Last Updated on January 12, 2023 by Linda Lee
At the Immigration Law Office of Los Angeles, P.C., our legal team works to provide all new California residents with the insight they need to protect their rights. If you are involved in the EB-5 investor visa process, review the following information and learn more to better protect your rights.
- The EB-5 investors’ funds should be received by the Limited Partnership (LP) before the investors’ Immigrant Petitions (I-526) are filed with the US Citizenship and Immigration Services (USCIS) but not before each investor has consulted with an EB-5 attorney and devised an appropriate Source of Funds strategy.
- In order to accept EB-5 foreign investments, the LP should work with the EB-5 attorney and third party professionals to become EB-5 compliant by:
- Preparing an EB-5 compliant business plan, including project investment structure, budget, job creation timeline, market assessment, etc.
- Demonstrating how the LP will create 10 full time jobs per investor (within a two-to-three year period from the investor’s admission into the US).
- Working with a corporate/securities counsel to prepare relevant investment documents (i.e., subscription agreement, term sheet, LP agreement).
- Preparing legal formation documents and issuing LP certificates.
- The timeline for the above depends on the LP and third party professionals’ fulfillment of tasks, but it can generally be accomplished within five to eight weeks.
- The attorney you work with should provide a legal services agreement for the LP’s EB-5 set up.
- Each investor should work with the EB-5 attorney (and an associate proficient in the investor’s native language, if needed) to determine the investor’s eligibility for the EB-5 program and develop the investor’s Source of Funds strategy.
- The attorney – working closely with the investor – will prepare an EB-5 Source of Funds report.
- The timeline for preparation of a Source of Funds report depends on the complexity of the Source of Funds report and the investor’s ability to obtain and provide adequate documents. An eight-week timeline is feasible, but a timeline cannot be set until after the initial meeting with the investor.
- The attorney should provide a legal services agreement for the preparation of the investors’ immigrant petition (I-526), including Source of Funds report and Immigrant Visa application.
- Attorney’s fees, excluding USCIS and visa application fees, are typically between $15,000 and $20,000 per investor.
If you are in need of legal help, call the attorneys at the Immigration Law Office of Los Angeles, P.C. and receive a consultation at (213) 375-4084. With our help, you can protect your rights and the future wellbeing of your loved ones.