Page 11 - IACC Newsletter October November 2013 Issue 13

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5. What are the eligibility criteria for a foreign investor to
apply for EB-5 visa?
To apply for EB-5 visa, an investormust:
a. Prove legality of the source of funds to be used for
the investment (this can be through documents
such as business records and income tax returns)
b. Produce documents relating to all legal actions
(civil, criminal, tax, administrative and so on) in
which the investor has been involved in the last 15
years.
c. Be an accredited investor. i.e.holding net assets of
USD 1Million.
6. Who are all eligible for Permanent Residence visas for
investmentsmade in EB-5 projects?
EB-5 is a family immigration program. The investor,
spouse, and unmarried children under 21 years of age
are eligible for grant of Permanent Residence in the
US.
7. Is the investor-family free to choose a location for
living in the US?
Yes, the investor family can live anywhere in the
United States. There is no condition linking the place
of living to the location of the EB-5 project in which
the investment ismade.
8. Are there any restrictions on travel outside the US
after relocating to the US on EB-5 visa?
All Permanent Residents must maintain a residence in
the US, but are free to travel in and out of the US. A
permit will be required for re-entry into the US, after a
continuous stay of one year or more in a foreign
jurisdiction.
9. Are there any conditions attached to the EB-5 visas?
Yes, the visas are subject to the condition about
creation of jobs within 2 years from the date of
investment. Ninety days before the completion of 2
years, application may be filed with US Citizenship &
Immigration Services with proof of job creation, for
getting the condition deleted. For this purpose, the
investor must obtain necessary information/
documents from the EB-5 project in which he/she has
invested. When this happens, the Permanent
Residence becomes unconditional. Continuance of
Permanent Residence is dependent on job creation by
the EB-5 project and this is another issue potential
investors must bear inmind while selecting project for
investment.
10. Is it possible to obtain US citizenship, after receiving
Permanent Residence under EB-5 category?
Yes, investors have the option to seek US citizenship 4
years and 9 months after obtaining EB-5 visas. There
is no compulsion to take US citizenship, if the
investors prefer to retain their original citizenship
(e.g. Indian).
11. What happens to citizenship, assets, and other
interests of the investor-family in the native country,
after grant of EB-5 visa?
The investor-family is free to retain its assets,
property, business, and other economic interests in
the native country. For Indian citizens, obtaining
Permanent Residence in the US will not interferewith
any of their citizenship rights, including rights to:
a. Enter Indiawithout need for an Indian visa
b. Own property in India,
c. Own/operate business in India
The Q& A was given by Mr. V.Ramu Sharma, FCA,
Director, AMCAN Investment Advisors P Ltd
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