Vipul from India

Okay. Hi, Sam. This is Vipul Jain. I’m a CPA by profession. I have got two CPAs. And I am having activities in United States for quite a while, almost a decade I would say. And some of the opportunities we were losing purely because we did not have a regular status in United States. So then it’s like we arrived at a decision that let’s take the EB-5 route, which would be slightly quicker, slightly cleaner, and we will not be struggling with any of our projects where, for the want of status, we had to compromise on that project. So that’s the reason we chose this one.

That’s correct. We considered a few visa options, like the TN visa. I’m a Canadian by nationality. And we wanted L-1. But the problem with all these visas, they had to be tied with some sort of employment, which put some restriction on the scope of whatever we can do or whatever we cannot do. So that’s why—we did give it a try for other visas, but it always comes with some limitations.

Well, there is a slightly long story behind it. And not only the attorneys—I have been also speaking to a lot of regional centers. And I don’t know if you have some sort of history records. I have even talked to you and your company maybe a few years back. Then even the lawyers we hired, I have been talking to those lawyers also for quite a while for the other visa application we made, like TN, L-1, and we got some feedback. And we also spoke to the lawyers on more than one occasion. And this kind of lawyer gave me a much better assurance … Or I was more convinced, I would say, while speaking to this lawyer. So that really made us … We went ahead selecting these lawyers and retained them.

So the idea is that things should go smoothly rather than going for some, let’s say, less expensive lawyer and so we end up not getting the visa. So that is the whole background around getting these lawyers on board.

That was quite a, I would say, tough process—not from the lawyer standpoint, but overall process I would say. One big reason was the U.S. economy became very uncertain in the last few months. So arranging funds also became expensive and quite challenging.

Otherwise, the moment we got the lawyers on board, within a couple of months, we actually arranged the funds. It was only one funding company. They withdraw, because they say, “Oh, your current visa’s expiring.” So we did present it to them that we have a new application in process, but they didn’t seem to be convinced, and so they didn’t do it. So it was ultimately after a few months, we arranged all the forms, and now our application is complete from our side, though it is still in the process.

And I would say these lawyers, and including the regional centers, they supported us at every step. Even they offered every possible flexibility we need. So that’s how it went.

Well, I would say everybody’s situation is unique, so the person should talk to more than one lawyer or rather maybe a team of lawyers and see which one best suits to him or her—because the lawyer we hired, it suited me in every respect. It may not be suitable to you. So you have to spend time identifying the lawyer, talking to them, and then make a wise decision. And if you have other family members—like I had my own family members—I even took their advice. What is their opinion about the lawyers? So the secret is you have to talk to a few people before you select someone.

Well, with the regional center, again, I have been following these regional centers for a while. But when you actually decide you need to go ahead, you need to compare the projects available at that point of time. And this regional center, I personally was very convinced with the project. I talked to other regional centers. I didn’t find their project very convincing. One person was offering me 35% return, but I found that a little fishy. It is practically impossible. It may not be 100% inaccurate, but the chances you will achieve that doesn’t sound very appropriate. Then, of course, where the project is actually happening. 90% of these projects are tied to real estate.

And of course, this is where I appreciate our lawyer. They also told me some background about the project.

So again, a balanced approach, talking to the people around and people involved, that really made me go ahead for this project.

One reason is the terms. Some projects were proving to be very expensive. And some of the projects—sorry, I’m not very technical—but their documentation was still in the approval stage. So there could be a possibility you would’ve invested in the project and they might not get the approval. Your overall process would have been put at a standstill. So of course, my lawyers helped me to understand that. But this is one reason which convinced me to go ahead for this one.

And then, of course, being an accountant myself, I did my own mathematics, like how much this would cost me, how much the return I’m getting, and how much is my affordability. So doing all this analysis made me go ahead.

And of course, I would say at every stage, EB5AN’s team, it’s really, really very helpful.

Key thing is the location. The place it’s located, it’s an upcoming region. There is a more-than-100% chance the project may not fail. And there is a reasonable amount of return on this project. So the chances of success is pretty, pretty high. And of course, the documentation with this one was pretty much complete. So that’s what attracted me for this particular project.

Oh, yeah, yeah. Actually, I forgot to mention. I actually researched this developer. I go through their history and their background. And of course, I even took the lawyer’s opinion. They might be dealing with more projects, so what do they feel about it? So this is an added point for me to make the investment decision in this project.

Well, I personally feel that the chance of succeeding in an urban project is slightly higher than the rural project—because rural, you’re not sure what way it will go. If any policy or maybe any other circumstances change, the project might fail altogether. So I believe urban was a more reliable kind of a project.

Well, equity option, the way we talk in finance is more risk, more return. And even to arrange funding in United States these days, it’s quite expensive. So doing that cost-and-return analysis, that made me feel we should go for the equity option. Of course, debt investment, it was another option, but it won’t justify the cost incurred to get into that.

Yes. I could find a 35% return project, but I can’t trust that one.

Well, I personally feel the team is quite transparent. Other regional centers, I could question their transparency actually.

And secondly, whenever I needed help, they were always available. Maybe it’s some investment decision, some project-related decision—the moment I tried to get in touch with the team, they were promptly available. They were always ready to get on the phone, and things were never on hold dealing with your team. And even because of the funding got delayed in our case, we had to approach the regional center to seek some extension, and they were flexible enough to provide that extension.

I would say deal with someone who’s more experienced. Of course, you are putting in your money. I’m putting my lifelong fortune, and I have to be absolutely sure where I am putting my money. So that is the advice I’m going to give people. The first team I would direct would be your team, to really talk and discuss with them before making an investment decision.

And another very important factor … So currently, this EB-5 scheme, we are not sure what would be the future, whether this category would be available or not in future. The political environment is looking to change a lot of things. So it is still very early, but maybe a year down the line, we are not sure how it should be. So keep a close watch if you’re really planning to go for it.

Oh, yeah. Definitely, definitely. And I would really recommend that, because I had a comfort zone dealing with this team of a lawyer as well as the regional center team. So I would definitely recommend to go ahead with this team [EB5AN].

But again, make your own assessment. Something which suits me, it may or may not suit you. So always go for an informed decision.