Allocation of Immigrant Visas (L) Source of Funds

(i) General Requirement

An alien investor must demonstrate that the capital required under subparagraph (A) and any funds used for administrative costs and fees associated with the investment were obtained from a lawful source and through lawful means.

(ii) Required Documentation

The Secretary of Homeland Security shall mandate that an alien investor's petition under this paragraph includes, where applicable: (I) Business and Tax Records: (aa) Foreign business registration records; (bb) Corporate or partnership tax returns (or equivalent tax returns of any other entity filed in any jurisdiction), as well as personal tax returns, covering the past 7 years (or another period determined by the Secretary), filed with any taxing authority within or outside the United States by or on behalf of the alien investor; and (cc) Any additional evidence identifying other sources of capital or administrative fees. (II) Evidence of Monetary Judgments: Evidence of any monetary judgments against the alien investor, including certified copies of judgments, and details of pending civil or criminal actions, governmental administrative proceedings, or private civil actions involving potential monetary judgments against the alien investor from any court within or outside the United States. (III) Identity of Fund Transferrers: Identification of all individuals transferring funds into the United States on behalf of the investor to meet the capital requirement under subparagraph (A).

(iii) Gift and Loan Restrictions

(I) General Rule: Gifted and borrowed funds cannot be considered toward the minimum capital investment requirement under subparagraph (C) unless: (aa) They were gifted or loaned to the alien investor in good faith; and (bb) They were not gifted or loaned to bypass limitations on permissible capital sources under this subparagraph, including proceeds from illegal activities. (II) Recordkeeping Requirement: If funds invested under subparagraph (A) are gifted or loaned to the alien investor, the petition must include records described in subclauses (I) and (II) of clause (ii) from the donor or lender, unless the lender is a bank.