NAVIGATING SOURCE OF FUNDS CHALLENGES AND I-829 RISKS FOR VIETNAMESE EB-5 INVESTORS— BY MINH LE
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cost implications, but it provides a clear route to regaining lawful resident status under a more reliable project framework.
Litigation or Administrative Appeals In a few cases, attorneys may recommend:
• Filing motions to reopen or reconsider( MTR)
• Challenging the decision through administrative appeals
• Pursuing litigation if USCIS has misapplied legal standards
However, these paths depend heavily on the underlying facts. If job creation truly did not occur, legal challenges have limited prospects.
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• Audited financial records
• A proven track record of successful I-829 approvals
• Strong relationships with reputable developers Developers, too, must demonstrate:
• Adequate capitalization • Real construction progress
• Long-term operational feasibility
• Experience with EB-5 projects or large-scale developments
Understanding Investment Risk vs Immigration Risk An EB-5 project can be financially safe but still risky from an immigration standpoint if it fails to create enough jobs.
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due diligence helps investors avoid projects that appear attractive on the surface but lack the substantive foundations necessary for successful I-829 adjudication.
A CALL FOR CAUTION, DISCIPLINE, AND PROFESSIONAL GUIDANCE The recent challenges faced by Vietnamese EB-5 investors illustrate the complex intersection of financial planning, immigration regulation, and long-term family decisions. These events serve as a reminder that EB-5 is not only an investment— it is a legal process with high stakes.
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decision-making, families can protect both their capital and their American dream— avoiding the painful dilemmas that many now face. Although the source of funds and path of funds had been approved at the I-526 stage, USCIS reconsidered these elements again during the I-829 adjudication stage” |
Temporary Status Alternatives Some investors explore other visa categories( such as student status, business visas, or dependent status) to legally remain in the United States during the transition period of filing a new EB-5 case. This requires careful management and legal supervision to avoid unlawful presence.
LESSONS LEARNED: DUE DILIGENCE IS NOT OPTIONAL The recent experience of Vietnamese EB-5 investors highlights a fundamental truth: the quality and credibility of the project— and the organizations behind it— determine the outcome of the immigration process.
Choosing the Right Regional Center and Developer A trustworthy regional center should provide:
• Transparent project documentation
• Verified job-creation methodology
The EB-5 program is structured such that the investor bears immigration risk, even when the failure is entirely due to the project or developer
Conversely, a high-return project may expose the investor to both financial and immigration risks. Investors must evaluate both dimensions separately.
Avoiding Overly Promised or Over-Marketed Projects Many troubled projects share common warning signs:
• Unrealistic construction timelines
• Project models reliant on speculative demand
• Limited third-party oversight
• Lack of job-creation buffers
• Promotional messaging that minimizes risk
A disciplined approach to
To safeguard their future, investors should:
• Work only with reputable regional centers and developers
• Conduct rigorous independent due diligence • Ensure their Source of Funds documentation is complete, transparent, and well structured • Seek professional legal and financial advice throughout the entire process
• Prioritize projects with proven job-creation capacity, not just appealing marketing materials
Ultimately, the EB-5 journey is most successful when investors act with caution and clarity. With the right guidance and a commitment to informed
MINH LE
Minh Le is the Chief Executive Officer of Interimm Co., an immigration agency in Vietnam. He has nearly 20 years of experience in investment management and investment immigration, supporting clients in successfully settling down in the U. S., Australia, and Europe.
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