USCIS Approves Use of Cryptocurrency as EB-5 Source of Funds for Behring Investor
In another EB-5 pioneering accomplishment, Behring congratulates its EB-5 investor who recently received I-526 approval and utilized profits from cryptocurrency trading as a lawful source of funds. Behring thanks attorney Niral Patel and the legal team at David Hirson and Partners for their expert legal guidance. Behring has extended its EB-5 visa capabilities a step further by adding cryptocurrency options to its current arsenal of EB-5 source of funds strategies.
Behring continues to innovate to provide our investors opportunities for success while investing in institutional quality assets like our 1900 Broadway Project. We work with our investors to present effective solutions to their individual needs – including installments and partial payment options to complete their EB-5 investment over time. Behring also was the first known EB-5 fund sponsor to offer dual share classes and multiple investment options to customize an EB-5 investors’ risk-return profile. When it comes to cryptocurrency, many EB-5 regional centers and immigration attorneys often say crypto will not be accepted by USCIS, but in reality, it is more about the effort they are willing to give to meet their client’s needs to finally earn that EB-5 visa.
This latest USCIS approval is just the latest affirmation of Behring’s investor-first approach to EB-5. When an EB-5 investor comes to us with an issue, we identify a workable solution that meets the USCIS requirements and accomplishes the EB-5 investor’s goals to lawfully obtain a US green card.
USCIS Confirms EB-5 Investors Can Use Cryptocurrency to Fund EB-5 Investments and Successfully Get an EB-5 Visa.
Behring’s recent I-526 approval confirms that EB-5 investors can use cryptocurrency to fund their EB-5 investments. Our investor used the sale of Etherium (ETH) on the Coinbase platform to fund his EB-5 investment. With detailed and organized documentation of the source and path of funds and additional effort to educate USCIS on cryptocurrency platforms and established exchanges, like Coinbase, EB-5 investors can succeed in getting USCIS approval using cryptocurrency to fund EB-5 investments.
Cryptocurrency can be used to fund your EB-5 investment, but careful preparation is required.
EB-5 investors may use cryptocurrency to fund their EB-5 investments, but careful preparation is required because the anonymity and differing laws and regulations involving cryptocurrency involved. EB-5 investors should consult an experienced immigration attorney before converting their crypto to cash proceeds.
Some key points to be mindful of when using cryptocurrency to pursue an EB-5 Visa:
- What is the source of the funds used to purchase the cryptocurrency?
Just like using any asset, such as real estate, USCIS will likely require you to document the “original” source of funds used to acquire the asset.
- Where did the investor purchase the cryptocurrency?
Regulations concerning cryptocurrency trading vary widely across the world. Identifying the country where the crypto was traded is important to gather the necessary documentation concerning the transactions.
- Provide sufficient evidence and background information to educate the USCIS adjudicator.
Any hesitation on a USCIS adjudicator’s approval of cryptocurrency is likely from a lack of full understanding of the regulations on cryptocurrency and the concern for transparency, tax compliance, etc. Thus, it is a good strategy to provide as much information as possible to provide that context as well as a clear path of funds. For a complete discussion on using cryptocurrency for your EB-5 investment, see Natalia Polukhtin’s article, Cryptocurrency trade as a source of funds for an EB-5 investment: Is it that “cryptic”?
Behring is challenging DHS on the validity of the 2019 EB-5 Program Modernization Rule. If the EB-5 regulations are invalidated, then the $500,000 investment amount will be restored. But it is likely only for a limited time. The sunset date for the EB-5 Regional Center Program is June 30, 2021. New legislation is expected to change the required investment amounts. Learn how you can file your I-526 petition in 10 steps in 10 days.