EB5 Investors Magazine Volume 6, Issue 1 | Page 34

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