“Do due diligence of due diligence people”
Recent events may make it seem as if the American Dream has become inaccessible to immigrants. If there’s one shining star that has emerged in this scenario, it is the EB-5, the investment-based immigration visa, which seeks to boost investment and job creation in the USA. Leading immigration attorney Bernard Wolfsdorf provided invaluable insight into the nitty-gritties of the process in an engaging chat at the recently concluded Global Investment Immigration Summit.
Picking the right project can determine the fate of an EB-5 holder. What is one key piece of advice you would give hopeful investors in such a scenario?
The project comes down to two points – number one, it must be immigration-compliant, meaning it gets you your green card by creating enough jobs, being structured correctly, put together by professionals, and handled by your immigration lawyer.
Number two, here’s what I say – if I go to the bank tomorrow and ask them to give me a million dollars. They’ll look at me and say “Who are you?”, “Where do you come from?”, “What’s my collateral?” and I’ll say, “Here’s a bag of gold, it’s mine. This is worth 2 million.” Then, they will lend me 1 million. And it is the same with the EB-5. It’s called investing, so you have to invest safely, securely and you should get your money back. But did you hear me promise the money back?