I am an investor in Ethiopia with a capital worth more than $3 million. But I can’t transfer the money by converting it into U.S. dollars easily. I have a B1/B2 visa, a bank account in the USA, and some bank deposits I opened with a tourist visa two years ago. Part of my family lives already in the U.S. with my ex-wife. I want to apply for an EB-5 visa or any other appropriate U.S. green card. Some friends living in Canada and the U.S. are willing to transfer a total worth of $1 million into my U.S. account or an EB-5 project escrow account as a gift while I get the money transferred. Would this funding qualify?
Answers
Bernard P Wolfsdorf
Immigration Attorneys DirectoryTechnically this can work but it appears your friends are acting as an unlicensed money exchanger and that can be a problem.
Julia Roussinova
Immigration Attorneys DirectoryYou may use gifted funds as a source of your EB-5 investment. It requires carefully documenting the legal source of funds for each donor (a person giving you the funds as a gift) and funds tracing. Hire an experienced EB-5 immigration attorney to help you with your EB-5 petition.
Lynne Feldman
Immigration Attorneys DirectoryYes, if carefully documented this may work. I suggest a consultation to go through the exact details.
Jason Feldman
Immigration Attorneys DirectoryThere is not a straightforward answer to your question. An attorney would need to carefully review the documented paper trail of the funds and discuss this situation with you in more detail.
Ying Lu
Immigration Attorneys DirectoryAny EB-5 capital gifted by others will not relieve you from proving the legal source and path of the funds. Whoever gifts the funds to you needs to prove how he/she gets the money.
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