Consequently, an I-526 approval notice is needed before a
permit to wire is available, which in turn means the EB-5 funds,
by and large, can’t be wired prior to I-526 immigrant petition
approval. Oftentimes, funds from South Korean EB-5 investors
won’t be available until the I-526 approval unless the EB-5
investment capital is already in the United States.
However, this puts South Korean investors, ironically, at a
disadvantage relative to Chinese EB-5 investors, who generally
have no problem wiring money into a U.S.-based escrow
account before I-526 petition approval.
The wire permit issuance authority was recently transferred
from the Bank of Korea to individual tax offices having
jurisdiction over the EB-5 investor’s residence.
A NEED FOR OUTSOURCED SOF
REPORTING
With this need comes a new service in the industry that is
rising. Groups and accounting firms are entering the market to
provide SOF reports to support the immigrant I-526 petitions.
The typical cost for these reports ranges from $4,500 to
$9,000 per report. Large firms with a global footprint are best
able to handle the diverse requirements with local staff.
17
EB5 INVESTORS M AGAZINE
KEVIN WRIGHT
Kevin Wright is an EB-5 economist and consultant
with Baker Tilly Capital Group. He works within
the EB-5 and new markets tax credit practice
areas to provide flexible and affordable capital to
qualifying projects and businesses. Wright works
with regional centers and project sponsors to design and structure
secure and marketable projects for potential investors from around the
world. As the founder of Wright Johnson LLC, Wright was responsible
for the creation of over 200 regional centers. He is a frequent speaker
on EB-5 in several markets.
THOMAS MARTIN
Thomas Martin is vice president of Baker Tilly
Capital, LLC, the wholly owned FINRA broker-dealer
subsidiary of Baker Tilly Virchow Krause, LLP.
With more than six years of experience in the EB-5
industry, Martin leads Baker Tilly Capital’s EB-5 U.S.
consulting practice, where his main focus is structuring EB-5 offerings.
Prior to joining Baker Tilly, he served as vice president of Wright Johnson,
one of the largest EB-5 consulting companies specializing in economic
impact studies, business plans and regional center formation.