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How can I use gifted money from my parents' property for my EB-5 investment?

My parents have an expensive residence, which they obtained lawfully. How can they use it as a collateral to borrow money from the bank and give it to me as a gift for my EB-5 investment? What documentation would I need to prove the source of funds in my case?

Answers

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    Julia Roussinova

    Immigration Attorney
    Answered on

    This is doable. You will need to have your parents' original source of funds to acquire residency, gift declaration, complete tracing of path of funds.

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    Bernard P Wolfsdorf

    Immigration Attorney
    Answered on

    They will need to show where they got the funds to purchase the home, so that could be earnings, an inheritance or any other legitimate source.

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    Daniel A Zeft

    Immigration Attorney
    Answered on

    Yes, the source of your EB-5 investment could be a gift from your parents in this situation. A loan guaranteed by personal collateral is fine. Please contact me if you would like to schedule a consultation appointment with me about your EB-5 case.

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    Ying Lu

    Immigration Attorney
    Answered on

    The specific documentation needed depends on where the real property is, because the property acquisition/disposal is subject to the laws where the property is. The general rule is that you need to show the legitimacy of the initial acquisition of the real property, the loan documentation and the gift process (usually a gift bequest declaration).

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    Belma Chinchoy

    Immigration Attorney
    Answered on

    You cannot. The loan collateral must be the asset of the investor.

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    Dale Schwartz

    Immigration Attorney
    Answered on

    You can use the gifted money, but you will have to prove she obtained it legally.

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    Blake Harrison

    Immigration Attorney
    Answered on

    You would want to include documents demonstrating the lawful source of the funds used to purchase the property, the property ownership documents, the bank loan and a gift letter, among other documents. While this is a common source of funds for EB-5 purposes, you should work with an experienced EB-5 attorney to help guide you through the document-gathering process.

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    BoBi Ahn

    Immigration Attorney
    Answered on

    For evidence of lawful source of funds, you would need to show your parents' legitimate source of funds (bank loan documents, title of their home, etc.) and a letter from your parents stating that the money is a gift to you, etc.

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    Charles Foster

    Immigration Attorney
    Answered on

    Your parents can give you a gift based upon the money they borrow that shows they put up an equal amount of property value in terms of collateral. All of that would have to be demonstrated so that you would be able to use the gift for EB-5 purposes. You would have to show that your parents gifted the funds to you with appropriate documentation, which could simply include a transfer of funds from their bank to your bank, although it would be better if there were a document establishing same. In turn, you parents would have to show that they had borrowed the money and that a lien was put on the property or the equivalent of the same to secure repayment of the borrowed funds.

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