NORTHAMPTON, MA / ACCESSWIRE / March 29, 2024 / Baker Tilly
Authored by Chris LeBeau
Administered by the United States Citizenship and Immigration Services (USCIS), the EB-5 Immigrant Investor Program gives foreign investors the ability to obtain a U.S. Green Card by investing in job-creating projects. In 2022, the Reform and Integrity Act (RIA) was passed to prevent the misuse of EB-5 funds, which had become more prevalent over the last couple of years due to an absence of oversight.
The RIA requires that EB-5 transactions need to be either audited or controlled by a fund administrator that is independent of the new commercial enterprise, regional center and job-creating entity, and must be a licensed CPA, attorney or broker-dealer.
In this Invest In the USA (IIUSA) article, Baker Tilly Manager Chris LeBeau shares why it is so important to have a capable EB-5 fund administrator as part of your team to ensure EB-5 project success.
Key Takeaways
The benefits of working with an outsources fund administrator: Outsourcing fund administration provides a scalable solution, which accommodates changes in fund size and complexity, allowing fund managers to focus on core investment activities while leaving administrative tasks to professionals.
Why utilizing a licensed CPA is vitally important: A licensed, active, CPA (which is now required under the RIA) can provide multiple benefits by acting as an administrator. CPAs are highly trained professionals with a deep understanding of accounting principles, tax laws and financial regulations.
Full life cycle involvement: Fund administration is typically carried out from the launch of the fund until the formal windup/liquidation of the fund - the entire EB-5 life cycle.
Document management: Fund administrators are required to maintain accurate records of investors' capital contributions, immigration documentation and compliance-related materials.
Baker Tilly's experienced fund managers have years of experience managing many unique EB-5 projects. We provide oversight to ensure that your EB-5 projects are meeting their reporting obligations to investors and USCIS and that there is a high degree of transparency with every transaction.
Connect with Baker Tilly to learn more about the team's EB-5 fund administration services.
View additional multimedia and more ESG storytelling from Baker Tilly on 3blmedia.com.
Contact Info:
Spokesperson: Baker Tilly
Website: https://www.3blmedia.com/profiles/baker-tilly
Email: info@3blmedia.com
SOURCE: Baker Tilly
View the original press release on accesswire.com
