I am from India and wanting to apply for a EB5 through a regional center . The funds for those will be a gift for me from someone in US in USD . I want to know if 1) Can the gift from my relative be directly to the Escrow account. 2) If not and the funds need to be transferred to an account of mine then has any one had any problems in opening a bank account for an Indian in US / Canada . I dont want to get a gift in Indian rupees as it will really complicate the transaction. Do we need to travel to that location to open a bank account.
Yes, the gift may be directly placed in an escrow account for EB-5 investment purposes. It is essential to check with the regional center whether they have an escrow company designated to their project. Please be aware that the person in the United States must provide the lawful path of the funds being gifted to you. As an Indian national, you may also have to open a bank account in the United States.
This is a loaded question and very difficult answer without more details, as such we suggest that you contact a lawyer to discuss in detail. The short of it is that you can receive a gift in the US, but you will probably need to be physically present to open a bank account.
Your relative could deposit the investment funds into the Escrow funds at the regional center in your name without going through India and conversion. Since the money is being gifted to you, we will need to show the source of funds documents of your relative, including their income tax returns and asset documents along with the gift letter stating the relationship and the gift amount.
You can have your relatives send you money to your U.S. bank account. You need proper documentation.
You should consult with a tax attorney as a large gift to you from a U.S. person will trigger gift tax for them. The gift will need to be documented as a gift to you and may be taxable income. USCIS will be interested in the paper trail showing where the money came from. If it is loan then it will need to be secured by your personal assets unrelated to the commercial enterprise; if a gift, then it needs to be documented as a gift and USCIS will want to understand why someone would give you such a large gift so if it is a relative, document the relationship.
The gift can be in the US in dollars but it must be done properly. There are several issues, including taxation.
You can receive a gift of funds into your personal account in an overseas account and then transfer these personal funds into the EB-5 Regional Center escrow account.
There are ways to set up a bank account in the US for a non-US individual. You need to apply for a TIN in order to do so, although there are banks that now will open bank accounts without SS or TIN numbers. Most of all, you need an experienced immigration attorney to represent you so that your gift is structured and recorded properly and within the USCIS regulations. I have represented people whose funds came from gifts from relatives or friends. Make sure you ask the attorney you want to hire if they have such experience as well.
Because you are investing through a regional center, you should check with the director of the regional center as there should be an escrow company designated by the regional center to receive EB-5 funds. No, you do not need to travel to the US to open an account. The regional center you choose to affiliate with should give you all the instructions as to how to transfer your money to the escrow company.
An investment to obtain a conditional green card through the EB-5 program must be made with personal investment funds. That is, the funds must come from the immigrant investor''s personal account. That does not mean the account cannot contain funds that were a gift from a relative, even if the entire amount came from that gift. Authentication of the source of investment funds and compliance with the EB-5 rules and policies is best served by retaining a qualified EB-5 attorney, like those at our law firm, for assistance and representation.
It is best if you receive the funds so that the gift is legally completed. A gift requires donative intent by the donor and acceptance by the done. Also, it is important to prove that it is your EB-5 investment and not your relative''s. Therefore, you should receive the gift first and then transfer it to the project''s escrow account. The other way is not recommended, although I have seen it work before. If you do not have a social security number or tax ID number, you will not be able to open a personal bank account in the United States. Perhaps you could open a foreign currency account in another country and use that to receive the funds. You may have to be physically present to open the bank account, check with the bank.
The money needs to be transferred into your account and then to the escrow. Please make sure you have a gift letter and proof of any gift taxes that have been paid. With respect to opening an account in the U.S., it does not have the be from a U.S. account. Happy to guide you with any other questions.
Your relative with the USD can directly send the funds to the EB-5 project escrow account, on your behalf. Please make sure your relative is aware that he/she will have to provide all lawful source of funds and lawful path of funds documentation, proving that the gift funds were earned lawfully. Please contact an immigration attorney with experience filing EB-5 petitions in order to document your case appropriately.
