While Chinese citizens may face some specific challenges in applying for an EB-5 visa, these can be overcome with guidance from a qualified attorney. Some challenges facing potential Chinese investors are:
- Properly documenting source of funds
- Having ties to the Communist party
- Difficulties in selecting a Regional Center
Source of Funds
Regulation that requires evidence of the lawful source of capital may pose a challenge for some Chinese investors, because of the differences between Chinese and American tax and financial regulation systems. In addition, tracing the path of funds may be further complicated by the Chinese government's currency restrictions, which limits remittance of currency to $50,000 per individual per year.
Ties To the Communist Party
Chinese citizens who are interested in an EB-5 visa should also be aware of the regulations regarding the admission of former members of the Communist Party.
Difficulties Selecting A Regional Center
Finally, there have been some reports in China of bad practice on the part of some agents from EB-5 regional centers, who have made promises to Chinese investors that were unethical. When you begin to research regional centers, be wary of any representatives or agents who make claims that seem too good to be true; they probably are!
In general, effective communication with an attorney experienced in working with Chinese EB-5 petitioners is the best way to overcome the roadblocks that may arise as a result of the disparities between American and Chinese legal and financial systems. Contact Jatoi & de Kirby, A.P.C. online to get your questions about the EB-5 program answered.