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When is a purchaser representative needed in EB-5?

What is a purchaser representative? If I am a student and getting my source of funds for EB-5 from my parents, do I necessarily need a purchaser representative when I invest into a regional center project?

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    Salvatore Picataggio

    Immigration Attorney
    Answered on

    As this process is a U.S. immigration process, retaining a U.S. immigration attorney is a must. An investment adviser would also be recommended to review the business viability of the project. Other than that, other professionals are optional.

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    Oliver Huiyue Qiu

    Immigration Attorney
    Answered on

    Under Regulation D of the Securities Act of 1933, a purchaser representative means any person who satisfies all of the following conditions or who the issuer (the company in which you are investing) reasonably believes satisfies all of the following conditions: - Is not an affiliate, director, officer or other employee of the issuer, or beneficial owner of 10 percent or more of any class of the equity securities or 10 percent or more of the equity interest in the issuer, except where the purchaser is: - A relative of the purchaser representative by blood, marriage or adoption and not more remote than a first cousin; - A trust or estate in which the purchaser representative and any persons related to him as specified in paragraph (h)(1)(i) or (h)1(iii) of this section collectively have more than 50 percent of the beneficial interest (excluding contingent interest) or of which the purchaser representative serves as trustee, executor, or in any similar capacity; or - A corporation or other organization of which the purchaser representative and any persons related to him as specified in paragraph (h)(1)(i) or (h)(1)(ii) of this section collectively are the beneficial owners of more than 50 percent of the equity securities (excluding directors'' qualifying shares) or equity interests; - Has such knowledge and experience in financial and business matters that he is capable of evaluating, alone, or together with other purchaser representatives of the purchaser, or together with the purchaser, the merits and risks of the prospective investment; - Is acknowledged by the purchaser in writing, during the course of the transaction, to be his purchaser representative in connection with evaluating the merits and risks of the prospective investment; and - Discloses to the purchaser in writing a reasonable time prior to the sale of securities to that purchaser any material relationship between himself or his affiliates and the issuer or its affiliates that then exists, that is mutually understood to be contemplated, or that has existed at any time during the previous two years, and any compensation received or to be received as a result of such relationship.

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    James Zhou

    Immigration Attorney
    Answered on

    No, no purchaser representative is needed.

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    Ed Beshara

    Immigration Attorney
    Answered on

    The hiring of an experienced EB-5 immigration attorney and securities attorney will assist you in the decision making.

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    Lynne Feldman

    Immigration Attorney
    Answered on

    You will definitely need an immigration attorney to file the immigration forms, but if you are comfortable selecting the investment yourself, a purchaser representative is not required.

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    Ying Lu

    Immigration Attorney
    Answered on

    You do not need a purchaser representative. In many cases, a purchaser representative is an immigration agent who receives a commission from a regional center for the project he/she sells. You may need a good EB-5 attorney to handle the immigration petition and an unbiased financial adviser to analyze the project for you, as I feel that an independent opinion will be more helpful.

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    Julia Roussinova

    Immigration Attorney
    Answered on

    You are not required to have one. It is highly advisable that you conduct due diligence of a particular project/regional center you are interested in and retain an experienced EB-5 immigration attorney who will review a project''s offering documents with you before you sign the documents and invest funds.

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    James Cai

    Immigration Attorney
    Answered on

    If you are over 18 years old, you should be considered as an adult and make your own financial decisions. No representative needed.

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    Vaughan de Kirby

    Immigration Attorney
    Answered on

    Yes, you should have someone who is qualified and licensed do due diligence on any project you may wish to select.

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    Jinhee Wilde

    Immigration Attorney
    Answered on

    I am not sure what you mean by purchaser representative. You do not need an immigration broker agent, but you do need an experienced EB-5 attorney representing your interest with the regional center as well as with USCIS.

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    Wilka Toppins

    Immigration Attorney
    Answered on

    You do not need a purchaser representative to make your investment. You can approach the regional center on your own. You do have the right to choose your own immigration counsel though. Good luck.

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