Join Mark I. Davies, our chairman, and Matteo Tisato, Senior Immigration analyst in our Italy Practice for a webinar with EB5AN today at 2pm EST / 8pm Italy. Click the link below to register & the same link to view a recording after the event.
Source of Funds for EB-5
In order to ensure the integrity of the EB-5 Investor Visa Program, applicants must be able to document where the funds used to pay for their Green Cards come from. An applicant must demonstrate that they are the owner of the funds being invested and that they came by these funds through legal means.
Since the total investment requirement for EB-5 is a minimum of $900,000, many of our clients need to pull together funds from multiple different sources. This can include wages, the sale of property, capital gains on investments, gifts from friends and family, as well as loans.
In reality this can be quite complicated, and your EB-5 immigration attorney will play a vital role in helping you to make strategic decisions about which funds to use for your EB-5 investment.
For example, you will need to prove that all taxes have been paid on the sources of income and that there is appropriate collateral against any loans.
Crucially, it is important that the relevant documents are translated into English. Therefore, it is very helpful to work with law firms with in-house Italian language capabilities. Matteo Tisato, our Senior Immigration Analyst, works with our Italian clients in this respect.
Davies & Associates Source of Funds team across the United States is highly experienced. They have dealt with hundreds of cases and have a 100% success rate in this aspect of the application.
What is EB-5?
The EB-5 visa grants a person US permanent residency (Green Card) in exchange for a minimum $900,000 investment. A single application and investment can include the primary applicant, their spouse, and any children under the age of 21.
In addition to documenting the Source of Funds, the other key requirements of EB5 are are
- invest in a New Commercial Enterprise
- create at least ten jobs
- invest at least $900,000 in a Targeted Employment Area or $1.8 million outside of these areas.
To help ensure compliance with the rules and to minimize risks to the Green Card, the vast majority of EB-5 investors elect to work with a Regional Center, but it is possible to make and manage the investment yourself in so-called “Direct EB-5”.
On today’s webinar, Mark and Matteo will be joined by Sam Silverman and Michael Schoenfeld, cofounders and managing partners of EB5 Affiliate Network (EB5AN). a leading EB-5 consultancy and Regional Center network.
Our appearance alongside EB5AN is in no way an endorsement of their work or projects. As a law firm we offer our clients impartial due diligence on their chosen Regional Center projects. Our attorneys assist clients with identifying the risks to both their Green Card and the return of their capital – whichever Regional Centers they shortlist.
The webinar is scheduled for Thursday, February 18, 2021 and will share valuable information on the challenges EB-5 investors face with respect to of source-of-funds documentation. The webinar will break down this complicated issue for an Italian audience, with Matteo from our Italy team on hand to provide translation into Italian where necessary.
The EB-5 program faces reauthorization at the end of June 2021. The likelihood is that the program will continue, given the large number of jobs it creates and the billions of dollars in investment it brings to the United States. Yet, nothing can be taken for granted. Anyone considering the program should consider acting before the end of June. Given the time it takes to document Source of Funds to prepare an application, the time to start is now.
Please click here to register for the webinar, or to view a recording of the webinar.
This article is published for clients, friends and other interested visitors for information purposes only. The contents of the article do not constitute legal advice and do not necessarily reflect the opinions of Davies & Associates or any of its attorneys, staff or clients. External links are not an endorsement of the content.
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