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EB-5 Lawful Source of Funds
- 1. EB-5 LAWFUL SOURCE OF FUNDS REPORTING Overview of our Immigration Services International Accounting & Compliance GENEVA | HONG KONG | SEATTLE | SHANGHAI
- 2. LEGAL NOTICE IMPORTANT LEGAL INFORMATION PLEASE READ This presentation is prepared for general guidance only, and does not constitute the provision of accounting, legal or tax advice in any manner, written tax advice under U.S. Internal Revenue Service Circular 230, or any professional advice of any kind. “Gray International” or “Gray” refers to Gray CPA, PC (a U.S. CertiIied Public Accounting Iirm) and Gray International Ltd (a Hong Kong Limited Company). The information provided in this presentation should not be a substitute for consultation with qualiIied professionals who understand your situation, as it will differ from others. In addition, when making any tax planning decisions you should consult with your own legal, tax, accounting and other professional advisors. This presentation has been provided as a courtesy, and therefore while care has been executed in the preparation of this information Gray CPA, PC (U.S.), Gray International, Ltd. and all of their afIiliates make no representations as to its completeness, accuracy or the timeliness of the information and takes no responsibility to update this information, such information is being provided without warranty of any kind. IRS Circular 230 notice: Tax advice, if any, included in this communication (including any attachments) is not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding penalties that may be imposed under the U.S. Internal Revenue Code or by any other governmental tax authority. © 2013 Gray CPA, PC and Gray International Ltd. with all rights reserved, this document shall not be reproduced or distributed without the express written permission of Gray CPA, PC or Gray International, Ltd. For more information about us, please visit us at www.grayintl.com. International Accounting & Compliance
- 3. WHO WE ARE OUR PROFILE Gray International (“Gray”) is an international network of public accounting and consulting Iirms based in the U.S., Hong Kong, China and Europe. Gray was started over 10 years ago in the U.S. (via its predecessor) and took the form of Gray International in 2013 as the result of the networking of multiple independent practices and professionals. Gray provides international accounting and compliance solutions in the U.S., Americas, Asia and Europe. Gray focuses on U.S. accounting, tax, and governmental compliance for multinational companies, investors, U.S. persons living overseas and foreign investors and companies investing in or moving to the U.S. Gray also consults on compliance with U.S. laws for businesses and Iinancial institutions overseas such as the Foreign Corrupt Practices Act (FCPA) and the Foreign Account Tax Compliance Act (FATCA), the IRS Offshore Voluntary Disclosure Program, and the Program for Non-‐ Prosecution Agreements or Non-‐Target letters for Swiss Banks. Gray’s principals, partners, and employees have served clients worldwide. Gray has ofIices in Geneva, Hong Kong, Seattle, Shanghai and plans to open an ofIice in Singapore in late 2013. Gray’s U.S. public accounting Iirm (Gray CPA, PC) is registered with the U.S. Public Company Accounting Oversight Board and is a member of the American Institute of CertiIied Public Accountants and the Center for Audit Quality. For more information about us, please visit us at: www.grayintl.com International Accounting & Compliance
- 4. WHAT WE DO OUR SERVICES AUDIT AND ATTEST SERVICES INTL. FORENSIC ACCOUNTING U.S. TAX COMPLIANCE U.S. FATCA COMPLIANCE INTL. TAX STRUCTURING U.S. FCPA COMPLIANCE International Accounting & Compliance
- 5. WHAT WE DO OUR PRACTICE AREAS AUDIT AND ATTEST SERVICES INTL. FORENSIC ACCOUNTING U.S. TAX COMPLIANCE Our experienced auditors provide extensive experience auditing public and private companies in the developed and developing markets. Let us put our extensive experience operating in the U.S., Asia, Europe and the Americas to work for you. Our forensic accounting services are designed to providing vigilance before the fact, reconstructing and tracing records after the fact, and preparing for trial once the Iindings are made. Our team of experts are available for worldwide engagement. U.S. FATCA COMPLIANCE INTL. TAX STRUCTURING Gray provides extensive U.S. tax compliance solutions to clients worldwide. We work with individuals, family ofIices, investors, Iinancial institutions, multinational companies and domestic (U.S.) businesses. Let us guide you through the maze of complex U.S. tax compliance. No single piece of U.S. legislation will have a larger impact on foreign Iinancial institutions and intermediaries in the next 5 years as FATCA. Let us help you assess how this will impact your organization and how to implement a practical, affordable solution. In today’s global landscape international tax structuring and planning has never been more important. From transfer pricing, treaty compliance, withholding minimization, estate planning and domiciliation, to pre-‐residency tax planning Gray is ready to help you navigate this difIicult terrain. U.S. FCPA COMPLIANCE Widespread globalization brings increased risks of corrupt practices, and correspondingly, an increase in FCPA enforcement, penalties and prosecutions. Let Gray help you prepare and implement appropriate controls to protect your organization from violations. International Accounting & Compliance
- 6. WHERE WE WORK GEOGRAPHIC AREAS OF EXPERIENCE Greenland Alaska Iceland Canada USA Bahamas Mexico Belize Guatemala El Salvador Cuba Honduras Nikaragua Dom. Rep. Jamaica Venezuela Costa Rica Guyana Panama Columbia Suriname Fr. Guyana Ecuador Brazil Peru Norway Sweden Russia Great Germany Belarus Ireland Britain Poland Ukraine Kazazhstan France Mongolia Romania Uzbekistan Kyrgysistan Italy North Korea Spain Portugal Turkey Tajikistan Japan Greece Syria Turkmenistan China South Korea Tunisia Lebanon Iraq Iran Afghanistan Morocco Bhutan Israel Nepal Qatar Algeria Libya Pakistan Saudi Westsahara Taiwan Egypt Myanmar Arabia U.A.E India Laos Eritrea Oman Mauritania Bangladesh Mali Niger Vietnam Chad Senegal Yemen Sudan Cambodia Burkina Guinea Philippines Nigeria Thailand Ethiopia Sierra Leone C.A.R. Kamerun Somalia Malaysia Liberia Togo Uganda Ghana Cote d‘Ivoire Gabun D. R. Kenya Congo Indonesia Tanzania R. Congo Angola Bolivia Paraguay Finland Namibia Zambia Papua New Guinea Mozambique Zimbabwe Botswana Madagascar Australia Swaziland South Africa Chile Uruguay Argenena Lesotho New Zealand International Accounting & Compliance
- 7. EB-5 LAWFUL SOURCE OF FUNDS REPORTING A BRIEF OVERVIEW International Accounting & Compliance
- 8. OUR IMMIGRATION PRACTICE AREAS EB-‐5 LAWFUL SOURCE OF FUNDS • Independent Accountants report for documenting investment in EB-‐5 Programs • Source of funds engagements conducted in accordance with AICPA Standards • Procedures applied and evidence is gathered to support lawful source of funds documentation required by U.S. Citizenship and Immigration Services (“USCIS”) • China assurance and testing team • Experience in: Mexico/ Latin America Asia/China Europe Middle East IMMIGRATION FIRM SUPPORT RENUNCIATIONS • “Exit Tax” calculations and opinions • Assistance with tax compliance prior to or during petition • OVDP as required prior to renunciation • Forensic accounting and reporting as required • Audited or reviewed personal Iinancial statements • Accounting and documentation “back ofIice” services • Agreed upon procedures reports and engagements • Tax compliance • Expert analysis and reports TRANSACTION SERVICES • Business valuations related to immigrant investor business purchases/investments in the U.S. • Transaction valuations • Proferred wage qualiIication expert opinions • Tax structuring and consulting prior to investment International Accounting & Compliance
- 9. EB-5 OVERVIEW § Established in 1990 by U.S. Congress to stimulate the ecomony through job creation and capital investment by foreign investors. § Investors must invest capital of either $1.0MM USD (or $500k USD in a “targeted investment area” or via a regional investment center) in a new commercial enterprise (established after 1990 or a pre-‐1990 business that is purchased and reorganized or expanded by 40% in net worth or number of employees). § Within 2 years of the investor being granted conditional permanent residence, the investment must create or preserve at least 10 direct U.S. jobs or 10 indirect U.S. jobs if investment is made through a qualiIied regional investment center. § Investor is almost immediately elgible for U.S. conditional permanent residence. § For more information please visit: www.uscis.gov International Accounting & Compliance
- 10. LAWFUL SOURCE OF FUNDS DEFINED § USCIS’s deIinition of "capital” for EB-‐5 purposes excludes “assets acquired, directly or indirectly, by unlawful means (such as criminal activities)” 8 C.F.R. §204.6 (e). § Although this deIinition seems fairly simple, USCIS has applied this to place an extremely rigorous burden on the EB-‐5 investor to prove that the capital was “obtained through lawful means.” 8 C.F.R. § 204.6 (j)(3). SpeciIically, 8 C.F.R. §204.6(j)(3) requires either “foreign business registration records”; corporate, partnership and personal tax returns Iiled within 5 years; “evidence identifying any other source of capital”; or documentation of court judgments or pending court cases. § USCIS generally requests more information than required by regulation and insists upon far more documentation and evidence to prove lawful source of funds. § Gray’s lawful source of funds report, applying agreed upon procedures, can greatly assist with documenting and clearly demonstrating compliance with this requirement. International Accounting & Compliance
- 11. GRAY LAWFUL SOURCE OF FUNDS REPORT § USCIS documentaeon requirements are very o if extensive (especially s CLEAR DOCUMENTATION source documents are in a foreign language). § If documentaeon is not clear or sufficient USCIS will request further informaeon delaying peeeon, or may deny peeeon. § Source documents are clearly referenced and included in our report and source of funds is simple to follow and understand. ORGANIZED FOR USCIS PROFESSIONAL REPORT § Professional report from U.S. PCAOB registered public accouneng firm lends credibility to the peeeon and reduces akorney eme. § In some jurisdiceons such as China, documentaeon of lawful source of funds may be difficult, our engagement team has extensive experience in providing assurance and audit services internaeonally. § Our report is specifically organized with USCIS review in mind. § We provide the evidence in a clear, legible, translated and understandable format. § Our report can provide a basis for appeal if necessary. § Our report summarizes our findings and the procedures applied during the engagement International Accounting & Compliance
- 12. LAWFUL SOURCE OF FUNDS REPORTING PROCESS 1. Client engages Gray to provide agreed upon procedures report documeneng lawful source of funds. Step 1 3. Gray compiles evidence. Once sufficient evidence is obtained that sources provided meet U.S. requirements then proceeds to step 4. Step 2 Step 3 2. Gray provides inieal documentaeon list for engagement and other “provided by client” informaeon. Client provides informaeon and other documentary evidence required. Step 4 5. Client’s akorney submits evidence and report to U.S. Ciezenship and Immigraeon Services along with I-‐526 Peeeon. Step 5 4. Gray draos and issues agreed upon procedures report detailing EB-‐5 lawful source of funds substaneaeon. International Accounting & Compliance
- 13. CONTACT US Gray welcomes your questions, comments and inquiries and would like the opportunity to serve you. Addresses U.S. International OfIice Attn: Jeremy Stobie, CPA, CFE 10900 NE 8th Street Suite 1000 Bellevue, WA 98004 Phone + 001 425.999.3685 xt 10 Website www.grayintl.com E-mail info@grayintl.com International Accounting & Compliance