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How can I prove my source of funds when I only have business tax records?

I have tax records for the past five years for two Chinese businesses that I own, but do not have personal tax records. What problems may I encounter in attempting to prove the source of my funds?

Answers

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    Julia Roussinova

    Immigration Attorney
    Answered on

    It is possible to prove lawful source of funds with business tax records. You should work with an experienced EB-5 immigration attorney and tax advisor.

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    A Olusanjo Omoniyi

    Immigration Attorney
    Answered on

    The general rule is that you must prove that the source of your business funds is lawful. Advisably, do not look at this as a problem because this is just what the law requires. Just in passing, out of curiosity; how did you have business tax records but no personal tax records? Before you proceed further, you need to consult an EB-5 attorney on how your interwoven facts can be addressed. Finally, be prepared to work with your accountant and/or tax preparer that can assist in providing information to the EB-5 attorney.

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    Fredrick W Voigtmann

    Immigration Attorney
    Answered on

    You do not necessarily need to show personal tax records. For example, you might take a shareholder loan from one or both of the businesses you own. If you can demonstrate the company is lawfully-earned income through its business activities by showing company tax returns, bank records, financial statements, then you can prove that the shareholder loan to you is lawfully-obtained capital. You will need to prove that the loan was authorized by the company and that the company actually transferred the funds to your personal bank account. You should consult with an experienced EB-5 immigration attorney who can advise you on the specifics of documenting your source and path of funds to be invested in the EB-5 project.

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    Ed Beshara

    Immigration Attorney
    Answered on

    In proving the lawful source of funds you can provide secondary evidence and other legal and financial documents.

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    Jinhee Wilde

    Immigration Attorney
    Answered on

    Proving source of funds is different on each case, but you can prove source of funds with ownership of the business documents as well as corporate tax returns only.

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    Salvatore Picataggio

    Immigration Attorney
    Answered on

    You will have to prove you obtained funds lawfully, and that they were transferred lawfully. That is, the accounts you use need to show the money entered the account through lawful means, and then left to make the investment.

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