6月4日的EB-5新提案，就EB-5项目和区域中心运营，增加了诸多新限制，同时还对于资金来源证明，附加了诸多对于中国投资者来说几乎不可完成的任务。今天EB5Sir就与朋友们一起来看看，Ron Klasko律师就新提案中，EB-5投资者所需的资金来源证明之新要求，看看还有哪些中国投资者能完成这些相关任务的了。
参议员Charles Grassley和Patrick Leahy，提出了两党联合提案，以延长和改革投资移民计划。作为对于该提案的一系列分析，下面是对于资金来源和汇款路径要求之变化的，详尽分析。
当前状况：在2012年的一次利益相关者会议上，时任USCIS（移民局）局长，Alejandro Mayorkas明确表示行政管理费的来源必须予以追溯。但是，在2015年2月的利益相关者会议上，USCIS表示，发行费的资金来源并不需要解释，因为USCIS并没有“要求。。。发行费。。。[具有]合法资金来源的，法律依据”。
拟议变更：在新提案里，USCIS将拥有，要求投资者提供发行费资金来源证明的，“法律依据”。根据提案的，INA 203.5(b)(5)(L) 条款规定，投资者必须证明“与外国投资者投资相关的，任何用于支付发行费及成本的，资金都需要通过合法来源和方式获得”。
就目前的提案条款，这些拟议中的变更可能意味着，投资者除了需要提供投资款和发行费的资金来源证明之外，还需要证明律师费和申请费的资金来源。
：投资者必须提供递交I-526申请之前7年的缴税单
当前状况：在递交I-526申请时，投资者并不一定要提供纳税单，缴税单只是证明资金来源文件诸多选项中的一个而已，因为法规中所使用的是选择词“或”。
8 CFR204.6(j)(3)条款的相关规定：
为了证明申请人已经投资，或者正在积极投资过程中，其投资资金通过合法方式获得，申请必须包括：
i. 外国企业注册记录；
ii. 所递交的公司、合伙企业和个人的，5年内的缴税单；
iii. 显示其资金来源的任何其他证据；或
iv. 所有未决的、政府民事或刑事行为的，判决书或证明之公证复印件。
拟议变更：在新提案里，以下语句，被加到 INA 203(b)(5)(L)条款下的相关部分：
i. 如果适当的话，DHS（国土安全部）部长可以要求外国企业家的申请包括：
I. 企业和税务文件，包括：
a. 外国企业注册记录；
b. 所递交的公司、合伙企业和个人的，在任何税务辖区内的，7年内的缴税单；
c. 任何其他资金来源的证明；以及
II. 所有未决的、政府民事或刑事行为的，判决书或证明之公证复印件。
所以，针对INA（移民与国籍法）新提案的变化可能会要求所有投资人必须提供过往7年的法人、合伙企业和个人的纳税申报单。
EB5Sir注：这条被评为最要命的条款。当然，法律条文还是有模糊的地方，提供7年税单的目的是什么？我并非用工资收入做的资金来源，有7年税单，但是收入很低呢？我自己开公司，从公司借款，公司有税单，流水很高但是所得税很低呢？立法目的何如，想证明什么呢？
当前状况：目前，无论是相关法规还是INA，都不要求投资者提供任何兑换美元并向美国转账过程中，所涉及的中间人的身份证明文件。
拟议变更：投资者将不得不提供，所有货币兑换以及投资款、发行费和其它费用转账过程中，所涉及的所有中间人的身份证明文件。
EB5Sir注：这条对于现行的11个人转款的方式，还不算太难，但是对于别的方式，可能中间换汇的朋友不愿意透露身份了。
：赠与只能来自近亲属，而且赠与人可能需要提供缴税单。
当前状况：目前，无论是相关法规还是INA，都未对将赠与作为EB-5投资款作出任何限制。相反，按照USCIS的政策，投资者只需要提供赠与资金的来源证明文件，以及一封投资款的赠与无需偿还义务或期望的书面声明。
拟议变更：投资者可能使用的赠与资金，只能来自配偶、父母、子女、兄弟姊妹或祖父母。另外，赠予行为必须出于诚信，并且不能规避对于许可的收入来源的任何限制。
同时，如果赠与款在EB-5投资款中占“很大比例”，赠与人必须提供递交I-526申请之前7年的缴税单，以及任何针对赠与人的金钱方面的判决文件。 赠与款构成EB-5投资款“很大比例“的具体金额并未明确。
：贷款必须由投资者所拥有的资产来担保，而且贷款方必须是“有信誉”的银行或其它有牌照的贷款机构
当前状况：根据8 CFR 204.6(e)条款，以及USCIS的2013年5月30日的EB-5审案政策备忘录，投资者可以选择用存款、设备、房产或负债（本票形式 - promissory note）作为投资款；相关法规仅要求使用负债作为投资款的，投资者需要用其所拥有的资产来担保。
2014年12月之前，USCIS一般都会批准，投资者通过第三方房产来抵押获得贷款的案子。而且，在大多数案子中，第三方往往都是投资者的未成年子女。但是，自2014年起，在没有任何法律或法规的授权下，并且没有事先告知利益相关者政策变化的情况下，USCIS开始否决这些案子。否决的依据是，USCIS认为依据8 CFR 204.6(e)条款，这样的贷款认作为为EB-5投资款使用，因为该条款要求负债必须由外国企业家所拥有的资产做担保。
在上述情形中，将投资款归类为“负债”是不正确的。投资者并没有将负债作为投资款进行投资，因为投资者与NCE（新商业企业）之间不存在债务安排；也就是说，两者之间不存在本票。相反，投资者是通过合法获得并持有的资产担保获得房屋抵押贷款，而后用贷款作为EB-5投资款的。因此，根据8 CFR 204.6(e)条款，投资者是将“现金”作为投资款的；而法规并未要求房屋抵押贷款需要用任何个人资产来担保。
拟议变更：在新提案里，“源于负债的投资款能被视为满足了最低投资要求，仅仅只有在该投资款(i)通过投资者拥有的资产担保的情况下。”此外，贷款方必须是“有信誉”的银行或其它有牌照的贷款机构。
首先，看起来，提案可能会使USCIS有权在投资者递交I-526申请之后，决定一个银行的信誉，也就是投资者已经获得贷款并作出投资之后。
其次，如果该提案通过，看起来投资者将不再能够，通过公司股权从公司借款作为资金来源，除非发放借款的公司碰巧是有牌照的借贷机构。
EB5Sir注：这也将会是非常大的一项变更，现在公司借款是一个非常通用的资金证明模式，个人感觉大概能占到20%左右，如果扼杀掉这一方式，可能会将资金证明方式推向只有房产抵押的这一唯一模式了。
最后，如果该提案通过，新法将授权USCIS，否决那些投资者通过第三方房产来抵押获得贷款的案子。
EB5Sir注：当前USCIS的做法，以及现在的新提案，只能说老美公仆不考虑中国国情。他们不知道，中国人甚至买房都没有自由，各个城市都在限购，想多买房而将自己的房产挂在亲戚名下并不鲜见，而将自己的小孩放在房产本中，极其普遍，如果就此，而不能将与子女共有的房产作为抵押，来借款投资EB-5，只能说美国老爷拿着美国标准比划中国实情，坐着说话不腰痛哦。
当前状况：100万美金，或者TEA（目标就业区）的50万美元。
拟议变更：投资金额为120万美元，或者TEA的80万美元。投资金额将根据（CPU）每5年（2020年1月1日起）增长一次。
总而言之，美国老爷不考虑咱发展中国家国情，闭门修法。别的越南伊朗等咱不了解，台湾韩国是可能满足的，但是对于中国大陆的投资者来说，满足新提案要求的投资者可能只能限定在有限的，能提供明确纳税证明、房产所有权清晰的外企和上市公司高管了。
请问，还有哪个中国人，可以按照如此严苛的条件，提供资金证明文件的？
“我可以！”
“小明！你过来，保证不打你。。。”
原文作者：Ron Klasko律师，原文网站：blog.klaskolaw.com。
Detailed Analysis of EB-5 Reauthorization Bill: Source and Path of Funds
June 10th, 2015 by Anu Nair
On June 3, 2015, Senators Charles Grassley and Patrick Leahy introduced a bi-partisan bill to extend and amend the Immigrant Investor Program. As part of a multi-series examination of the bill, below is detailed analysis of how the bill will change key aspects of the program as it relates to source and path of funds.
Administrative Fees Must Be Sourced
Current: In a 2012 Stakeholder’s meeting, Alejandro Mayorkas, then director of USCIS, confirmed that the administrative fees must be sourced. In its February 2015 Stakeholder’s meeting, USCIS indicated that administrative fees do not need to be sourced as USCIS did not have a “legal basis for requiring the . . . administrative fee . . . [to have] a lawful source.”
Proposed Changes: Under the proposed legislation, USCIS will have a “legal basis” for requiring investors to source the administrative fee. Proposed INA 203.5(b)(5)(L) states in pertinent part that the investor must show that “any funds used to pay administrative costs and fees associated with the alien’s investment were obtained from a lawful source and through lawful means.”
As currently written, the proposed changes leave open the possibility that investors may have to source legal and filing fees in addition to the investment and administrative fees.
Tax Returns: 7 years of tax returns prior to I-526 filing tax returns mandatory for investors
Current: Filing tax returns as part of I-526 documentation is not mandatory as tax returns are included as one of several options to document source of funds, as supported by the use of a disjunctive “or” in the regulations.
8 CFR 204.6(j)(3) states in pertinent part:
To show that the petitioner has invested, or is actively in the process of investing, capital obtained through lawful means, the petition must be accompanied by:
Foreign business registration records;
Corporate, partnership and personal tax returns of any kind filed within 5 years;
Evidence identifying any other source(s) of capital; OR
Certified copies of judgments or evidence of all pending governmental civil or criminal actions.
Proposed Changes: Under the proposed bill, the following language, reproduced in pertinent part, would be added under INA 203(b)(5)(L):
The Secretary of Homeland Security shall require, as applicable, that an alien entrepreneur petition contain:
Business and tax including:
Foreign business registration records;
Corporate, partnership and personal tax returns of any kind filed within 7 years with any tax jurisdiction;
Evidence identifying any other source(s) of capital; AND
Certified copies of judgments or evidence of all pending governmental civil or criminal actions.
Accordingly the new proposed changes to the INA appear to make mandatory the filing of 7 years of corporate, partnership, and personal tax returns for all investors.
Identity of Intermediaries
Current: Currently, neither the regulations nor the INA requires any identity documents of intermediaries used by the investor in the exchange of funds into USD and transfer of USD funds into the U.S.
Proposed Changes: Investors will have to provide the identity documents of all intermediaries used in the exchange and transfer of the investment funds as well as administrative fees and costs.
Restrictions on Gifts: Must be gifted by a close family member and giftor may be required to provide tax returns
Current: Currently, neither the regulations nor the INA place any restrictions on gifted funds as the EB-5 investment. Instead, under USCIS policy, investors simply had to document the source of the gifted funds and provide an affidavit confirming the gifting of the investment funds with no obligation or expectation to repay.
Proposed Changes: An investor may only use gifted funds for EB-5 investment if the funds are gifted by a spouse, parent, child, sibling, or grandparent. Further, the gift must be made in “good faith” and not used to circumvent any limitations on permissible sources of income.
Additionally, if a “significant portion” of the EB-5 funds are gifted, the giftor must also provide 7 years of tax returns prior to the I-526 filing and documentation of any monetary judgments against the giftor. The amount of funds that would constitute a “significant portion” of EB-5 funds is not defined.
Restrictions on Loans: Must be secured by assets owned by the investor and lender must be a “reputable” bank or licensed lending institution
Current: Based on 8 CFR 204.6(e) and USCIS’ May 30, 2013 EB-5 Policy Memorandum, investors have the option of depositing cash, equipment, property, or indebtedness (a promissory note) as capital; the regulation only requires an investor who uses indebtedness as capital to secure the capital on assets owned by the investor.
Prior to December 2014, USCIS was routinely approving cases wherein the investor obtained a home equity loan using a third party’s property as collateral. In most cases, the third party was the investor’s minor child. Beginning in 2014, with no statutory or regulatory authority and no prior notice to stakeholders of a change in policy, USCIS began denying such cases. As the basis for the denials, USCIS argued that such loans were not appropriate for EB-5 investment under the regulations as 8 CFR 204.6(e) required indebtedness to be secured by assets owned by the alien entrepreneur.
Categorization of capital in such an instance as “indebtedness” is incorrect. The investor is not investing indebtedness as capital as there is no debt arrangement between the investor and the NCE; that is, no promissory note exists between them. Instead, the investor obtains a home-equity loan, secured by lawfully obtained and owned assets, and then uses the cash proceeds from the loan as the EB-5 investment. Thus, under 8 CFR 204.6(e) the investor is investing “cash” as capital; the regulations do not require the underlying home-equity loan to be secured by any personal assets.
Proposed Changes: Under the proposed legislation, “[c]apital that is derived from indebtedness can only be counted toward the minimum capital investment requirement only if such capital is (i) secured by assets owned by the investor.” Additionally, the lender must be either a “reputable” bank or licensed lending institution.
First, it appears that the legislation is allowing for a scenario wherein USCIS has the power to determine the reputability of a bank after I-526 filing, when the investor has already obtained the loan and invested the capital.
Additionally, if this legislation passes, it appears that investors would no longer be able to use a company equity loan as the source of their funds unless the company issuing the loan happens to be a licensed lending institution.
Finally, if passed, the new law may provide USCIS with statutory authority to deny cases where the investor uses loan proceeds from a home equity loan using a third party’s property as collateral.
Changes to Investment Amount
Current: Investment amount is 1 million or $500,000 in a TEA.
Proposed: Investment amount is 1.2 million or $800,000 in a TEA. Investment amounts are subject to increase every 5 years (starting January 1, 2020) by the amount of the cumulative percentage change (CPU).