A flood of potential EB-5 investors are racing to learn as much about the program as possible in order to prepare and file their EB-5 Form I-526 before the deadline.
The EB-5 minimum investment amount is set to nearly double on November 21st, but investors can still lock in the currently low $500,000 TEA-investment rate and obtain a family-sized package of U.S. green cards.
The EB-5 Program is complex and it requires a potential investor to take several steps in order to get the process started. While it’s important to take the time to conduct thorough due diligence it’s understandable to want to try to slide in under the November 21 deadline as it will save you and your family a minimum of $400,000. Here are some tips that can help get an interested investor started.
Finding an EB-5 Immigration Attorney
Reduce your risks by hiring an experienced EB-5 immigration attorney to guide you through the EB-5 process. A good EB-5 immigration attorney will evaluate your eligibility for the EB-5 Program, conduct due diligence on the EB-5 project you’ve selected and check for program compliance, notify you of the documents you need to submit with your I-526 Petition, and they will file your I-526 Petition for you.
Finding A Worthy EB-5 Project
The closer the deadline gets the more likely popular EB-5 projects are to fill up. Find a reputable regional center and review their offering agreement with your EB-5 attorney. Learn about their team’s reputation, past projects, past I-526 Petition approvals, past I-829 Petition approvals, past returns of investor funds, their job creation methodology, and the exit strategy. Visit the project location to verify construction progress.
Liquidating Your Assets
You may have the assets to qualify as an EB-5 investor, but liquidating them may be challenging or finding the source of funds for the assets may be a problem. In that case, it may be better to turn to a loan or gift to use as an investment source. Part of the I-526 Petition is proving all EB-5 investment funds came from lawful sources. This means that an investor may have to trace back the funds several years and accounts with funds from several sources may complicate the EB-5 process.
Collecting Source of Funds Documentation
All source of funds documentation will need to be translated. Some common examples of evidence include payment stubs, employment contracts, bank account statements, tax returns, stock certificates, lease documents for rental income, documents for sale of assets, receipt of gifts, and/or inheritance estate settlement documentation.
Timing
Every EB-5 investor’s case is different. It may take one investor several months to prepare their I-526 Petition, while it may only take another investor several weeks. It all depends on the complexity of their case, how quickly they find a suitable EB-5 project, and how fast their EB-5 immigration attorney is able to file the requirement forms. Starting the process as early as possible will give you the best possible chance at meeting the EB-5 deadline, securing the lower investment amount, and of locking in a earlier visa priority date.