EB-5 source of funds: a guide for Indian investors

Under the EB-5 Reform and Integrity Act of 2022, the minimum investment is $800,000 for a qualifying investment in a targeted employment area (TEA: a rural or high-unemployment area) or an eligible infrastructure project, and $1,050,000 for other qualifying investments. These amounts do not include legal, filing or transaction expenses, which are paid separately (see EB-5 costs). Amounts are scheduled to be adjusted for inflation for petitions filed on or after January 1, 2027; see the 2027 investment adjustment.

USCIS requires investors to document the lawful source of their capital (how it was originally earned or obtained) and, where applicable, the path of funds (each step by which it moved into the investment). A bank statement showing a large deposit does not, by itself, prove how the money was earned.

Most Indian investors draw on one or more of the sources below. The documents listed are typical examples; what is needed depends on your circumstances and should be confirmed with counsel.

1. Salary savings

Payslips; Form 16 (the certificate of tax deducted at source that an employer issues for salary); income tax returns (ITRs); employment letters; and bank statements showing how savings accumulated over time.

2. Business income

Profits, dividends or proceeds from selling a company. Typical evidence includes incorporation documents, audited financial statements, business and personal tax returns, shareholding records, and proof of distributions paid to the investor.

3. Property sales

Purchase and sale deeds, ownership records, evidence of the sale proceeds being received, bank statements, and capital-gains tax documentation.

4. Gifts from family members

A gift deed, proof of the relationship between donor and investor, the donor's financial records, and bank statements showing the transfer. The donor's own original source of funds may also need to be established. See gift and loan funds.

5. Inheritance

The will, succession or probate documents where applicable, inheritance distribution records, property transfer documents, and bank statements showing receipt of the inherited funds.

6. Investments and fixed deposits

Proceeds from matured fixed deposits (FDs), shares or other investments. Document both the original funds used to buy the investment and the redemption or maturity statements.

USCIS evaluates whether the evidence, taken together, establishes the lawful origin of the capital. Consider an investor who sells a property in India to fund the investment. A complete record would generally follow the money through each stage:

1. 01

   Step 1: Ownership and acquisition

   Show how and when the investor acquired the property, and the lawful funds used to buy it, with the purchase deed and ownership records.

2. 02

   Step 2: The sale transaction

   Provide the registered sale deed and related sale documents.

3. 03

   Step 3: Receipt of proceeds

   Show the sale proceeds arriving in the investor's account, with bank statements and evidence of payment.

4. 04

   Step 4: Taxes on the sale

   Include capital-gains tax documentation and the relevant tax filings.

5. 05

   Step 5: Subsequent bank transfers

   Document each later movement of the funds between accounts, with statements and transaction confirmations.

6. 06

   Step 6: International remittance

   Show the transfer out of India and into the investment, with remittance advice, foreign-exchange conversion records and receiving-account statements.

Depending on your circumstances, the evidence file may draw on several of the following categories.

Documents in Indian languages may need certified English translations. More general guidance is on the source of funds page.

Proving a lawful source of funds establishes one part of eligibility. Whether an immigrant visa is available to you is a separate question that depends on your category and country of chargeability (generally your country of birth).

These developments show why Indian investors should monitor visa availability separately from preparing source-of-funds evidence. The reserved visa categories article explains how set-aside visas work.

• Unexplained bank deposits that are not linked to a documented source.
• Inconsistent tax records, where income on returns does not match bank or business records.
• Undocumented family gifts, without a gift deed or the donor's own financial records.
• Missing property ownership records, especially for property held for many years or inherited.
• Incomplete international transfer documentation, leaving gaps in the path from India to the investment.

When funds pass through several accounts, each significant transaction should be supported by records or a credible explanation.

1. 01

   Step 1: Identify every source

   List each source that will contribute to the investment and related costs, including any gifts or loans.

2. 02

   Step 2: Build a chronological record

   Set out, in date order, how the funds were earned, accumulated, transferred and invested.

3. 03

   Step 3: Reconcile the numbers

   Check that amounts agree across tax returns, bank statements, property records and business accounts, and explain any differences.

4. 04

   Step 4: Address gaps early

   Locate missing records or obtain substitute evidence well before filing, rather than in response to a request for evidence.

5. 05

   Step 5: Obtain translations

   Arrange English translations of documents in Indian languages.

6. 06

   Step 6: Get professional review

   Ask a qualified U.S. immigration attorney to review the evidence, and a qualified Indian tax professional to review tax and foreign-exchange compliance.

• Read the general source of funds guide and gift and loan funds if family money is involved.
• Review EB-5 costs and the EB-5 timeline so your funding plan covers more than the investment itself.
• Plan for U.S. tax reporting after you become a resident with U.S. tax obligations for EB-5 investors.
• Ask a qualified U.S. immigration attorney and a qualified tax adviser to review your evidence before filing. You can request a consultation to be connected with qualified professionals.