With the EB-5 regional center program on hold, potential EB-5 investors are no doubt wondering what the next steps for them are. Perhaps you weren’t able to submit an application before the June 30, 2021 deadline, or never had time to properly prepare your petition. So what now? First and foremost, despite the lapse in the regional center program’s authorization, investors should absolutely not write off applying for an EB-5 visa. The regional center program’s authorization has lapsed and been renewed in the past, and all signs point towards Congress moving to reauthorize again. That being said, investors should be prepared to wait a few months before Congress can act to reauthorize. However, that doesn’t mean it’s too early to start preparing to submit applications. Here are some steps potential EB-5 investors can take now to be ready for the reauthorization of the regional center program.
Consult with an Experienced Immigration Attorney
If you haven’t already consulted with an immigration attorney about applying for an EB-5 visa, then it should absolutely be the first step you take. Applying for a visa on your own can easily become an overwhelming task, but with an experienced immigrant attorney by your side navigating the process becomes much easier. Experienced EB-5 immigration attorneys are well versed in the rules and regulations of the EB-5 program and will ensure you avoid any errors which might jeopardize your application. Considering that regional center reauthorization will likely bring reforms to the program’s regulations, the services of an immigration attorney will be invaluable to any potential EB-5 investor.
Begin Gathering Documentation on Source of Funds
One of the most important tasks for EB-5 investors is to gather the proper documentation to demonstrate that all their funds have been legally sourced. Investors have a variety of options for how they can fund an EB-5 investment, but no matter which option they choose, they must prove that it was legally sourced.
To prove that their funds have been legally sourced investors provide USCIS documentation which shows how the funds were acquired. What kind of documentation you will have to provide will depend on how your funds are sourced, but generally it can include:
- Bank statements
- Tax returns
- Employment records
- Loan documents
- Investment records
- Property records
- Gift records
- Business accounting records
Often it can take some time for investors to gather all the necessary documents, and with the regional center program on hold now is the perfect time to begin that process. Consult with an immigration attorney to determine what documents you’ll need and start gathering them. By starting now you can ensure that you’ll be ready to submit the moment the regional center program is reauthorized and get through the process as quickly as possible.
Start Looking for a Regional Center
While investors are unable to submit petitions associated with regional centers until the program is reauthorized, it’s not too early to start looking for one to invest with. There are a multitude of trusted regional centers with proven track records that investors can choose from, and many will undoubtedly be looking for investors to work with after the regional center program is reauthorized. Potential EB-5 investors should research and contact regional centers to find one that works best for them. By reaching out now, you can ensure that all the terms and conditions of your investment have been ironed out before the regional center program is reauthorized and be ready to invest as soon as reauthorization is passed.
FIND OUT IF EB-5 IS RIGHT FOR YOU
Although the regional center program may be on hold, it’s never too early to start preparing your EB-5 application. Fill out our quick evaluation form below and find out if an EB-5 visa is the right choice for you.