USCIS recently released this draft memorandum regarding the EB-5 program. It is a good introduction to the EB-5 process from beginning to end. It answers many of the questions potential investors may have regarding the process. I have attached it post it in its entirety on this blog.
http://www.uscis.gov/USCIS/Outreach/Feedback%20Opportunities/Draft%20Memorandum%20for%20Comment/EB_5_Adjudications_Policy3.pdf
Please direct any questions to your New York Immigration EB-5 attorney at RMaher@RobertMaherLaw.com, 212-939-7548
Friday, November 18, 2011
Monday, November 14, 2011
What are the benefits of investing in an EB-5 Regional Center?
There are some advantages to investing in a Regional Center as opposed to applying for an EB-5 visa by investing in a new or troubled business. Investing in Regional Center provides two main benefits. First, the Regional Center Program has a less restrictive job creation requirement because it permits the use of indirect jobs towards the requirement that the investment create ten jobs. Second, Regional Centers require less day to day involvement on the part of the investor. The investor usually needs to live in the same location as a commercial enterprise that is not part of a Regional Center because the investor needs to manage the day to day operations of the commercial enterprise.
A potential investor should consult an attorney before beginning the EB-5 process. If you have any questions, please feel free to contact me, your New York EB-5 Attorney, at RMaher@RobertMaherLaw.com. My phone number is 212-939-7548, or look for me on Skype: rmaher1
A potential investor should consult an attorney before beginning the EB-5 process. If you have any questions, please feel free to contact me, your New York EB-5 Attorney, at RMaher@RobertMaherLaw.com. My phone number is 212-939-7548, or look for me on Skype: rmaher1
Monday, November 7, 2011
Can a Chinese investor apply for an EB-5 visa? The government only permits Chinese people to transfer fifty thousand dollars out of the country each year.
Yes. Chinese investors can participate in the program, and it is very popular. Since the government of China has export controls on currency that permit Chinese citizens to transfer no more than an equivalent of fifty thousand dollars per year out of the country, EB-5 investors use several methods to transfer money out of China, and there are several questions about whether some of the methods utilized are permitted.
Can I transfer money through friends?
Yes. Many investors open a checking account in Hong Kong or Singapore. They then divide the five hundred thousand dollar investment into ten fifty thousand dollar portions and ask ten friends each to transfer the money to their Hong Kong account.
Can I open an account overseas and have a friend transfer money from her account to my account?
Yes. this method has been utilized by investors. This method requires a friend with an overseas account and an account in China. The investor transfers five hundred thousand dollars to the friend's Chinese account. The overseas friend then transfers five hundred thousand dollars from his/her account to the investor's overseas account.
The key to transferring funds is to document every transfer very carefully. USCIS looks at the source of investor's funds very seriously. It it important that the investor be able to trace all transfers.
Please feel free to contact New York Immigration Attorney Robert J. Maher, Esq. with any questions: http://www.robertmaherlaw.com
Can I transfer money through friends?
Yes. Many investors open a checking account in Hong Kong or Singapore. They then divide the five hundred thousand dollar investment into ten fifty thousand dollar portions and ask ten friends each to transfer the money to their Hong Kong account.
Can I open an account overseas and have a friend transfer money from her account to my account?
Yes. this method has been utilized by investors. This method requires a friend with an overseas account and an account in China. The investor transfers five hundred thousand dollars to the friend's Chinese account. The overseas friend then transfers five hundred thousand dollars from his/her account to the investor's overseas account.
The key to transferring funds is to document every transfer very carefully. USCIS looks at the source of investor's funds very seriously. It it important that the investor be able to trace all transfers.
Please feel free to contact New York Immigration Attorney Robert J. Maher, Esq. with any questions: http://www.robertmaherlaw.com
Wednesday, November 2, 2011
What is the difference between a Regional Center and the traditional EB-5 program?
The EB-5 program gives the investor two options: invest in a regional center or apply for conditional residence through the traditional EB-5 program. The Regional Center option is a Pilot Program that was created by Congress in 1992 and expires on September 30, 2011. USCIS defines a regional center as “any economic entity, public or private, which is involved with the promotion of economic growth, improved regional productivity, job creation and increased domestic capital investment.”
In order to gain regional center status, the Regional Center organizers have to submit a proposal to USCIS, supported by economically or statistically valid forecasting tools, demonstrating its plan for the following:
• How the regional center plans to focus on a geographical region within the United States. The proposal must explain how the regional center will promote economic growth in that region.
• How, in verifiable detail (using economic models in some instances), jobs will be created directly or indirectly through capital investments made in accordance with the regional center’s business plan.
• The amount and source of capital committed to the regional center and the promotional efforts made and planned for the business project.
• How the regional center will have a positive impact on the regional or national economy
The “traditional” EB-5 program is a little different. In this case, the immigrant investor invests in a new commercial enterprise, one that was established after November 29, 1990, or prior to November 29, 1990 that is being reorganized or restructured in such a way that a new commercial enterprise results or expanded that there is a forty percent increase in the net worth or in the number of employees. This definition does not include noncommercial activity such as owning and operating a personal residence.
Under the traditional EB-5 program, the investment must create at least ten full-time jobs within two years of the investor’s admission into the United States as a conditional resident. Unlike the Regional Center, the jobs have to be created directly. Indirect job calculation is not permitted.
Please feel free to contact New York Immigration Attorney Robert J. Maher, Esq. with any questions: http://www.robertmaherlaw.com
The EB-5 program gives the investor two options: invest in a regional center or apply for conditional residence through the traditional EB-5 program. The Regional Center option is a Pilot Program that was created by Congress in 1992 and expires on September 30, 2011. USCIS defines a regional center as “any economic entity, public or private, which is involved with the promotion of economic growth, improved regional productivity, job creation and increased domestic capital investment.”
In order to gain regional center status, the Regional Center organizers have to submit a proposal to USCIS, supported by economically or statistically valid forecasting tools, demonstrating its plan for the following:
• How the regional center plans to focus on a geographical region within the United States. The proposal must explain how the regional center will promote economic growth in that region.
• How, in verifiable detail (using economic models in some instances), jobs will be created directly or indirectly through capital investments made in accordance with the regional center’s business plan.
• The amount and source of capital committed to the regional center and the promotional efforts made and planned for the business project.
• How the regional center will have a positive impact on the regional or national economy
The “traditional” EB-5 program is a little different. In this case, the immigrant investor invests in a new commercial enterprise, one that was established after November 29, 1990, or prior to November 29, 1990 that is being reorganized or restructured in such a way that a new commercial enterprise results or expanded that there is a forty percent increase in the net worth or in the number of employees. This definition does not include noncommercial activity such as owning and operating a personal residence.
Under the traditional EB-5 program, the investment must create at least ten full-time jobs within two years of the investor’s admission into the United States as a conditional resident. Unlike the Regional Center, the jobs have to be created directly. Indirect job calculation is not permitted.
Please feel free to contact New York Immigration Attorney Robert J. Maher, Esq. with any questions: http://www.robertmaherlaw.com
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