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How do I verify international funds?

I am currently a student on an F-1 visa. If my father from Hong Kong (Chinese citizen) wires me $1 million to apply for EB-5 what documents are needed to verify this? Is it even possible for me to apply for EB-5 if I have an F-1 visa?

Answers

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    A Olusanjo Omoniyi

    Immigration Attorney
    Answered on

    International wiring of funds can be easily accomplished as banks regularly handle such transactions. In order to successfully undertake such a transaction though, expect the sending bank (your father''s bank) and the receiving bank (your bank) to ask series of questions to ensure the processing runs smoothly because remitting $1million would require you and your father meet Hong Kong (Chinese) and U.S. banking laws. Please note, any decision by your father to send a $1million to you must meet Chinese laws governing sending of such an amount otherwise, even USCIS has stated that such a capital removal to the United States may not be considered to be lawful to qualify for EB-5 investment. The legitimacy of the source of the money being invested in the U.S. enterprise may be one of few questions that would be asked as international bankers focus on prevention of money laundering. For your EB-5 investment be prepared (that is you and your father) to provide your father''s income records (regardless of the sources of your father''s money, if the money comes from your father''s business ventures you will need business registration records, tax return and whatever any other available documents to prove the lawful sources of your father''s money. Finally, it is possible to apply for EB-5 regardless of your valid and current visa status like F-1.

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    Lei Jiang

    Immigration Attorney
    Answered on

    Yes you can apply EB-5 if you are on F-1 visa. You have to show this is a gift and your father''s fund is from legal sources.

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    Dale Schwartz

    Immigration Attorney
    Answered on

    You can apply for EB-5 while on student status. There is some danger that, if your EB-5 case is not approved, the U.S. consul in your home country may not want to renew your student visa in the future. This is not a problem if you have a student visa that is valid now and will not expire until you graduate from school. You can use money you got as a gift to invest in an EB-5 project. The person who gave you the money will have to show that they obtained the money legally. Let me know if we can assist you.

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    Shahzad Q Qadri

    RC Creator
    Answered on

    Yes you can change your status. If your father wires you money, he will have to show the source of funds, that is where did he get that money from, that is crucial to a successful EB5 project.

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    Fredrick W Voigtmann

    Immigration Attorney
    Answered on

    Yes; it is possible for you to apply (petition) for EB-5. You must prove that the funds were lawfully obtained. That means your father must produce documents to show how and when he lawfully earned the money that he legally gave to you. There are various ways to do this depending upon the individual situation. You should consult with an experienced EB-5 immigration attorney to advise you on the documents needed.

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    Vaughan de Kirby

    Immigration Attorney
    Answered on

    Yes many of our clients hold an F-1 Visa and are applying for EB-5. Your attorney will help you and your father document the source of the funds he is using as a gift to you for your EB-5 investment.

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    Rachel Lew

    Immigration Attorney
    Answered on

    Yes, you can apply for EB-5 immigration benefits while you are in U.S. on F-1 status (but you still have to attend the school and complete the required courses during the Eb-5 application process). Your father from Hong Kong can give you the required EB-5 capital as an unconditional gift by signing a gift declaration. But he will have to prove that the source of the gift money came from legal means and the path of funds as to how he derived that money and the method it will eventually be deposited into your personal account, which will then be invested in the Eb-5 project''s designated account. After your I-526 petition is approved, you can adjust status (i.e. apply for conditional green card) inside the United States without leaving the country, provided that you maintain your F-1 status prior to the filing of Adjustment of Status Application.

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    Jinhee Wilde

    Immigration Attorney
    Answered on

    We need to show that your father''s income was legitimately obtained by showing tax returns, bank accounts, etc. The gift he makes so that you could invest could be done by a gift letter from him to you. We have many clients who have done this for their children.

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    Ed Beshara

    Immigration Attorney
    Answered on

    You may wish to treat the funds from your father as a gift. These gifted funds can be classified as your personal EB-5 funds invested in the EB-5 project. Your father will have to provide the authentication of the source of personal investment funds. Whether you are in legal F-1 status in the U.S. or not, you may file an investors I-526 petition.

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    Kripa Upadhyay

    Immigration Attorney
    Answered on

    Yes it is possible for you to apply for the EB-5 even though you are on a F-1 Student Visa. If your father is providing the funds, you need to make sure to have all the documentation necessary to show how he was able to amass the money he is giving you. Since your father is in China/Hong Kong, you will also need to work with a bank to ensure that wire transfers can come in properly. Also keep in mind that China has restrictions on how much money can be transferred out of the country at any one point in time, so it will likely take you a few months to get the money into the U.S. as the money will need to be transferred out of China in installments.

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    Michael A Harris

    Immigration Attorney
    Answered on

    Since your father appears to have given you a gift, we will need to document his lawful source of funds. There also needs to be documentation to prove that this was a gift. You can seek the EB-5 while in F-1 status, but there are important questions regarding how much time you plan to be in the U.S. as a student and what your future travel plans are. Since you are a temporary nonimmigrant, you need to consult with an experienced immigration attorney who can discuss your perceived immigrant intent and EB-5 plans.

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    David Morris

    Immigration Attorney
    Answered on

    The USCIS requires an EB-5 visa applicant must carefully document her lawful source of funds. If you plan to receive a gift from your father then the USCIS requires you document how your father earned this funds. That may be accomplished in many different ways, such as tracking his income from business ownership, from sale of real estate, from bank loan supported by proper collateral, or employment income. The strategy needs to be worked out for each case based upon the specific facts, in other words, there is not one simple solution. As for the second part of your question, there is no specific prohibition to file the I-526 petition seeking investor classification while you are attending school in the U.S. on an F-1 visa. However, you need to hire a qualified immigration lawyer to discuss some important issues relating to immigrant vs. non-immigrant intent, international travel, and F-1 visa validity dates among others. Both questions you raised seem as if they can be carefully managed to allow for your participation in the EB5 visa program.

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    Salvatore Picataggio

    Immigration Attorney
    Answered on

    To authenticate funds, we recommend retaining qualified EB5 counsel with experience in authenticating funds, as our law firm does. We would review documentation for your investments, salary, sale of assets or property, and other sources to create a clear path for each dollar to be invested. As an F-1 visa holder you could now apply for EB-5.

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    Ying Lu

    Immigration Attorney
    Answered on

    As an F-1 student, you can apply for the EB-5 Visa. However, you need to well plan your timelines because once you submit your I-526, your OPT application or F-1 extension application may not be granted. If you go back to visit your relatives in China, you will not be able to get an F-1 visa and get back to the U.S. again due to your immigrant intent. An immigration attorney may advise you what the best time is to file your I-526.

    For source of fund, the document checklist varies case by case because investors have different financial background or assets that are available for the EB-5 application. It will trace back to the very initially source of the funds. For example, If your father sells a house and then gifts the money to you, he will need to document not only the entire sale, but also how he acquired the house initially. Our firm is specially good at tracing the source of funds for investors coming from China. Due to our background, we deeply understand the commercial and legal culture in China. Our attorneys can speak both English and Mandarin Chinese. You are welcome to contact us to have a free initial consultation.

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    Echo Meisheng King

    Immigration Attorney
    Answered on

    Thank you for your inquiry regarding the EB5 Visa. To answer your questions, 1. If you are over 21, you will be the principal EB5 petitioner and the funds from your father will be documented as a gift to you. Your father will need to prove that the funds were obtained legally. There are several ways to document the source of funds, such as wages and salaries, sales of real properties, dividends from the business, etc. 2. Depending on whether the invested project is located within a TEA (Targeted Employment Area), the requirement of the funds is different. If the project is not in a TEA, then 1 million is required. Unlike Mainland China, Hong Kong does not have the foreign currency restriction. If the 1 million dollars is already in Hong Kong, your father will be able to wire the funds to your personal account in the US directly. 3. Generally speaking, as a student holding a valid F-1 visa, you will be able to apply for the I-526 while you are in the US and can change status in the US after the I-526 is approved. We have already helped many investors from China to apply for the EB-5 immigrant visa, including Hong Kong residents. Please contact us if you need any further assistance. I look forward to working with you.

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