EB5 Attorney

What points do I need to keep in mind while hiring an Attorney for EB-5 source of funds?

There are hundreds of attorneys in USA who are licensed to do immigration work, and a significant number of them are practicing EB5. It is first critical to understand what role does an EB5 attorney need to play so that you can decide for yourself and shortlist the one that fits your goals.

• Attorney needs to prepare the documentation for Sources Of Funds (known as SOF), as a part of your I-526 petition. This is the single most important task for an attorney, amongst others.
• Sources of funds refers to documenting the source of your investment, which generally includes sale of immoveable property, stocks, gifts from relatives, borrowings and loans, business income, dividends, redemption of mutual fund units, HUF income, and a much more.
• Attorney should be skilled enough to understand Indian nuances. If someone doesn’t know what HUF stands for, naturally it is a challenge to document income streaming from such sources. There are various complications an Indian application has like agricultural income, partnership firm income which has not been withdrawn although accumulated, TDS, possible violation of companies act while using company funds, etc. A skilled professional will make sure to understand India specific issues and that leads to a well-prepared sources of funds file.
• Remember that investing the money does NOT AUTOMATICALLY lead to getting an approval; the fate of your green card is DIRECTLY & INEXTRICABLY linked to the quality of paper-work. Failure to effectively present Indian sources of income would lead to a RFE / NOID / DENIAL.
• Local income tax regulations should also be kept in mind. Insufficiently prepared gift deeds (which may work for EB5 purpose but fail the test with Income Tax Authorities in India) is one classic example of the importance of local regulations.
• FEMA regulations should also be kept in mind while remitting funds overseas. Penalty for failure to comply with FEMA, as on the date of publishing this page, is 100% minimum, subject to a maximum of 300% of the sum involved.

Note: certain items should be kept in mind while finalizing an engagement with the attorney. E.g., what is their cost to represent in case of a request for evidence (interchangeable called as scrutiny in India). EB5 India Advisory Private Limited will ensure that there are no hidden costs, and you are not billed a dollar more than what was envisaged.

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All the answers have been written by the team at EB5 India Advisory Pvt. Ltd. and is intended for educational purposes only. We are an EB5 consulting firm with a 100% exclusive focus on EB5 visa investments for Indian investors. Feel free to visit one of our offices in India.