by the CBI markets' newest disruptor, tune in for your introduction to Nauru.

Second passports are no longer exclusive to the ultra-wealthy, and Nauru is proof.

Edward Clark is the Chief Executive Officer of the Nauru Economic and Climate Resilience Citizenship Program. His role is to oversee the management of the Program Office to ensure it is run effectively and to the highest standards. Edward has extensive experience in the banking and financial services sector, specializing in risk, financial crime compliance, regulatory compliance, and governance. He has worked with large multi-national banks and non-bank institutions across Asia-Pacific including as the Chief Compliance Officer for HSBC’s New Zealand operation. His experience in anti-money laundering, sanctions, combating bribery and corruption as well as fraud and tax evasion are integral to maintaining the integrity of the Program.

Following their article exploring the rural bias built into EB-5’s DNA, Mona Shah and Rebecca Singh further delve into the processing-time gap between rural and urban I-956F applications. Rural projects are sailing through USCIS review in around 8 months whilst urban projects wait significantly longer. This is no administrative accident, but rather congressional intent embedded in the EB-5 Reform and Integrity Act of 2022. But what does this mean for developers and investors today?

The pair condense the most pressing queries they are hearing from clients into six main questions. Is the processing gap unlawful discrimination? Does choosing a rural or urban project affect EAD and advance parole time? And, what happens if investors file before the September deadline, but the project is not approved until 2027?

However, amongst the uncertainty, one thing is clear. Processing speed is merely a single factor for projects, not the whole picture. The project's resilience, exit strategy and likelihood of capital return matter just as much as a speedy approval.

As the September 2026 deadline swiftly approaches, this episode is essential for investors and develops seeking clarity in the EB-5 programs complexity.

Wondering where your next global mobility move could take you?

Mona sits down with Frank Cheang of Elysium 8 Holdings, a firm describing itself as more than a brokerage but a strategic gateway. They discuss three countries: Japan, Portugal, and Greece, including where investors are going wrong.

Our discussion begins with Japanese real estate, and the numbers alone are worth listening to. Foreign investors are claiming mortgage rates of 3-5%, whilst citizens can borrow at 1% with 100% LTV. Almost 250 episodes into Global Investment Voice, and we are only just landing in Japan… We should have booked this trip sooner.

From there, we move on to the better-known programs along the Mediterranean, with benefits that are harder to put a price on. Freedom to move, work, and outstanding education options. Portugal’s Golden Visa has raised over six billion euros and offers the fastest route to citizenship in Europe, five years. Whilst Greece takes seven years, they have zero minimum stay requirements, excellent for global investors.

Japan, Portugal, and Greece all have something different to offer, whether you’re a seasoned investor diversifying or a family weighing up your long-term options. This episode brings all three together to make your choice easier. 

Frank Cheang of Elysium 8 Holdings is a hospitality investment specialist based in Hyogo, Japan, focused on boutique and luxury hotel acquisitions, as well as cross-border real asset strategies. He works with international investors and globally mobile families to source and structure opportunities that align with residency and Golden Visa programs, particularly in Europe, including Portugal and Greece. Collaborating with legal and advisory partners, Frank helps clients navigate both the investment and immigration sides of a transaction, supporting decisions around jurisdiction, capital deployment, and long-term positioning. His work sits at the intersection of hospitality, cross-border investment, and global mobility, where property is increasingly being used not just as an asset class, but as a pathway to greater flexibility, security, and generational planning.

Visit Elysium 8 Holdings here