Advertisement

April 23, 2014

American Immigration Lawyers Association "AILA" Issues Helpful Tips for Korean EB-5 Cases

The American Immigration Lawyers Association released helpful tips for EB-5 petitions for Korean nationals:

Foreign Currency Wire Issue: There is a specific foreign currency provision under South Korean law allowing EB-5 investors to wire funds for investment based on documentary evidence that the person will be able to immigrate under the EB-5 investor category. This means the I-526 approval notice is required before such permit to wire can be obtained, which in turn means the EB-5 funds generally cannot be wired before I-526 immigrant petition approval. Often, funds from South Korean EB-5 investors will not be available until I-526 approval unless the EB-5 investment capital is already in the United States. Ironically, this puts South Korean investors at a disadvantage relative to Chinese EB-5 investors who generally do not have a problem wiring money into a U.S.-based escrow account prior to I-526 petition approval. Recently, the wire permit issuance authority was transferred from the Bank of Korea to individual tax offices having jurisdiction over the EB-5 investor’s residence.

Documentation Issues: Most of the documents required by USCIS for an EB-5 case can be easily obtained. There are no legal or business structures that pose obstacles to obtaining documents that are normally required for EB-5 cases. Many of the governmental documents are available in English; thus it may be advisable to inform South Korean EB-5 clients to obtain documents in English in order to avoid delays and translation costs.

American Embassy in Korea: The Immigrant Visa (IV) section is well-versed when it comes to reviewing IV applications based on I-526 approvals. Currently, attorneys are not allowed to even enter the Embassy building to accompany clients to the interview. Therefore, attorneys should prepare their clients well. Generally, it takes four to six months from the date the I-526 approval case file has been transferred to the NVC until the IV interview date. Passports with stamped IVs are usually delivered within one week of the interview.

©2014 Greenberg Traurig, LLP. All rights reserved.

About the Author

Of Counsel

Kate Kalmykov focuses her practice on business immigration and compliance. She represents clients in a wide-range of employment based immigrant and non-immigrant visa matters including students, trainees, professionals, managers and executives, artists and entertainers, treaty investors and traders, persons of extraordinary ability and immigrant investors.

973.443.3276

Boost: AJAX core statistics

Legal Disclaimer

You are responsible for reading, understanding and agreeing to the National Law Review's (NLR’s) and the National Law Forum LLC's  Terms of Use and Privacy Policy before using the National Law Review website. The National Law Review is a free to use, no-log in database of legal and business articles. The content and links on www.NatLawReview.com are intended for general information purposes only. Any legal analysis, legislative updates or other content and links should not be construed as legal or professional advice or a substitute for such advice. No attorney-client or confidential relationship is formed by the transmission of information between you and the National Law Review website or any of the law firms, attorneys or other professionals or organizations who include content on the National Law Review website. If you require legal or professional advice, kindly contact an attorney or other suitable professional advisor.  

Some states have laws and ethical rules regarding solicitation and advertisement practices by attorneys and/or other professionals. The National Law Review is not a law firm nor is www.NatLawReview.com  intended to be  a referral service for attorneys and/or other professionals. The NLR does not wish, nor does it intend, to solicit the business of anyone or to refer anyone to an attorney or other professional.  NLR does not answer legal questions nor will we refer you to an attorney or other professional if you request such information from us. 

Under certain state laws the following statements may be required on this website and we have included them in order to be in full compliance with these rules. The choice of a lawyer or other professional is an important decision and should not be based solely upon advertisements. Attorney Advertising Notice: Prior results do not guarantee a similar outcome. Statement in compliance with Texas Rules of Professional Conduct. Unless otherwise noted, attorneys are not certified by the Texas Board of Legal Specialization, nor can NLR attest to the accuracy of any notation of Legal Specialization or other Professional Credentials.

The National Law Review - National Law Forum LLC 4700 Gilbert Ave. Suite 47 #230 Western Springs, IL 60558  Telephone  (708) 357-3317 If you would ike to contact us via email please click here.