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How can I prove the source of funds for inherited money?

I want to apply for the EB-5 program. I inherited some funds a long time ago from my family, but I do not have any official documentation for it anymore. I can provide a statement from my bank saying that I have had a high balance for the past 10 years. Will this be sufficient? What documents do I need to provide to justify the source of funds?

Answers

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    Fredrick W Voigtmann

    Immigration Attorney
    Answered on

    You must provide evidence that it is more likely than not your invested capital was lawfully obtained. If you do not have primary evidence (official documentation), then you will need to provide secondary evidence such as affidavits, bank statements, or other specific information about the inheritance. A bank letter verifying your high balance will not be sufficient because it does not identify the actual source of your funds. Also, keep in mind that the new rule that becomes effective 11/21/2019 requires a $900,000 minimum investment (and placed new requirements and restrictions on TEA designations), so if you are planning on making an EB-5 investment under the existing rules, you should act quickly.

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    Julia Roussinova

    Immigration Attorney
    Answered on

    Each country probate process or equivalent inheritance process is different. You should check with the local attorney practicing inheritance or probate law what documents may be obtainable, such as a copy of the will or trust, or if no will or trust was made, the relevant inheritance statute or law section explaining you were a beneficiary under the local law. If a probate process is done in your jurisdiction, generally a probate or equivalent court handles the probate matter and records should be available from such court. Hire an experienced EB-5 immigration attorney to discuss alternative tupes of documentation when primary evidence is not available. Bank statements alone are not sufficient.

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    Bernard P Wolfsdorf

    Immigration Attorney
    Answered on

    Inherited cases aren't too hard. I would need the inheritance documents, but a bank statement alone needs to be supplemented so the government can see the total picture.

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    Charles Foster

    Immigration Attorney
    Answered on

    A statement from your bank would be helpful. You can also obtain affidavits from appropriate officials and other family members. Information about how your family acquired the funds would also be useful, for example, and information about the family business, if that is the basis.

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    Sally Amirghahari

    Immigration Attorney
    Answered on

    The bank letter wouldn't be sufficient. You need to show additional documents such as probate documents or a copy of a will and other supporting documents to show the actual source. I suggest you consult with an immigration attorney who is familiar with source of funds to guide you through this. Otherwise, your petition may be denied for lack of evidence.

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    Dale Schwartz

    Immigration Attorney
    Answered on

    If you inherited the money there must be a will or court papers to show this. You would need something like that. Merely showing you have had the money for many years is not enough. Also, they are about to raise the limit for the investment from $500,000 to $900,000 or more. You need to hurry!

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    Vaughan de Kirby

    Immigration Attorney
    Answered on

    This can be very easily solved if you work closely with your investment immigration attorney. He or she can work with you and provide you with a detailed list of the documents required by USCIS in your particular situation.

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    Belma Chinchoy

    Immigration Attorney
    Answered on

    A statement from the bank would not be sufficient. As to what documents you need to provide, it depends on the the place where the inheritance took place as well as other circumstances. Schedule a consult with an attorney so s/he can evaluate your specific situation.

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    Steffanie J Lewis

    Immigration Attorney
    Answered on

    The purpose of tracing investment funds is to prevent laundering of ill-gotten money. Since you inherited the money 10 years ago and have maintained it in a bank account, you can state the same. Take advantage of the current minimum investment. Then ask your bank if there is a record of the deposit 10 years ago. If any relatives are aware of your inheritance they may provide a notarized statement of his or her knowledge.

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    Marko Issever

    EB-5 Broker Dealer
    Answered on

    Given the amount of detailed documentation is required nowadays, the source of funds is probably the biggest challenge in EB-5 applications for just about anyone, not just you. Inherited funds used to get very little scrutiny, but nowadays USCIS wants to know if the person you claim you inherited funds from had the wherewithal to earn the said funds. Normally, besides, you will need to be able to track the funds all the way from the inherited funds going into your bank account and from your bank account into the EB-5 investment. I do not think solely a statement from the bank stating that you have carried a large balance for the last 10 years will be sufficient. That said, if it happens to be true, a statement from the bank stating that in the country you come from documents are not required to be kept for more than 10 years and your funds have been in the bank for longer than 10 years could be helpful. You should certainly discuss your options with an experienced immigration attorney specializing in EB-5.

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    A Olusanjo Omoniyi

    Immigration Attorney
    Answered on

    If you could document over the period or years how the money was earned, the name of the donor(s), how you succeeded to it and all the bank statements and records that show the progression of accumulation of the money, you should be able to provide a convincing source of funds. Bear in mind that the sole purpose of the compiled information of your investment fund is to show that the source of your money is legal.

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    Salvatore Picataggio

    Immigration Attorney
    Answered on

    How did the deceased get the money? When did they pass? When did the large deposit hit your account? Documentation to answer these questions would be the start.

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    Hassan Elkhalil

    Immigration Attorney
    Answered on

    There are many documents you may submit to prove the source of funds, like bank statements, business records, tax records, gifts, sale of property, inheritance documents (in your case, you do not have those) or probate documents. You must be able to show the sources of the funds. If you had a high balance in your account, you need to document where this balance came from!

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