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How can I transfer funds into a different EB-5 project account?

I am from England. I have already filed an I-526 and wired the money into the bank account. The regional center for the project just told me it is full, but they have another EB-5 project for which I would need to file another I-526. Am I allowed to authorize them to transfer the money from where it is sitting in the bank account into the bank account of the new project? Or do the funds need to go back to me first?

Answers

  • Avatar

    Salvatore Picataggio

    Immigration Attorney
    Answered on

    It depends on the project structure and documentation, but the safest way to handle this is always to re-file an I-526 petition.

  • Avatar

    Jimena G Cabrera

    Immigration Attorney
    Answered on

    It is unlikely that the I-526 has been filed with USCIS if you do not have a project. If it has not been filed, you need to authorize the regional center in a written letter to withdraw the money from the escrow account of the project you initially subscribed to and transfer it to the new project. Without further details, I would strongly suggest retaining counsel to confirm the status of the project and your investment.

  • Avatar

    Fredrick W Voigtmann

    Immigration Attorney
    Answered on

    As long as the path of funds is clear and there is a documented paper trail of your funds from one project to the next project, I do not see why the funds would have to be returned to you first.

  • Avatar

    Louis M Piscopo

    Immigration Attorney
    Answered on

    I do not know how your I-526 petition could have been filed unless the regional center already allocated your funds to a specific project and that was the project contained in the I-526. It does not make sense that they would tell you after the petition was filed that that project was full. You would have to file a new I-526 petition if you invest in a different project then the one listed in the I-526.

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    Bernard P Wolfsdorf

    Immigration Attorney
    Answered on

    You should be able to trace the money from where it is sitting in the bank account into the bank account of the new project.

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    Abhinav Lohia

    Immigration Attorney
    Answered on

    I think there is a miscommunication. Please hire an attorney. If the project was full, then your first I-526 was never filed. However, if the first I-526 has been filed that means you are a part of the first project and do not need to file a second application. I am not sure how a regional center can turn around and tell you that the project is full after your I-526 has already been filed. There is a difference between remittance of money and filing of I-526. If your funds were sent to an escrow account, but your I-526 was not filed, then the funds can be transferred to a new project. Please make sure the source of funds documentation explain the entire trail of funds to the new project.

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    John J Downey

    Immigration Attorney
    Answered on

    I believe that as long as you can show the connection of the funds being transferred from one project to another, you should be alright.

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