No. The investor must engage in the management of the enterprise or in its policy formulation. The rights ordinarily attached to a limited partnership interest can satisfy this, but an assurance that nothing will be required is not a description of the requirement, and the offering documents have to be read for what they actually confer.
Read the partnership rights, not the promoter's summary
Hypothetical example: Adrien is told by a promoter that as a limited partner he need do nothing at all. The requirement is that the investor be engaged in the management of the new commercial enterprise or in its policy formulation, and the way that is ordinarily met in a pooled project is through the statutory rights a limited partner holds under the governing partnership law and the partnership agreement: voting on defined matters, receiving accounts, consenting to fundamental changes. Those rights exist on paper or they do not, so the answer lies in the limited partnership agreement rather than in a sales conversation.
Two other conditions sit beside it and cannot be delegated to the project either. The capital must be at risk, meaning no redemption arrangement guarantees its return. And the investment must create at least ten qualifying full-time jobs, which is what Adrien's own Form I-829 petition will later have to establish.
- USCIS: EB-5 immigrant investor program
- USCIS: EB-5 immigrant investor program, permanent workers
- USCIS Policy Manual, Volume 6 Part G: investors
- 8 U.S.C. 1153(b)(5): employment creation, capital amounts and job requirement
- USCIS: Form I-829, petition by investor to remove conditions on permanent resident status
- Department of State: Visa Bulletin
- USCIS: Child Status Protection Act
- USCIS: Form G-1055, fee schedule