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Regional Center EB-5 Applications

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., 17 th Floor 317 Madison Ave., Suite 1518

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Regional Center EB-5 Applications

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  1. Regional Center EB-5 Applications The EB-5 ProgramPermanent U.S. Residency forFOREIGN INVESTORS H. Ronald Klasko, Esq. Klasko, Rulon, Stock & Seltzer, LLP Philadelphia New York 1800 JFK Blvd., 17th Floor 317 Madison Ave., Suite 1518 Philadelphia, PA 19103 New York, NY 10017 215.825.8600 212.796.8840www.eb5immigration.comwww.klaskolaw.com

  2. 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.

  3. 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

  4. 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

  5. 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

  6. Investors for Whom Regional Center EB-5 May Be Good Option • Immigration is driving force • Wants to be geographically mobile • Retirees • Main/major concern is children going to school in U.S. (cont’d)

  7. 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

  8. 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

  9. 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

  10. Documenting Lawful Source of Funds (cont’d) • Investments • Copies of accounts • 3 years or more • Bank statements • Business documents • Business registration documents • Ownership documents • Dividend records • Business sale documents

  11. Documenting Lawful Source of Funds • Real estate • Purchases and sales • Deeds • Mortgages • Appraisals • Settlement • Transfer of proceeds • Rental income • Leases (cont’d)

  12. Documenting Lawful Source of Funds • Employment • Contracts • Company wage documents • Company letter • Resume and educational documents • Professional licenses (cont’d)

  13. Documenting Lawful Source of Funds • Other • 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 (cont’d)

  14. Tracing of Funds Transferred to Regional Center • Must document all transfers from investor’s account to regional center’s account

  15. 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

  16. 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

  17. Sources of Information • www.eb5immigration.com • www.uscis.gov

  18. Questions?

  19. For Further Information H. Ronald Klasko, Esq. Klasko, Rulon, Stock & Seltzer, LLP rklasko@klaskolaw.com 215-825-8600 (Philadelphia) 212-796-8840 (New York) www.klaskolaw.com www.eb5immigration.com

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