Law360 (October 27, 2020, 7:27 PM EDT) — Immigrants can use loan proceeds to invest in U.S. businesses to qualify for EB-5 investor visas, the D.C. Circuit ruled Tuesday, finding that loan proceeds don’t count as debt that needs to be secured by investors’ assets.
The three-judge panel said that U.S. Citizenship and Immigration Services wrongly counted the loans that two Asian investors took out from their companies to invest cash in Nevada businesses as debt on their EB-5 applications.
When individuals invest loan proceeds into businesses, they don’t become indebted to the businesses that they invested in, meaning that loan proceeds don’t constitute debt, according to the opinion,…
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!
More Stories
7 Tips To Help You Promote Your Business
Koji Miyao Named President Of Ricoh Graphic Communications Business Unit
Saudi Arabia Getting World’s First ‘Ronaldo Correspondent’