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What kind of documentation is needed for a statement of assets for the EB-5 visa?

My husband and I have assets in our home country of India. We want to know what kind of documents we need to provide for each property/asset we own in order to apply for EB-5. In addition, some of the properties we plan to use were bought by us but are under my father. What kind of documentation is required to show that they are our property? (Transferring them back to my name might cost me lot of money again.)

Answers

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    Julia Roussinova

    Immigration Attorney
    Answered on

    This is a complex question for a forum. An experienced EB-5 attorney can review the assets and title documents and guide you how to best structure your EB-5 lawful source of funds. In general, EB-5 funds must come from lawful source of funds such as sale of the assets, a gift, loan proceeds secured by a collateral in your name, etc. If properties are under your father's name, he can gift sales proceeds to you, but you also need to show how the properties were originally acquired.

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    Fredrick W Voigtmann

    Immigration Attorney
    Answered on

    An experienced immigration will be able to give you the detailed information you are seeking, but in general, the assets must be in your own name. You must demonstrate how you lawfully obtained the funds you will invest in the EB-5 project. Your father could sell the assets and make a gift to you. Keep in mind that the investor must be personally and primarily liable for any loan or indebtedness used for EB-5 capital investment.

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    Daniel A Zeft

    Immigration Attorney
    Answered on

    You should have a consultation appointment with a immigration attorney to discuss these involved issues.

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    BoBi Ahn

    Immigration Attorney
    Answered on

    If transfer of title is too costly or time consuming, you can have those properties/assets gifted to you with a fully executed gift instrument.

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    Salvatore Picataggio

    Immigration Attorney
    Answered on

    That is exactly what a good immigration will provide for you: a detailed guide through the best documentation to provide to USCIS, taking into account all possible sources of funds.

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    A Olusanjo Omoniyi

    Immigration Attorney
    Answered on

    All documents that show how each property was acquired should be produced. Some of the documents would include: mortgage and lending documentation, tax payment records, records of deeds and all relevant governmental agencies documents on acquisition. In circumstances where a property was acquired through a third party, documents must show how the acquisition was done and that the acquisition was in compliance with the law(s) where each property was acquired. The essence of all these strings of required documents is to prove that each property was acquired through legal source(s).

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    Jinhee Wilde

    Immigration Attorney
    Answered on

    You should have an appraisal report of all the properties. You may also want to have an audited financial statement by a licensed auditor or CPA of all the assets and liabilities you may have. If the deed/title is in your father's name, at least you may be able to show the purchase agreement with your name as the buyer. All these details are not appropriate in a general question like this, but with your lawyer by examining the actual documents you have and determining what additional documentations may be necessary.

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    Lynne Feldman

    Immigration Attorney
    Answered on

    We can have your father gift them to you.

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    Bernard P Wolfsdorf

    Immigration Attorney
    Answered on

    If the property is in your father's name, that presents a challenge. If bought by you, then you need to show you transferred the money. Also, you need a declaration from your father and you why it was put in your father's name. This may impact the issue of showing the property was lawfully purchased. You need to provide specific details regarding each aspect of the transactions, wire transfers in and out and maybe you need a chart.

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    Charles Foster

    Immigration Attorney
    Answered on

    You must show that you have a lawful source of funds in your own name. If you plan to use properties under your father's name, he would first have to deed such property to you. But you would also have to sell the property in order to have $1 million available to invest in a new enterprise unless the enterprise is located in a targeted employment area (TEA) and then it could be $500,000. Just owning the property is insufficient, as you would need to liquidate the asset in order to have the funds to invest.

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