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How can I prove the source of funds for EB-5?

I would like to apply for an EB-5 visa, but I am not sure how to tackle the source of funds documentation issue. I was a self-employed financial consultant who has since retired. All investment funds will come from my savings from self-employment jobs. I live in a country with no income tax and no requirements for filing tax or gross income. The only thing I can provide is a bank account that I have with the same bank for the past 10 years, which can demonstrate that I have invested in global bonds and I live off the dividends and interest payments. I am not sure how I can meet the USCIS requirements.

Answers

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    BoBi Ahn

    Immigration Attorney
    Answered on

    You need to provide all financial documentation (bank statements for the past few years, investment, dividend and interest payments deposited to account, etc.) to support the legitimacy of your funds. You may also provide information regarding your no tax filing requirement in your country to support your claim. It will be tricky but doable.

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    Daniel A Zeft

    Immigration Attorney
    Answered on

    I am sure that you kept records of the income from your business. There will also be bank records to show the deposits of the income from your business into your bank account.

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    Bernard P Wolfsdorf

    Immigration Attorney
    Answered on

    It is a tough case but possible. USCIS is very sophisticated and understands that some countries do not have tax returns. You use primary evidence, such as the bonds and dividends, and secondary evidence, such as letters and testimonials, and in my experience USCIS has been very fair and understanding. You will clearly need top professional assistance for this type of case.

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    Salvatore Picataggio

    Immigration Attorney
    Answered on

    Secondary evidence may be accepted. Bank statements, declarations, letters and other financial statements may be accepted. The assistance of an immigration attorney will be very helpful here.

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    Charles Foster

    Immigration Attorney
    Answered on

    To prove source of funds under your facts, you could provide your bank accounts showing regular deposits, statements or affidavits from your major clients attesting to your self-employment as a financial consultant and the profits from the global bonds as well.

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    Julia Roussinova

    Immigration Attorney
    Answered on

    If you are registered as a sole proprietor or a similar designation under local law, provide self-employment registration records. You should also consider if an audited financial statement may be prepared by a local CPA or accountant for your self-employed income, supported by evidence such as payments from clients for services over time, receipts, bank account statements evidencing global bonds investments and savings over time. You should also obtain a local tax attorney or accountant opinion that your country does not impose income or equivalent tax obligations, and no tax returns are required to be filed supported by applicable citations and excerpts from tax code or other relevant body of law. EB-5 investment must also be accompanied by complete tracing of funds from your personal account to the EB-5 new commercial enterprise account. Please consult an experienced EB-5 attorney for further case-specific legal guidance and competent preparation of your I-526 petition.

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    Vaughan de Kirby

    Immigration Attorney
    Answered on

    This is a question that your investment immigration attorney will be able to assist you with. Once you retain the attorney he/she will review the source of your investment capital and provide you with a detailed list of the documentation that USCIS will require.

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    Belma Chinchoy

    Immigration Attorney
    Answered on

    An attorney can help you sort this out.

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    Jinhee Wilde

    Immigration Attorney
    Answered on

    You should consult with an experienced EB-5 attorney to go over some alternative options. Perhaps retainer or service contracts for your services that corresponds with bank deposits to start. You could also obtain an audited financial statement.

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    Kyle Barella

    Immigration Attorney
    Answered on

    USCIS understands that some countries do not require tax returns to be filed by its citizens. I have worked with clients from these countries and have encountered very little issues. It is possible to prove your source of legal funds based off the limited facts you provided. I would advise discussing your situation with an EB-5 attorney so he/she can further advise on the best course of action.

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    A Olusanjo Omoniyi

    Immigration Attorney
    Answered on

    You can certainly meet the EB-5 requirements. Your documentation may be unique in nature, particularly because of socio-political factors in your country, but it can be done. The fact that your country has no income tax is not unusual either. The records of your banking activities stretching for 10 years as indicated would have to be one piece of the evidence of your earnings. Also, your accounting procedures of your business operations showing how much you made over the years - say at least over 5 years - would be good source for documentation of how you accumulated your EB-5 investment fund. The main goal is that you must prove that you earn your EB-5 fund from legal source(s). Advisably, work with professionals such an EB-5 attorney and accountant on your efforts to properly document your sources of earnings.

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