Two common mistakes can sink an EB-5 investor visa petition: making a direct investment alongside other investors, and using an unregistered broker or promoter who is paid a commission. Here is how to avoid both.
Here’s an EB5 investor visa trap to avoid.
The Trap: Unregistered Brokers, Agents, and Promoters
If you knowingly or unknowingly use an unregistered broker, agent, or promoter to select your EB5 project, and that person is paid a commission for your investment therein, USCIS can deny your EB-5 petition on that basis.
So, if you’re dealing with a foreign broker, agent or promoter, make sure they’re not an unlicensed agent or finder being paid a commission on your investment.
Or, if you’re dealing with a US broker, agent, or promoter, make sure they’re a FINRA-licensed broker.
This is trickier than you think because you may not realize that you’re dealing with an unregistered agent.
Maybe you searched for a great EB5 project on your own and went to the website of an unregistered agent who earned a commission for the referral, and you had no idea.
That may be enough for USCIS to deny your visa.
So … be very careful if you’re searching for EB5 projects on your own and, better yet, enlist the services of a US-based FINRA-licensed broker.
About Me
I’m Joseph Bovino, U.S. immigration and business attorney based in Miami and serving clients worldwide.
My firm works with FINRA-licensed brokers who can help you find a project that’s right for you – at no additional cost, by the way.
Want to talk through your situation? Book a consultation with me.
