Select Highlights of the Interview with Uwe from Germany
EB-5 Investor in the EB5AN Simply Shenandoah Rural EB-5 Senior Loan Project
- “What I think is one of the most important thing, if not the most important thing, is that you have to have a lawyer you can trust, of course, but who also speaks your language because the process, it’s very complicated.”
- “I found [working with EB5AN] a very smooth process and a very fast process.”
- “And when it comes to EB5AN, I can also definitely recommend it because I think I said it several times, all my questions I had were answered to the fullest, and I always could call someone or email someone and there’s always a fast response.”
Full Interview with Uwe from Germany
EB-5 Investor in the EB5AN Simply Shenandoah Rural EB-5 Senior Loan Project
Transcript of the Interview with Uwe
Background and the Decision to Pursue EB-5
Hi everyone. This is Sam Silverman, managing partner of EB5AN. Thank you for taking some time to join us for today's webinar. Today we're going to be speaking about our Simply Shenandoah rural EB-5 senior loan project. We're going to be discussing the project with Uwe from Germany, an EB-5 investor who recently joined the Simply Shenandoah project.
Uwe, thank you for taking some time to join us today. To start with, maybe could you introduce yourself and share a little bit about your background and biography and what led you to pursue an EB-5 investment earlier this year?
Uwe, thank you for taking some time to join us today. To start with, maybe could you introduce yourself and share a little bit about your background and biography and what led you to pursue an EB-5 investment earlier this year?
Yeah. Hi, Sam. Thanks for having me. My name’s Uwe and I’m from the southern part of Germany, Munich, beautiful town. And I’m in my mid-50s and have a long relationship to the United States. And yeah, it was always a dream at some time in the future to maybe live and retire in the United States.
Got it. Okay, perfect. And as you decided to explore ways to spend more time long-term in the U.S., were there other visa categories that were of interest that you explored or how did you end up on EB-5 as the right path for you with the United States?
Yeah, like I mentioned before, I have a long relationship because my parents bought a house in the southern part of Florida in 2012. And we used to do a lot of vacation there and we loved it, absolutely loved it. And it was clear that once we are able to buy our own house, we want to stay there as long as we can, as we are allowed to stay, I should say.
Maybe something more to my background, I’m a well-known author in Germany and I write crime and suspense novels. And so therefore, when it came to the question, what possibilities do we have to stay in the United States or maybe to retire in the United States, the first option wasn’t the EB-5. It was, I think, if I remember it right, it’s the O-1, like for person with extraordinary abilities. Correct me if I’m wrong.
Yep.
So that was the first option we chose because at that point, maybe three years ago, there was a good chance that we could meet those requirements. But then unfortunately, the stakes got higher and I wasn’t able to get the O-1. Actually, we didn’t try, but we stopped the process before we even applied because it was clear to see that I would not pass through. So then we decided, “What option should we choose?” And all the other immigration programs, for one or other reasons, they didn’t fit for us because like I said, I’m in my mid-50s now, my wife’s too, and we are retired now, so we don’t want to start a new business in the United States. So we don’t want to retire in Germany and work in the United States. So EB-2 wasn’t an option. And well, we ended up with the EB-5 because we thought that way would suit us.
Got it. Got it. Okay, perfect. So once you had decided, okay, you've had a lot of exposure, you've spent time in South Florida, that's where you want to be, EB-5 is the best path to get there. Tell us a little bit about your experience researching an immigration attorney to help document your source of funds and what that whole process looked like, finding the attorney, working with them, all of that.
Yeah. Luckily, because we have spent so much time in this region, Southwest Florida, we know a lot of people there. We know neighbors, we know friends. There is a rather big German community in Cape Coral, for example, even if we try to avoid them most of the time, but you get to know people and you talk to people. And so we met friends, we made friends, we met people who also choose the EB-5 path and we could talk to them about their experiences, about their pros and cons, and also about their lawyers. And so we got recommendations from those people and we ended up with two German-speaking lawyers, which both we met and talked to them. And so we decided to go with one of them.
Selecting an Immigration Attorney and Preparing Source of Funds
So with respect to the immigration attorney, once you had hired them and gotten going with the process, tell us a little bit about what that document exchange looked like. How long did it take? What were some things that you weren't expecting that ended up coming up that you had to work through?
Yeah. So first of all, it was very important for us to have German-speaking lawyers. Both of these lawyers we met, they were German-speaking originally from Germany because turns out this process is rather complicated and you need a lot of documentation done and a lot of filings and everything. And you definitely have to have a lawyer who you can talk to in your own language. I think that is very important. At least it was important for me.
And it turned out that Norma, so Norma Henning is our immigration lawyer, she prepared us very well because she did set up a timeline and told us about probably the most important thing is the documentation of the source of funds and what we need to have for that. Luckily, we had some documentation already done because you plan to go with the O-1 first, but it turns out that for the EB-5, you need a lot more documentation when it comes to the source of funds. And you not only need the documentation, you only need the papers, you also need the translations of those papers. And that all takes time. And actually, it took more time than I was expecting. I thought my source of funds would be very clean and smooth and well documented. But Norma, she came up with, “Hey, we need those documents too, and we need to prove that this is correct here and correct there.”
And so it took us about at least four months to prepare all the documentation and do the translations because we had to talk to the bank, for example, to get some old statements longer than 10 years old. And it turns out that it’s not always easy to get those documentation. So I think at least four to five months we needed to prepare for the source of funds alone.
Got it. Got it. Yeah. It always takes longer than originally anticipated. So having just gone through that source of funds documentation process, what are a couple of bullet point tips, suggestions that you'd share with another EB-5 investor about to go through that same process of picking an attorney and then actually doing the source of funds documentation?
What I think is one of the most important thing, if not the most important thing, is that you have to have a lawyer you can trust, of course, but who also speaks your language because the process, it’s very complicated. And even if I did my research until today and I’m an EB-5 investor now, I don’t think I still fully understand the process when it comes to the little things. So you have to have a lawyer you can talk to in your own language and take your time. Don’t rush through the process. Ask questions if you don’t fully understand it, and prepare that you need a lot of documentation for the source of funds.
Researching Regional Centers and Choosing Simply Shenandoah
All right. Perfect. All right, so let's switch gears a little bit and talk about the regional center side and the project side. So I'm sure now that you've gone through the research process and project selection process. You've got a better idea of how regional centers and projects operate. So starting with the regional center side, as you began your research on potential companies to work with, what were some of the things you encountered as you started that research process, talked to a few different regional center companies? What were some of the differences between the companies you spoke with and things that you liked, things that you didn't like as you started to evaluate a company that you'd work with on the investment?
First of all, I should say that it was never an option for me to choose direct investments because I have found that too risky to do, but that’s my personality. So I’m always looking for the most possible secure way, safe way. I know that EB-5 investments, they are at-risk investments, how they call it. But even there, I found, or I think I found, there are huge differences in the kind of investment you take. And so direct investments never were an option.
So when I looked at some of the regional centers, it wasn’t too… I don’t know how to say that. There were some options. There were some regional centers I looked at and at the first look I said, “Oh, that sounds interesting,” or they seem to be a reliable company, reliable partner. First, I didn’t look at the regional center itself. I looked at the projects they offer, to be honest. So I looked at the projects. And when I came up to EB5AN, to the website, I found it very appealing how the projects are presented and all the information that are provided. I think there’s a lot of information provided about the projects so you can get a good first impression, and I like that.
It wasn’t always the same with other regional centers when I checked them, because my first research was to Google, to internet, like most people do, I think. And then second step was to get the phone and talk to someone. When I called Lawrence from EB5AN, because I was interested in a project, we scheduled a meeting, a phone call, and he took all the time I needed for this phone call, and he answered so many questions I had. I had a good feeling talking to him, talking about the project, what he told me about the EB5AN as a company. And so my last step, if you want to call it, was to ask my attorney what she thinks. Norma told me… She did some research and she said, “Yeah, if you like the project, in my opinion, you can definitely go with the regional center.” And so I made the decision to do so.
Got it. Got it. So in terms of the different projects, I think at the time you signed up for the Shenandoah project, we had maybe six or seven different projects that were open at that moment. Walk me through your thoughts after discussing with Jordan Lawrence on our team. What were some of the aspects of a project that you were most focused on? You mentioned the safest project. Most of our projects are loan projects, but yeah, other than being a loan, what were some of the other things that you were particularly focused on when comparing one loan project to another?
Originally, I was interested in another project, and that’s why I called Jordan, Jordan Lawrence. It was a Bay Creek project I was interested in at first because when we met first on the phone, I think the Simply Shenandoah wasn’t even open yet, but it took me too long to get my documentation for the source of funds. When I finally got them, the Bay Creek project was closed, so no investments were possible. But by that time, the Simply Shenandoah had opened, and I found that very appealing to me because of several reasons. I mean, in my head, I had several requirements that investment project should offer, and that is, at first, it has to be a rural project, so that was very important for me. Then, like I said—
Why? Let me just interrupt you there for a second. Tell me about why it had to be rural. What about the rural aspect was important to you and what did you learn about that through your discussions with Jordan and your attorney?
So basically because of the two main reasons that it should go faster than other projects, well, the application process, the Green Card process should run faster. You have to help me with the correct terms. I don’t know why is that… I can’t explain that in English. And of course—
That’s okay. Bottom line is it’s going to be a lot faster.
It should be a lot faster, yeah. And of course of the investment, it’s only $800,000 and not the $1 million investment.
Right. Right. Okay. So it’s in a rural area, that was important. What else were you looking for in a project?
Yeah, like I said, I would never have invested in a project like equity money. It was important that it’s a senior loan project, and I think it’s well secured and as safe as at-risk project investment could be, in my opinion. I don’t know if it’s really like that, but it will turn out.
But what was even more important is that this project was already approved, and now I have to take a look about… It’s the I-956F exemplar approved, yeah. Help me out, but that basically means that the USCIS has already approved the project as a project which are eligible for a Green Card application. I found that very appealing to me. I like that because also it saves time, hopefully.
And what I liked also is that there is some kind of job guarantee because the 10 jobs that have to be produced. I don’t know how to tell that. The project is… Well, it’s very good possible that there are far more jobs created than necessary to meet the criteria.
Yep, exactly. Yeah, large job cushion.
And that is one because I saw huge differences when it comes to the job creation, because at some projects it said, “Oh yeah…” Other regional centers, they told me, “Oh yeah, the 10 jobs for sure will be created,” but they didn’t provide as much information about that as I wanted to have. And with the information EB5AN you provide, you always say, “Hey, this project is supposed to create about 15 jobs or about 20 or about 12.” So it’s some kind of path. I mean, there’s no guarantee in a legal way, that’s for sure. You never know what happens, but it gives you a guideline, and I like that.
Got it. Got it.
Okay. And also with the Shenandoah project itself, I mean, it’s like a luxury retreat. It’s going to be built more than 100 guest rooms and activities or facilities like yoga studio, fitness studio. I cannot only see myself as an investor there, I can also see myself sometimes as a guest maybe. And I like the concept and the idea because it’s kind of environmental. It will use green energy. Sustainability is a big part of this project and I like that.
Yes, that’s exactly right.
Forgive me, I don’t know. I’m not always find the right words for that, but…
The Subscription Process, Advice, and Recommendation
So after a few discussions with Jordan, you kind of narrowed in on the Shenandoah project, once you decided, "Okay, that's the project we're going to do," tell us a little bit about the onboarding process, signing the contract, filling out the paperwork, sending the money, getting the escrow letter. How smooth was that? How long did it take? What was that experience like once you decided, "Okay, that's the one I want to do"?
I found it a very smooth process and a very fast process. I think it was just… Once we decided we will do this project together, I was informing Norma Henning, my lawyer, and she got involved too, and we got all the documentation we needed to double-check and to see what’s it really like when it comes to the paperwork. And I gave this information, all the paperwork, all the subscription booklets and everything to Norma, and she checked it and said, “Yeah, fine for her.” And then we did the signing. We had DocuSign, very easy process and very fast process. No waiting for weeks for some letters to go back and forth. So it’s all online. It’s all very easy.
And once again, there was no question left, all the questions I had. I always could call someone or email someone from your team. Mostly it was Jordan. I always got the very quick response, very fast response. And we did some additional phone talks, and so I always felt very comfortable during the whole process. And if you ask me how long it took, honestly, I can’t tell, but it was about… The most waiting part was on my side when I waited for my lawyer’s okay, but then it went within days, so yeah.
Okay, got it. Got it. Okay. So looking back now, having finalized the project, filed the application, what general advice would you have for other investors just considering EB-5 in terms of identifying a regional center, picking a project, just kind of general framework. If you were looking at a project in six months from now to make a second investment and Shenandoah wasn't available, what are some things you'd want to relay to that person?
Yeah. Like I said earlier, I think the most important advice I could give is to go and get a lawyer you trust and you can speak to in your own language, which is very important. And always involve your lawyer in all your decisions and thinking. And when it comes to projects, you should focus on companies like EB5AN, for example, which can show some kind of record track who provide you with all the information you need because it’s a rather huge investment, an EB-5 investment. You go with that partner for a long time and they have to be reliable. And I think talking to the people, not only emailing, not only relying on website, but talking to the people is very important. And when it comes to the project itself, I think it’s important that these projects already have the E-9… What’s it called? E-9…?
I-956F.
I-956F approved because that saves you time. And that’s really a big factor, I think. And it shows you that the project already has been approved. USCIS has looked at it and said, “Yeah, well, that should work” and that’s important.
Yes, yes, exactly. All right, great. So last question, would you recommend your immigration attorney and EB5AN to other foreign investors considering EB-5, and why?
Yeah, I definitely would because when it comes to my lawyer, Norma Henning, she is one of the lawyers who thinks ahead. She’s not only answering questions you have, she’s also talking to you and saying, “Hey, consider this, consider that, and I can do this work for you. I can do the research work for you. I have someone who can do the translations and everything.” So she was a great help in that whole process, so I would definitely recommend her, especially for German-speaking investors.
And when it comes to EB5AN, I can also definitely recommend it because I think I said it several times, all my questions I had were answered to the fullest, and I always could call someone or email someone and there’s always a fast response. And the projects they offer, I have the feeling that they are well-designed and that there is at least a certain kind of safety in it, even if no EB-5 investment will be safe 100%, that’s for sure. But yeah, I like the way everything is planned and designed and how the communication work, the whole process was very transparent, and I like that.
