Regional Center EB-5 Applications: The EB

Report
Regional Center EB-5 Applications
The EB-5 Program
Permanent U.S. Residency for
FOREIGN INVESTORS
H. Ronald Klasko, Esq.
Klasko, Rulon, Stock & Seltzer, LLP
Philadelphia
New York
1800 JFK Blvd., 17th Floor
Philadelphia, PA 19103
215.825.8600
317 Madison Ave., Suite 1518
New York, NY 10017
212.796.8840
www.eb5immigration.com
www.klaskolaw.com
H. Ronald Klasko, Esq.

H. Ronald Klasko (Ron) is recognized as one of the leading U.S.
immigration lawyers. A founding member of Klasko, Rulon, Stock & Seltzer,
LLP and its Managing Partner, he has practiced immigration law exclusively
over three decades.
 Ron was named as the world’s most respected corporate immigration
lawyer (The International Who’s Who of Business Lawyers 2007 and 2008).
 A former National President of the American Immigration Lawyers
Association (AILA), Ron has been selected in the highly regarded Best
Lawyers in America for the past 16 years.
 Ron’s practice includes a substantial focus on EB-5 investor cases. Ron is
the designated preferred attorney for filing EB-5 petitions for four of the
approved regional centers. He is the National Chairman of the EB-5
Committee of the American Immigration Lawyers Association. He is a
frequent speaker and author on EB-5 issues.
Klasko, Rulon, Stock & Seltzer, LLP
Advantages of EB-5 Program

No quota wait

No job offer or employer sponsorship required

Spouse and children included

In state tuition possible

Geographical flexibility

Employment flexibility
Klasko, Rulon, Stock & Seltzer, LLP
Introduction to Regional Center EB-5




Requires investment of $500,000 in government
approved regional center (some require
$1,000,000)
Regional center proves direct or indirect
employment of 10 U.S. workers per investor
Must prove lawful source of funds
3,000 green cards available each year
Klasko, Rulon, Stock & Seltzer, LLP
Investors for Whom Regional
Center EB-5 May Be Good Option

Do not want to do individual EB-5

Must start/manage/expand a business
 Must create direct full-time jobs for 10 U.S.
workers
 Must invest $1,000,000 unless “targeted
employment area”
 Complex legal issues
Klasko, Rulon, Stock & Seltzer, LLP
Investors for Whom Regional
Center EB-5 May Be Good Option
(cont’d)
Immigration is driving force
 Wants to be geographically mobile
 Retirees
 Main/major concern is children going to
school in U.S.

Klasko, Rulon, Stock & Seltzer, LLP
Procedure

File EB-5 petition (I-526)



Include documentation of lawful source of funds
Average processing time 4 to 6 months
Apply for immigrant visa at U.S. Consulate

Average processing time 4 to 8 months
 Entire family can apply
 Enter U.S. as conditional permanent resident
 Investor, spouse and child can work, study, travel
Klasko, Rulon, Stock & Seltzer, LLP
Procedure
(cont’d)

After 21 to 24 months, file condition removal
petition




Investment sustained and jobs created
Approval results in permanent green card
Average processing time 4 to 6 months
5 years after conditional residence, can apply for
naturalization (U.S. citizenship)

Completely optional
Klasko, Rulon, Stock & Seltzer, LLP
Documenting Lawful
Source of Funds
Only need to document $500,000
 Personal and corporate tax returns



Last 5 years
Personal and corporate financial
statements

Optional
 Best if audited
Klasko, Rulon, Stock & Seltzer, LLP
Documenting Lawful
Source of Funds

Investments

Copies of accounts



3 years or more
Bank statements
Business documents

Business registration documents
 Ownership documents
 Dividend records
 Business sale documents
Klasko, Rulon, Stock & Seltzer, LLP
(cont’d)
Documenting Lawful
Source of Funds

Real estate

Purchases and sales
Deeds
 Mortgages
 Appraisals
 Settlement
 Transfer of proceeds


Rental income

Leases
Klasko, Rulon, Stock & Seltzer, LLP
(cont’d)
Documenting Lawful
Source of Funds
(cont’d)

Employment

Contracts
 Company wage documents
 Company letter
 Resume and educational documents
 Professional licenses
Klasko, Rulon, Stock & Seltzer, LLP
Documenting Lawful
Source of Funds

Other
(cont’d)

Inheritance
 Divorce
 Lawsuits

Gifts and loans




Need to prove lawful source of funds of giftor or creditor
Gift tax?
Reasons for gift/loan
Loan documents
Klasko, Rulon, Stock & Seltzer, LLP
Tracing of Funds Transferred
to Regional Center

Must document all transfers from investor’s
account to regional center’s account
Klasko, Rulon, Stock & Seltzer, LLP
Special Issues

Travel

Must have residence in U.S.
 If will be out of the U.S 6 months or more,
consider filing reentry permit

Must file reentry permit if will be out of the U.S.
1 year or more
Klasko, Rulon, Stock & Seltzer, LLP
Special Issues
(cont’d)

Children

Only children under 21 at time of conditional
permanent residence
 Exception: if EB-5 petition (I-526) filed before
age 21, and apply for permanent residence
promptly, child can be included
Klasko, Rulon, Stock & Seltzer, LLP
Sources of Information
www.eb5immigration.com
 www.uscis.gov

Klasko, Rulon, Stock & Seltzer, LLP
Questions?
Klasko, Rulon, Stock & Seltzer, LLP
For Further Information
H. Ronald Klasko, Esq.
Klasko, Rulon, Stock & Seltzer, LLP
[email protected]
215-825-8600 (Philadelphia)
212-796-8840 (New York)
www.klaskolaw.com
www.eb5immigration.com
Klasko, Rulon, Stock & Seltzer, LLP

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