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

1800 JFK Blvd., 17 th Floor Philadelphia, PA 19103 215.825.8600

www.eb5immigration.com

New York

317 Madison Ave., Suite 1518 New York, NY 10017 212.796.8840

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

 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

(cont’d)

 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

 Employment  Contracts  Company wage documents  Company letter  Resume and educational documents  Professional licenses

(cont’d)

Klasko, Rulon, Stock & Seltzer, LLP

Documenting Lawful Source of Funds

 Other  Inheritance  Divorce  Lawsuits

(cont’d)

 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