Questions and Answers > EB-5 Investments

How can I transfer funds from Sri Lanka?

I am currently in Sri Lanka and transferring money outside the country is very much restricted. Have there been any EB-5 investors from Sri Lanka before and if so, how did they transfer money out? Also, I have been working in the UAE for 14 years and earned $4000 per month. I bought properties from the earning in Sri Lanka and I can sell it to earn the required $500,000. Would this be suitable for EB-5?

Answers

• Reza Rahbaran

  Immigration Attorney

  Answered on May 14, 2014

  The proceeds from your real estate sale may be used as an EB-5 investment. Thorough documentation of ownership of the property sold and all related transactions of the sale must be provided. Assuming the sale of the UAE property exceeds $500,000, it will not be necessary to transfer funds from Sri Lanka provided that the funds to purchase the property were earned in your 14 years living in UAE. Transferring money from countries that have capital export restrictions are challenging. It often involves sophisticated currency exchange network, otherwise known as Hawala. It is paramount that when utilizing such methods of transfer, the correct documentation be collected.

• Shahzad Q Qadri

  RC Creator

  Answered on January 31, 2014

  Selling your personal property to raise funds is not an issue. However, as to expatriating funds from Sri Lanka, you would need a local professional to advise you of this, as they will be more attune to the intricacies of the transferring money from that region.

• Salvatore Picataggio

  Immigration Attorney

  Answered on January 29, 2014

  Some countries have limits on amounts of money converted to USD and sent to the United States. People from these countries transfer portions of their investment amount to friends or family members who then make the transfer into the investor''s U.S. account. Your source of investment funds can be from salary or a sale of property, as long as you have enough information and documentation to prove its lawful source and transfer.

• Philip H Teplen

  Immigration Attorney

  Answered on January 29, 2014

  It would indeed be suitable and a structure can be worked out to transfer funds as a commercial transaction.

• Fredrick W Voigtmann

  Immigration Attorney

  Answered on January 29, 2014

  Transferring funds out of your home country when there are foreign currency controls or other restrictions on sending funds internationally is a sensitive issue. Since each investor's situation is unique, it is best to seek advice from an experienced EB-5 immigration attorney, such as myself, who can advise you on this matter. Most of the EB-5 capital invested into the United States comes from countries with such restrictions, so finding a solution that fits your case should not be a problem. Also, if you can document your income and how you legally earned the funds used to purchase the real property you intend to sell, then you should be able to meet the lawful source of funds requirement. Of course, you also must fully document your ownership of the property, the actual sale of the property, and the transfer of the proceeds from the sale into your personal bank account.

• Rohit Kapuria

  Immigration Attorney

  Answered on January 29, 2014

  Sri Lanka's capital outflow restrictions have historically been quite volatile. In times of extreme economic distress, the Central Bank has stepped in to curb net outflows in an attempt to stabilize the currency. Alongside other Asian and BRIC economies, each country is attempting to grapple with the US Fed's decision to taper its quantitative easing policy. Most analysts predict that such restrictions will be temporary. In the meantime, however, while the number of investors from Sri Lanka have historically been quite low, it is still possible to invest as long as you comply with the EB-5 regulations. Sale of property to acquire the relevant capital contribution sum is a common path many investors pursue. However, there are certain issues to consider. Prior to making any sales, I suggest retaining the assistance of an EB-5 attorney to further discuss the application process.

• Ed Beshara

  Immigration Attorney

  Answered on January 28, 2014

  All your questions can be answered by retaining the services of an experienced EB-5 attorney. Personal income earnings and buying properties and selling them is consistent with EB-5 rules and policies to show the authentication and transfer of the lawful source of the personal investment funds.