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Can I gift funds to my parents to apply for EB-5?

I am a 15-year-old YouTuber and have made some money with my YouTube channel, enough to support my family to invest and migrate to the U.S. through EB-5. Can I gift the funds to my parents? What documents should I provide to prove the sources of funds?

Answers

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    Bernard P Wolfsdorf

    Immigration Attorney
    Answered on

    You will have to prove how you earned the funds and then after doing the source of funds report on you, it is relatively easy to gift it via a gifting letter. The most important aspect is to find a good project that will be a safe investment and which will create the necessary jobs.

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    Dale Schwartz

    Immigration Attorney
    Answered on

    Yes, you can gift the funds to your parents. You will have to show how you earned the money. I hope you have filed tax returns on your business income.

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    Stephen Berman

    Immigration Attorney
    Answered on

    Sure. You should have some evidence where your money came from.

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    Mark AM Catam, Esq

    Immigration Attorney
    Answered on

    Yes. it is possible to gift the funds to your parents.

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    Robert West

    Immigration Attorney
    Answered on

    That can work as long as you follow the rules in your country for gifts, including filing tax documents if appropriate. You should find a lawyer to assist you, these are not simple cases.

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    Salvatore Picataggio

    Immigration Attorney
    Answered on

    As for the funds, showing the receipts of the payouts into your account, and the declaring the gifts to mom and dad should work. The details matter so please consult with an EB-5 attorney.

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    Belma Demirovic Chinchoy

    Immigration Attorney
    Answered on

    I personally would not consider a gift as the first option here, but in direct response to your question, yes, as long as the funds were lawfully earned, declared and maintained, you can gift funds. There might be local law issues to be considered given your minor status. However, an attorney would be able to guide you in this process and also tell you what documents you need to prepare. The source of funds is highly individualized but in general, you need to show you earned the funds lawfully, declared them in accordance w local laws, and maintained the funds without co-mingling prior to the EB5 investment/gift.

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    A Olusanjo Omoniyi

    Immigration Attorney
    Answered on

    You can loan them the money even though you are minor. However, secure an attorney to help put the loan agreement together.

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    Lynne Feldman

    Immigration Attorney
    Answered on

    Absolutely and good for you. We normally put together a gift document to accompany the exchange of funds.

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