Standing before an American flag fills Nguyen Ngoc Thach with pride, excitement, and joy every time, he says. For him, it’s a testament to his EB-5 immigration journey, which brought him and his family to Boston, Massachusetts, from Saigon, Vietnam.
In his home country, Nguyen’s ambition for advancement led him to pursue a career in the Vietnamese financial sector. This experience instilled in him the values of work ethic and strategic planning, fostering his interest in seeking opportunities to move abroad.
“In exploring various immigration avenues offered by countries such as the U.S., Canada, Australia, and Europe, the EB-5 program emerged as the most suitable option for entrepreneurial individuals like me,” he adds.
Embarking on the EB-5 path
This U.S. investor visa program presented Nguyen with the prospect of residing, working, and studying in the U.S. with his wife and child. The program appealed to him for the potential investment returns and the requirement of a relatively brief residency period for naturalization—just over six months per year, “which allows for continued effective management of business affairs globally.”
He was working as an investment consultant in the securities field at a large financial firm in Vietnam when he applied for the EB-5 visa program in 2017 with the support of Kornova Immigration (which introduced him to HomeFed Corporation’s first EB-5 project, Escaya).
They “helped me understand the product, capital structure, and many other detailed conditions to secure a safe EB-5 investment package that meets all the U.S. government’s requirements for obtaining a green card and investment return.”
Nguyen reflects on the remarkable feat of his EB-5 application process, which took about 100 days, from the first consultation with their lawyers, readying the sources of funding, filling out mandatory documents and forms, investing in Escaya, filing, and having the I-526 approved. “While the journey was not without its challenges, it was expedited despite the unprecedented circumstances of the COVID-19 pandemic. It was truly fortuitous that Kornova and HomeFed efficiently navigated all legal procedures, securing our U.S. visas just before the outbreak and subsequent lockdown measures.”
He remembers wiring the capital from his home country to the U.S. as challenging. “Proving [source of fund] was the hardest and took a long time in Vietnam. By Law, a Vietnamese is not allowed to transfer more than $5,000 out of the country, so we must find and try many ways to execute. So, in 100 days, I completed the wire capital to the Homefed account as well as completed all documents needed.”
Nguyen also recalls how closely he worked with his immigration counsel to prepare the documents when filing at the U.S. Consulate in Vietnam. “Particularly, before meeting the interview officer, Kornova reviewed the entire investment process in the project to ensure the investor had the best, most open, and honest mindset with the consular officer. And we succeeded.”
Transitioning from his homeland to embark on a new chapter in the U.S. was emotional. He particularly acknowledges shedding “tears and sadness due to temporarily leaving my homeland work and familiar environment. However, the tangible and intangible benefits we received reaffirm my belief that the EB-5 program was the best choice among the many decisions I’ve had to make in my life.”
DISCLAIMER: The views expressed in this article are solely the views of the author and do not necessarily represent the views of the publisher, its employees. or its affiliates. The information found on this website is intended to be general information; it is not legal or financial advice. Specific legal or financial advice can only be given by a licensed professional with full knowledge of all the facts and circumstances of your particular situation. You should seek consultation with legal, immigration, and financial experts prior to participating in the EB-5 program Posting a question on this website does not create an attorney-client relationship. All questions you post will be available to the public; do not include confidential information in your question.
