For Indian investors considering the EB-5 program, selecting the right project is arguably the most critical decision in the entire immigration journey. Rajesh Shah (Name changed on request), a successful industrialist from Surat, Gujarat, recently completed his EB-5 journey with I-829 approval. In this exclusive interview, he shares the strategic framework he developed to evaluate projects—balancing immigration safety, investment protection, and financial prudence.
Investor Insight: "Choosing an EB-5 project is like navigating a minefield blindfolded. Without the right framework, you might step on a landmine that could destroy both your immigration dreams and your capital. I developed a 100-point evaluation system to eliminate emotion and focus on data-driven decisions."
The Investor Profile
Background
Owner of a diamond polishing business with ₹35 crore annual revenue
Primary Goals
Green card for family, capital preservation, moderate returns
Risk Tolerance
Conservative: "My priority was immigration safety, not financial returns"
Key Evaluation Factors: The 5-Pillar Framework
1. Immigration Safety (40%)
- USCIS exemplar approval status
- Regional Center approval history
- Job creation methodology
- Job surplus buffer
- Documentation transparency
2. Investment Security (30%)
- First lien collateral position
- Loan-to-value ratio
- Escrow account protections
- Developer equity contribution
- Third-party guarantees
3. Project Viability (15%)
- Developer track record
- Market feasibility studies
- Pre-leasing/pre-sales status
- Construction progress
- Exit strategy clarity
4. Legal Structure (10%)
- SEC-compliant PPM
- Clear capital stack
- Bankruptcy remoteness
- Fund administration
- Redemption provisions
5. Financial Terms (5%)
- Management fees transparency
- Projected returns
- Capital return timeline
- Tax implications
- Currency hedge options
The Due Diligence Process: Beyond the Brochure
Rajesh spent 6 months evaluating 11 different projects before making his final decision. His due diligence process included:
- Document Deep Dive: "I spent 40 hours reviewing the PPM alone—hiring an independent U.S. attorney was non-negotiable"
- Background Checks: Verified developer history through records and industry databases
- Virtual Site Visits: Saw footage and made in-person tours to assess construction progress
- Reference Checks: Contacted previous investors in the developer's projects
- Financial Modeling: Checked stress-test scenarios for job creation and capital recovery
"The sales presentations all sound perfect. You need to dig beneath the surface. I discovered one 'exemplar-approved' project had actually been amended three times—a red flag they didn't mention in the webinar."
Project Comparison: Why NESV Phase 1 Stood Out
| Evaluation Criteria | Project A | Project B | NESV Project Phase 1 |
|---|---|---|---|
| Exemplar Approval | Pending | Approved | Approved |
| Job Creation Buffer | surplus | surplus | surplus |
| Collateral Position | Second lien | First lien with high LTV | First lien with balanced LTV |
| Developer Track Record | 2 projects | 7 projects | 2 projects |
| Construction Progress | Pre-construction | Foundation complete | Phase 1 operational |
| Estimated Capital Return | Year 7 | Year 5 | Year 5+1 or as per USCIS applicable rules |
Project A
High immigration risk due to pending approval
Project B
Solid but higher LTV increased risk
NESV Phase 1
Exemplar approval + Balanced LTV + operational status
The Selection: Why NESV Phase 1 Won
After rigorous analysis, Rajesh selected the NESV Project Phase 1 sponsored by the Ashcroft Sullivan New England Economic Development Center. The deciding factors:
- Immigration Certainty: Fully operational Phase 1 with majorly I-829 approvals already granted
- Collateral Strength: First lien position on completed property with balanced LTV
- Job Creation Buffer: Surplus jobs providing significant USCIS safety margin
- Capital Preservation: Conservative loan structure with personal guarantees from developer towards loans on first lien
- Track Record: Regional center had 100% project approval rate with USCIS
The Outcome: From Investment to Green Card
- I-526 Approval: 1.5 years (faster than average due to complete documentation)
- Conditional Green Cards: Received in 4 months for entire family
- I-829 Approval: Granted in 36 months with no RFEs
- Capital Status: Return in process
- Currency Advantage: INR exchange value with USD created an effective gain
Critical Advice for Fellow Investors
Based on his journey, Rajesh offers these essential recommendations:
Due Diligence Non-Negotiables
- Hire independent U.S. immigration counsel
- Retain forensic accounting review
- Verify every claim through third-party sources
- Require developer interview access
Documentation Essentials
- Source of funds documentation ready first
- Maintain 7-year financial records
- Secure LRS approval before commitment
- Organize documents chronologically
"If a regional center refuses to let you speak with existing investors, walk away immediately. I spoke with three investors from previous projects—their unfiltered experiences were more valuable than any marketing material. Also, assume every timeline estimate is optimistic. Add 25% to projected processing times to manage expectations."
Important Disclaimer
Individual results may vary. The investor's experience represents one successful outcome. EB-5 investments carry inherent risks including loss of capital and immigration denial. Project selection is critical to immigration success—past performance does not guarantee future results. Consult with qualified immigration attorneys, financial advisors, and due diligence specialists before making investment decisions.