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What does USCIS require for source of funds from a property sale?

When USCIS reviews the source of funds attained from the sale of a property, do they ask for the documents supporting the purchase of that property? The property was purchased more than five years and it will be very difficult to provide any documents about the purchase agreement and the amount paid. Is there any way around this?

Answers

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    Salvatore Picataggio

    Immigration Attorney
    Answered on

    Original purchase documentation is best, but secondary evidence may be accepted. Retaining an immigration lawyer is essential for these source of funding issues.

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    A Olusanjo Omoniyi

    Immigration Attorney
    Answered on

    Generally, USCIS will ask that all documents regarding the purchase of a property be produced. Such a request is to prove that the investment fund is from a legal source just as well as to prove that laws of where the transaction took place were followed. The fact that a property was purchased more than five years ago does not mean the purchase could not be documented. Advisably, consult the seller, financial institutions, banks and other sources relating to the acquisition of the property in question. Advisably, consult an EB-5 attorney and other professionals who can help on documentation.

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    Charles Foster

    Immigration Attorney
    Answered on

    Generally, it requires that the delta between your purchase price and your sales price are sufficient to cover the minimum investment, i.e. $500,000. If they ask for documents, you have to do your best to provide any documents you have regarding the purchase price as well as the sales price.

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    Ying Lu

    Immigration Attorney
    Answered on

    If your EB-5 funds are from the proceeds of a house sale, normally, you need to provide the purchase agreement, deed, tax voucher, etc. You will also need to prove how you initially obtained this property. Because this can be a country-specific question, i.e. different counties may have different documentation to prove your financial capability to buy the property, you need to discuss with your immigration attorney regarding this issue. If you are an investor from mainland China, there are other ways to prove the purchase price.

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    Julia Roussinova

    Immigration Attorney
    Answered on

    Documentation evidencing purchase of property and lawful source of funds is required. If primary documentation cannot be produced, it must be explained why with the use of declarations or other secondary evidence. It is possible to obtain proof of purchase records from property registration authorities depending on your home country rules and regulations. You should consult an experienced EB-5 immigration attorney and he or she will be able to guide you on what types of alternative evidence may be used to meet the requirements.

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    John J Downey

    Immigration Attorney
    Answered on

    You could produce bank statements showing the funds being deposited. If the property is in the United States, then you could obtain the records from the local Registry of Deeds. If outside the United States, I am not sure what you could do other than sign an affidavit taking oath as to the transaction.

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    Bernard P Wolfsdorf

    Immigration Attorney
    Answered on

    You do need to document the source of funds to purchase the property. If you do not have the primary documents, then you need to explain why and then use secondary documents, such as a declaration from the parties involved explaining why primary documents are unavailable.

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    Melanie Yang

    Immigration Attorney
    Answered on

    USCIS requires you to provide the property sale contract, property buy contract, proof of source of funds used to buy the property (such as employment verification, personal tax returns).

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