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Topics

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  • Barry A. Abbott

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  • Full Article (PDF)
October 21, 2014Publication

Banks and the EB-5 Funds: Look Before You Leap

Issues and Answers

Lane Powell Shareholders Barry Abbott and Diane Butler authored an article in the September/October 2014 issue of Washington Bankers Association’s Issues and Answers magazine titled “Banks and the EB-5 Program: Look Before You Leap.” In the article, Abbott and Butler discussed EB-5 visas, which afford a foreign national the opportunity to seek permanent residence in the United States if the foreign national invests at least $1 million into a new enterprise that creates at least 10 new jobs. They also discussed what bankers should be aware of before proceeding with serving as a lender for an EB-5 project or as an escrow holder to receive EB-5 customer deposits.

Implications of Only Receiving EB-5 Deposits

Without escrow, the EB-5 investor remits funds directly into the project account at the bank, as if paying an invoice. In this case, and if the depositary bank is using a correspondent international bank as an intermediary in receiving the funds, the local bank would act as little more than the “catcher” recipient of the EB-5 funds. However, even in this case, although the bank should have only a limited obligation to conduct due diligence about the source of funds, the recipient bank still will have obligations to file a Suspicious Activity Report when appropriate.

Before proceeding, please note:  If you are not a current client of Lane Powell PC, please do not include any information in this email that you or someone else considers to be confidential or secret in nature.  Prior to the establishment of a lawyer-client relationship, unsolicited emails from non-clients containing confidential or secret information cannot be protected from disclosure.

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