popular program and because of some of the issues that have arisen in the EB-5 Program with USCIS and their adjudication policy, it is taking a lot longer now. I think investors have to be sanguine about the fact that from start to finish it can take as much as a year before they can get their green cards.”
Today, it is apparent that the most difficult part of the application process is providing evidence of the lawful source of funds. As an attorney, Anthony relates that,“ It ends up being much more complicated than people recognize. USCIS clearly wants to ensure that only honest legal money is being invested in the EB-5 Program. They do not want this to be a vehicle for money laundering and I approve of that wholeheartedly.”
Proving the lawful source of funds can create headache or work for those who have complicated financial or tax arrangements, especially because of the differences in tax law from country to country. It“ can be quite difficult to unscramble that and prove to the satisfaction of USCIS that the funds themselves are lawfully sourced,” says Anthony.
Steven:“ The best analogy I can give right now is I was walking through a cross street and I was hand-held by [ my attorney ] and his team: Walk here, navigate there and make sure you do not step in front of a bus. I did not know where to walk to.”
Procedural Hurdles
For Steven, the procedural process was overwhelming at first because, three years ago when he began looking at EB-5, there was little available information about the program. As a technology-minded person, he attempted to find what information he could on the Internet:“ Doing research on the Internet was pretty useless at that time. There was not much information and there was not a detailed process outlined anywhere.” It is incredible how much more information is readily available to potential investors today. Of course, this is also due to the increased popularity of the program and the ever growing number of approved Regional Centers.
Anthony’ s experience allows him to shed light on common hurdles within both sides of the process:“ When I started practice in the EB-5 arena it was still running pretty well, and generally speaking, I-526 petitions were being approved in about 90 days, fairly regularly like clockwork. You could say to a client that within six months, start to finish, they would probably have their green card. The difficulty now, no doubt, because it is a
Advice for Other Investors
With these procedural hurdles and waiting issues in mind, we have asked these investors to offer words of advice to others considering participation in the program. In general, the three investors experienced smooth application processes, most likely because they had good attorneys. We were also impressed by their dedication and positive attitudes. When prompted for advice for other potential investors looking to participate in the program, each had this to say:
Steven:“ Many people going through this process, I am pretty sure, did not plan for this in their lives. It is a slight deviation from the regular life plan. It requires time, money and the commitment of family members. It takes more than that individual [ investor’ s ] commitment to make it happen. Their family needs to be in full support of this. They also need to invest the proper time, energy and resources to make it successfully happen.”
Shelley:“ If they have a plan and the desire to be in the United States and they have something to offer the people and to give to the community to help it grow, they can jump in with two feet. You can go to a place of frustration and you can talk your way out of it( deciding which way you want go) or you can keep looking forward and have the faith that everything is going to work out.”
Anthony:“ I think it is very important they do their research and see what projects are out there; to make sure the project they choose is both one that interests them and has a chance for success, because if the project fails, of course, the program is quite brutal. Their green card can be taken away from them and the investor and his or her family will have to return to their home country.
It is also important to do research about the professionals that they work with. Just because you are investing in the EB-5 Program does not mean you leave your common sense at home. You should be looking at this as indeed any other investment.”
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