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How do I document inherited money?

I am from Saudi Arabia, we have no tax. I inherited my money from my father who passed away 7 years ago. He did not have a company. He also inherited his money and invested in real estate. When he passed away the properties were sold and the inheritance was distributed. I can show my bank statements and my father''s death certificate. Is this enough to prove lawful source of funds? By the way this is an excellent forum. Thank you.

Answers

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    Reza Rahbaran

    Immigration Attorney
    Answered on

    The documents needed to prove the source of funds differ in each case. In this particular situation, you will need your father''s death certificate, property deed, sales contract, and documentation of funds derived from inheritance. A closer examination of your case will determine additional documentation needed to prove source of funds.

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    A Mina Tran

    Immigration Attorney
    Answered on

    Usually for an inheritance, we would need to see a will or probate order. If those are not available, then any tax that may have been paid or any documents of change of title would also work.

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    Shahzad Q Qadri

    RC Creator
    Answered on

    Yes I am aware of the laws of that region and the Islamic culture. Once you are ready to invest, the attorneys will have to review and determine how to source the funds, you may need to get a hold of the purchase and sale documents as well if the money came from real estate. I am happy to discuss this further.

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    A Olusanjo Omoniyi

    Immigration Attorney
    Answered on

    The laws governing inheritance in Saudi Arabia, which is within the general jurisdiction of the Sharia courts, should be the first thing to consult. Particularly in your case, one would need to look back to what exist 7 years ago when your father passed away. In fact, your documentation would have to be historical in nature. Also, your documentation will be facts specific and unique to you only since you acquired your money through distribution of your father''s estate settlement. Don''t expect a general checklist of facts. Finally, knowing fully well that there is no inheritance taxes in Saudi Arabia expect to describe in detail how your inheritance qualifies to be lawful source of funds. If you need further details, contact our office so that we can provide information relating to your specific situation, country and other procedural issues.

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    Fredrick W Voigtmann

    Immigration Attorney
    Answered on

    The law requires that you prove each element of the EB-5 case, including that the invested funds were lawfully obtained, by a preponderance of the evidence. In other words, you must show that it is more likely than not that the funds were lawfully obtained in manner you claim in your I-526 petition. In your case, you should include the bank statements, the death certificate and any evidence of the sale of the properties. You might also include affidavits from other people supporting the facts that you are claiming in your petition. An experienced EB-5 immigration attorney should be able to assist you in this matter. Please feel free to contact our office at your convenience.

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    Vaughan de Kirby

    Immigration Attorney
    Answered on

    We''ll need documents demonstrating that the funds came from the inheritance. Please see the document list below. 1) Birth Certificate demonstrating you are your father''s son 2) Death Certificate 3) Evidence that your father owned the sold property. (Purchase contract, Ownership Certificate, Deed) 4) Evidence of the sale of your Father''s Property (Sales Contract, Bank Statement showing receipt of the funds) 5) Declaration from person responsible for your father''s estate upon death describing his role in the sale of the property 6) Will demonstrating how inheritance was to be distributed 7) If no will, evidence of laws mandating how inheritance is to be distributed absent a will. a) Letter from a Saudi Arabian attorney stating the law and demonstrating that the inheritance was distributed accordingly. 8) Declaration from you and your family members that received inheritance from your father describing how the funds were divided 9) Bank statements of you and your family members that received inheritance from your father showing the receipt of the inheritance as described in the declaration

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    Ebiho Ahonkhai

    Immigration Attorney
    Answered on

    Gifted or inherited monies may be used to fund an EB-5 qualifying investment. The documentation provided should establish the relationship between the investor and the deceased person, should reflect the source of funds of the deceased person, and importantly, that such funds were earned through lawful means. Because you inherited the funds from your father, you should provide to the U.S. Citizen and Immigration Service documents showing the income earned by your father, that he earned sufficient income to purchase the real estate properties, and that the money received from the sale of such real estate properties and the portion of such sale proceeds subsequently inherited by you, specifically, is sufficient to fund your EB-5 investment. As your father received the funds used to purchase the real estate properties by inheritance, if available, you should include any documentation proving that he received the funds in such matter and that he actually received such funds (examples of such documents are set forth below). Further, you should obtain contracts for purchase of the properties, sales invoices, title to such properties and bank statements to show that your father acquired the properties with the funds inherited by him. Additionally, you should provide the contracts for sale of the properties, sales receipts, and bank statements to show that the properties were sold by your father (or his estate) and paid for by the purchaser. You should obtain documents showing a record of the lawful transfer of the inherited funds by your father (or his estate) to you. Examples of such documents are documents executed by your father, or lawfully, on his behalf, in connection with the contemplated and actual disposition of his assets following his death (will, codicil, trust, power of attorney, etc.), a receipt showing payment to you of the inheritance amount and bank statements. In addition to such documentation, you should provide to the U.S. Citizen and Immigration Service and Affidavit of Executor of the Estate reflecting and setting forth the inheritance amount. Additionally, you should obtain a document from the appropriate regulatory authority, CPA or tax attorney stating that payment of inheritance tax is not required under the law of your home country.

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    BoBi Ahn

    Immigration Attorney
    Answered on

    Funds that you have inherited or derived from inheritance must be documented through estate will or trust forms with the corresponding banking or wire transfer slips. Hope the information is helpful.

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    Philip H Teplen

    Immigration Attorney
    Answered on

    Proof of legality of funds is a highly complex part of the EB-5 process and does not lend itself to quick informative answers. Your situation can absolutely be resolved. I suggest we speak at your convenience.

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    Ed Beshara

    Immigration Attorney
    Answered on

    Based upon your set of facts you need the services of an experienced EB-5 attorney.The best advice is that you need to supply documentation to support your story of inheritance, the legal source and the transfer of personal funds. As an example bank statements and declarations may be sufficient.

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    Lynne Feldman

    Immigration Attorney
    Answered on

    I would additionally include a copy of his Will or letter from the probate attorney documenting what came to you and how.

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    Kripa Upadhyay

    Immigration Attorney
    Answered on

    You will need to document the inheritance via will (if applicable); proof of payment of any inheritance tax (if applicable) and most importantly your income tax returns from Saudi Arabia documenting the income, which ideally (and hopefully) shows the inheritance amount that was your share. Above all, as I am sure others will also tell you, work with a lawyer who has experience in these issues so that you have the guidance you need. Good luck!

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    Jinhee Wilde

    Immigration Attorney
    Answered on

    The ownership papers that your father owned the properties as well as a will or some other documents that showed that you, his child was to receive the proceed from his inheritance would be necessary.

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    Marc Yelnick

    Immigration Attorney
    Answered on

    You might also get some letters and/or affidavits from the bank, other financial institutions or other individuals familiar with the circumstances.

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