What Does an Immigration Attorney Do?
The immigration attorney represents the investor in the immigration process. Their responsibility may include :
- Reviewing the investor’s immigration history;
- Advising on EB-5 eligibility;
- Planning the lawful source and path of funds;
- Reviewing personal financial documents;
- Preparing and filing Form I-526E;
- Responding to a Request for Evidence or Notice of Intent to Deny;
- Advising on adjustment of status or consular processing;
- Supporting the investor’s I-829 petition;
- Communicating with USCIS on the investor’s case.
The immigration attorney may also review the project documents from an immigration perspective.
For example, the attorney may consider whether the project documentation supports the I-526E filing, whether the investor has received the relevant I-956F information and whether the project’s job-creation documentation is included.
However, the immigration attorney IS NOT responsible for analyzing:
- Construction feasibility;
- Real estate valuation;
- Developer financial strength;
- Loan collateral;
- Refinancing probability;
- Market demand;
- Investment suitability;
- Capital repayment risk.
Some attorneys may have significant EB-5 project experience and may identify obvious concerns, but investors should not assume that legal immigration review equals full investment due diligence.
What Does a Broker-Dealer Do?
A broker-dealer may participate in the offering or recommendation of the EB-5 security.
Where a registered broker-dealer recommends a private placement, FINRA expects the firm to conduct a reasonable investigation of the issuer and offering and meet applicable standards concerning recommendations.
A broker-dealer may review:
- The issuer and management team;
- Offering documents;
- Material risks;
- Financial information;
- Use of proceeds;
- Conflicts of interest;
- Disciplinary or litigation history;
- The investor’s financial profile and investment objectives.
However, broker-dealer due diligence is not a guarantee. The broker-dealer does not decide whether USCIS will approve the immigration petition. It does not control construction. It does not promise the JCE will repay the NCE.
Investors should also confirm whether the individual recommending the project is properly associated with the broker-dealer. The SEC has repeatedly taken action involving unregistered parties who received transaction-based compensation for selling EB-5 securities.
What Does a Project Advisor Do?
“Project advisor” is a broad term and is not always a regulated title. A project advisor may help investors compare projects and understand:
- NCE and JCE structure;
- Capital stack;
- Developer track record;
- Loan position;
- Collateral;
- Construction status;
- Job-creation cushion;
- Exit strategy;
- Repayment assumptions;
- Conflicts of interest;
- Project documents.
Some advisors provide detailed financial due diligence. Others mainly introduce projects or summarize offering materials.
This difference matters.
Before relying on a project advisor, investors should ask:
- What qualifications do you have?
- Are you licensed or registered?
- Who pays you?
- Do you receive compensation from the project?
- Do you review financial documents independently?
- Are you making a recommendation or providing education?
- Will you disclose conflicts?
A person may call themselves an independent advisor while receiving a referral fee from the project. That does not automatically make the advice wrong, but the relationship should be disclosed.
Who Should You Ask?
| Question | Best Starting Point |
| Is my source of funds acceptable? | Immigration attorney |
| How should I document a gift or loan? | Immigration attorney |
| How do I prepare Form I-526E? | Immigration attorney |
| Is this security suitable for me? | Properly registered broker-dealer or qualified investment professional |
| What review was conducted on the offering? | Broker-dealer |
| Is the broker properly registered? | Broker-dealer and FINRA records |
| Is the capital stack reasonable? | Qualified project or financial advisor |
| Does the developer have relevant experience? | Project advisor, supported by independent research |
| Is the loan collateral sufficient? | Financial/legal due-diligence professionals |
| Will USCIS approve the project? | No one can guarantee this |
| Will I receive my money back? | No one can guarantee this |
Watch for Conflicts of Interest
Investors should always understand how each person is paid.
Ask whether the professional receives:
- A legal fee from you;
- A commission from the issuer;
- A referral fee from the regional center;
- A percentage of the administrative fee;
- A consulting fee from the developer;
- Compensation from more than one party.
SEC enforcement history shows why these disclosures matter. In one EB-5 matter, the SEC alleged that an attorney and law firm received substantial commissions connected to investments recommended to their own legal clients without proper disclosure.