EB5 Immigrant Investors
The Patel Law Group, PLLC provides expert advice to investors, regional centers and developers throughout the EB-process. Through years of experience the Firm’s team is able to handle all types of EB-5 deals ranging from direct investments, TEA and Rural Area designations, and Regional Center Investments. Below is a brief description of the EB-5 program and a list of services provided by our firm. We look forward to assisting you during the EB-5 process.
The immigrant investor, or EB-5, program is a highly beneficial permanent residence option for the wealthy individual. Since there is no quota waiting list in this preference category, it enables a foreign national to obtain permanent residence status more expeditiously than with most other options.
The EB-5 category requires an investment of $1 million (or $500,000 in a high unemployment or rural area) in a commercial enterprise that will employ 10 full-time US workers. Although the investor’s role cannot be completely passive, he or she does not have to be involved in any way in the day-to-day management of the business unless he or she wants to do so. It is critically important that the investor be able to document the lawful source of investment funds, whether the funds are his or her own or given to him or her as a gift. The permanent residence obtained by the investor is conditional for two years and can be made permanent at the end of the two years upon satisfying to USCIS that the investment proceeds have not been withdrawn and the requisite jobs have been created.
The investor may invest in his or her own commercial enterprise or in a commercial enterprise owned by other parties. The investor may also choose to invest in a pre-approved “regional center”. Regional centers are government-approved entities in designated geographical areas for which USCIS has determined that investments will create the necessary 10 jobs per investor, whether directly or indirectly. Virtually all of the regional centers contain geographical areas where $500,000 is the required amount of investment.
The firm’s EB-5 practice team works with developers and business owners on options available for developing new projects that qualify for EB-5 investments, either based on individual EB-5 petitions or through new or existing regional centers. Where appropriate, we file applications for new regional centers and exemplar petitions for new regional center projects. We also counsel foreign nationals on the advantages and disadvantages of individual and regional center EB-5 petitions as compared with other immigration options. On individual EB-5 petitions, we work with corporate and tax counsel on structuring commercial enterprises that comply with the EB-5 regulations. On all cases, the team works with the foreign national on documenting the lawful source of investment funds. The end result is the filing of an individual or regional center EB-5 petition with substantial documentation. Finally, the firm’s EB-5 practice team also works with its foreign national clients on filing the application for conditional permanent residency, the condition removal petition and ultimately, where requested, an application for naturalization to U.S. citizenship.
Services Related To Investors for Regional Centers and Direct Investments
- Due diligence screening of investors and responding to investor questions
- Reviewing investor’s source of funds prepared by investor’s attorney
- Application of the I-526 for the investor
- Gathering all investor and family documents to ensure that the investor qualifies for investment with USCIS
Services Related to Regional Centers
- Issues regarding investor questionnaires
- Dealing with questions from marketing agents
- Developing systems to monitor “accredited” investors
- Developing policies on finder’s fees
- Dealing with escrow issues
- Staffing issues and training
- Preparing I-526 template packages
- Developing systems to track data for prospective investors, I-526 filings, RFEs, approvals, etc.
- Responding to project-related RFEs on I-526 petitions
- Developing systems to track condition removal dates and age-out dates for children
- Developing systems to track I-829 filings, RFEs, approvals, etc.
- Developing systems and methodologies to monitor job creation
- Developing systems and methodologies to monitor information and documents necessary for preparation of I-829 condition removal petitions
- Dealing with material change issues
- Dealing with job delay issues
- Responding to project-related RFEs on I-829 petitions
- Assistance with annual reporting, including systems to track requested information
- Reviewing potential new projects
- Representation in connection with potential projects to be adopted and overseen by regional center
Services Offered to Investors
- Performing immigration due diligence relating to chosen investment project;
- Advising regarding qualification as an EB-5 investor;
- Responding to questions regarding the EB-5 process;
- Obtaining, reviewing, analyzing and presenting information and documentation regarding the lawful source of funds;
- Obtaining, reviewing, analyzing and presenting information and documentation relating to tracing path of funds to the regional center project;
- Obtaining, reviewing, analyzing and presenting information and documentation about the regional center project;
- Preparation and filing of I-526 petition;
- Preparation and filing of conditional immigrant visa application or application for adjustment of status to conditional permanent resident; and
- Preparation and filing of I-829 condition removal petition.
- Advising on legal issues and CIS policies relating to EB-5 issues;
- Reviewing and advising regarding business plan for regional center project;
- Reviewing and advising regarding economic report relating to job creation, TEA and regional center geography;
- Reviewing and advising regarding marketing plan;
- Reviewing and advising regarding EB-5 immigration law issues in securities and corporate documentation;
- Advising regarding due diligence procedures for prospective investors;
- Reviewing documentation of targeted employment area, if applicable;
- Reviewing Escrow Agreement, if applicable;
- Reviewing agreements with third parties, if applicable;
- Reviewing all documentation for consistency and for EB-5 compliance;
- Preparing and filing exemplar I-526 petition, if applicable;
- Preparing and filing template for investors’ I-526 petitions regarding regional center and project, if applicable;
- Preparing and filing application for regional center designation; and
- Ongoing telephonic and email communications with client and other professionals on the EB-5 team.