The business that my client invested in through direct investment is closing due to COVID, we have an I-526 pending. He is choosing to move back to his home country. Can he take the initial investment money out of the company”s bank account? Would we send a letter to request to withdraw with USCIS?
Answers
Julia Roussinova
Immigration attorneysYou can send a letter to USCIS requesting a withdrawal of I-526 petition. USCIS will send a notice acknowledging the withdrawal and that no further action will be taken on the case. Your client may be able to withdraw funds from his direct EB-5 business assuming he is the sole owner and depending how the underlying governing documents provided for the exit strategy and winding up of the business entity according to the applicable state law procedure.
Salvatore Picataggio
Immigration attorneysThat is all correct. A letter to USCIS with the receipt information will be enough, and USCIS will reply with a letter to confirm (it may take a while, but they will get to it). A call to the NCCS may help too, but is not necessary.
Lynne Feldman
Immigration attorneysYes, send a letter to the address on the I-526 receipt requesting withdrawal and comply with any state requirements to terminate any legal entity if that is also happening.
Bernard P Wolfsdorf
Immigration attorneysThe investor can send a letter to withdraw that is relatively simple. As to who is authorized to take money out would depend on the terms of the investment agreement and who is authorized to make the withdrawals.
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.