I know the EB-5 program permits using investment funds given as a gift by a direct relative. But what if the $500,000 or $1 million was given as gifts cumulatively over the course of a few years and by different family members? How can I get these funds to qualify for the EB-5 investment?
You may certainly use cumulative gifts as long as you are able to demonstrate the path of funds for all gifts from each donor to you and show a source of funds for each donor, i.e. income, sale of asset, etc. Please consult an EB-5 immigration attorney and he or she will be able to assist you carefully tracing the funds.
This is possible but difficult as you need to show where these people got the money to buy the gifts so you may have to source their funds for several people.
Yes, but you will need to provide documentation for each donation/gift. The documentation will include information on how the donor obtained the funds (evidence of lawful source), the accumulation over the years of these gifts in your bank account and gift tax returns if applicable, depending on where the gift was made.
Gifts from multiple sources could be used in an EB-5 investment. It would be important to document carefully each gift. Also, it would be important to show that each gift was made in compliance with all applicable laws.
You need to prepare the legal source documentation very carefully reflecting the gifts amounts/dates/transfer detail, etc. Such documentation may include bank records, contracts, etc. As to the bank records - certified bank records are preferred although not mandatory.
It is acceptable to use cumulative funds obtained through gifts for EB5 investment. However, you must document the sources of the funds particularly showing that the sources are legal. Advisably, working with EB-5 attorney can help.
Yes, you can use cumulative gifts from relatives over a period of years as long as you can document same.
They can qualify, but you will have to submit proof that each of the donors obtained the money legally.
Work with your Investment Immigration Attorney on this and it should not be a problem. The source and path of each gift will need to be documented. The party giving the gift will be required to show the lawful source of the gifted funds.
Executed gift instrument from each of the gift givers that states the amount/conditions of the gift etc., would be acceptable. You can indeed use cumulative gifts as source of funds for EB-5 purposes. The gift giver(s) will also have to show evidence of legitimate source of their funds which were gifted to you.
The same rule applies as for any other gifts. You would need to document the source of funds of each and every family members who gifted you the funds over the years. You would also want to prepare Gift Letters for each family member who gifted you the funds.
It is possible but all funds must be sourced and proven to obtained legally so if your father gives you 100k you must prove father earned the 100k lawfully etc.
If you have the money, it should not be a problem. You will have to demonstrate the source of the money, and how each relative got that money as well.
Because the source of fund must be tracked to its original source, you need to go back and document the source from each member of the family who gave you the gift on how they gathered the funds that they gave you and when they gave that to you with bank records. Gift of few thousands on your birthday or something like that since you were born, for example, need not be tracked but that would not equal $500,000 or a million. Any large chunks of money must be recorded, tracked and proven its source. Otherwise, it would be a red flag for money laundering.
You are allowed to pool gifts from relatives and friends for purposes of coming up with your EB-5 investment capital and project subscription fee. However, each donor must then provide documentary evidence showing how he/she got those funds that he/she is now gifting to you. For example, if your uncle wants to give you $200,000 which derived from him mortgaging a home, then Uncle Bob must provide evidence showing that he owned the home and the source of the funds he used to purchase the home. This may require your uncle demonstrating his employment and income history to explain how he had accumulated enough funds/credit to purchase the home now being mortgaged for his $200,000 gift to you. I urge you to consult with an EB-5 attorney to help you carefully plan and map out the sources of your relatives' gifts to you.
These funds can be used for EB-5 only if you can prove by evidence that the funds were lawfully gifted to you AND lawfully earned by the donors prior to them making the gifts to you.
You could include your bank statements from the date of the first gift through the date of the EB-5 investment showing the deposits and saving of the gifted funds. You could also include your family members' bank statements showing the transfers to your account as well as gift letters from each family member. You will also need to include evidence showing how each family member lawfully earned the gifted funds.
You can work with an immigration attorney to review the various sources of funds and see if they can be combined into a source/proof of funds report for EB-5.
You will need to carefully document the source of each gift.
For each gift, you need to prove how the donors initially obtained the funds that they gifted to you. Are those gifts from their salary, bonus or sale of an asset, etc. Documentation will be needed to prove the source of each gift.
