Gold also plays an important role in Vietnam’s economy. Not only
is it a very popular investment, but gold is also acknowledged as
a type of currency. Up to the 1990s, gold was used as a medium
of exchange and unit of measurement in Vietnam.
For example, Vietnamese records may state a property’s value
in taels of gold instead of Vietnamese dong. Given this cash-
and gold-reliant system, many Vietnamese investors may
have little to no documentation evidencing actual payment
for the purchase of real property, such as wire receipts and
bank statements. However, immigration attorneys should not
underestimate the importance of this step when tracing the
lawful source of funds.
The issuance of a request for evidence (RFE) is almost
certain if USCIS adjudicators are left to presume the link
between the sale purchase agreement and the real property
transfer. Although payment records are not always available
to investors, certificates evidencing tax payments for the
property purchase are good evidentiary alternatives and
should be corroborated by the investor’s declaration stating
the source and method of payment.
Furthermore, if gold taels were used in the purchase or sale
of real estate, it is beneficial to provide a conversion chart of
gold into cash currency, as this concept remains foreign to
many USCIS adjudicators.
33
EB5 INVESTORS M AGAZINE
THE MOST COMMON SOF STORY:
REAL ESTATE OWNERSHIP
Vietnam has undergone extensive real estate development in
the last few decades. Consequently, land received or purchased
years prior will often involve much later building construction.
Property records may reflect ownership of land, but not of the
real estate as a whole. Investors should be advised to fully
document construction permits and construction completion,
as well as validate the real estate’s value. The document most
analogous to a U.S. grant deed is a Vietnamese certificate of
house ownership and land- use right.
This document offers various details regarding the real property,
including the size and location of land, the basis for ownership
and the value of the property. It is prudent for immigration
attorneys to meticulously examine housing certificates to
confirm the address, as the property address occasionally
changes through government land reorganization.
Also, certification from the local government verifying the change
of property address should be produced as part of the I-526
petition. These are called “Decisions of House Number Issuance”
and are typically available from local city or town archives.
Another practice tip: Investors may need to apply to the local
government for certification of updated property rights.
Additionally, attainment of real property without payment
is more common in Vietnam than in the U.S. Vietnam state
employees may be granted land as a bonus for their long history