I am thinking about applying for EB-5. My family members consist of me, my wife and two children. If something happens to me during the EB-5 process, who would the money be returned to after five years? Would an immediate family member be the successor of the EB-5 investment?
All of the terms and conditions of your EB-5 investment should be contained in the agreements you sign with the EB-5 investment project. Each project will have slight differences in the agreements, and term and conditions will vary from project to project. You should have experienced legal counsel review all of the agreements with you before your sign them, so that all of your questions are answered.
In terms of return of capital from a project you would need to review the documents specific to that project. Hopefully nothing will happen to you, but if it is after your family already has green cards, the green cards will belong to them.
The return of the money will be in an agreement between you and the developer of the project. I know of no successor in interest for the EB-5. If the family received the conditional permanent residency and something happens to you, I believe they would still retain their status.
This is not an EB-5 question, but more an issue of will and estate, which have vastly different rules among different jurisdictions, be it a country or a state within the United States. In your absence, the EB-5 investment is most likely to be returned to the party that is appointed by you in your will or designated by law without a will. If the $500,000 investment is considered marital property or community property, your spouse will be entitled to her portion of it.
That would be a matter discussed with the EB-5 project. When choosing a project, you should be speaking directly with the project principals and your immigration attorney, where these matters can be discussed. From an immigration standpoint, the spouse and family members are derivative beneficiaries. Once the I-526 is approved, the family members apply for conditional permanent residency individually. Later, the removal of conditions is based on the project''s compliance with the EB-5 rules.
I believe this is an issue of probate law in whichever state has jurisdiction over your estate. You may want to consult with a probate and estate attorney, and perhaps draft a will.
