Can I gift funds to my parents to apply for EB-5? - EB5Investors.com

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

Bernard P Wolfsdorf

Bernard P Wolfsdorf

Immigration Attorneys
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.

Lynne Feldman

Lynne Feldman

Immigration Attorneys
Answered on

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

A Olusanjo Omoniyi

A Olusanjo Omoniyi

Immigration Attorneys
Answered on

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

Belma Demirovic Chinchoy

Belma Demirovic Chinchoy

Immigration Attorneys
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.

Salvatore Picataggio

Salvatore Picataggio

Immigration Attorneys
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.

Robert West

Robert West

Immigration Attorneys
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.

Mark AM Catam, Esq

Mark AM Catam, Esq

Immigration Attorneys
Answered on

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

Stephen Berman

Stephen Berman

Immigration Attorneys
Answered on

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

Dale Schwartz

Dale Schwartz

Immigration Attorneys
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.

DISCLAIMER: the information found on this website is intended to be general information; it is not legal or financial advice. Specific legal or financial advice can only be given by a licensed professional with full knowledge of all the facts and circumstances of your particular situation. You should seek consultation with legal, immigration, and financial experts prior to participating in the EB-5 program. Posting a question on this website does not create an attorney-client relationship. All questions you post will be available to the public: do not include confidential information in your question.