Many Chinese immigrant parents are motivated to obtain green cards under the EB-5 Program for the benefit of their children. These parents are requesting EB-5 investment funds to accept their minor children (i.e., 18-21 years old) as investors, so that the child can file the I-526 petition as the principal applicant.
The parent of the minor investor needs to sign an attestation representing that the signer is the parent of the minor investor, the parent and the minor investor are citizens of China, the parent has reviewed and approved the EB-5 investment on behalf of the minor investor, and the parent has provided the funds used to make the EB-5 investment. Special banks and accounts will need to be opened.
If EB-5 investment funds do not wish to accept minor investors, another possible option might be to use the Uniform Gifts or Transfers to Minors Act. This Act allows any person to make a legal gift of any form of property or cash to a minor, without the adoption of a formal trust agreement. The Act provides that the person making the gift, who is normally the custodian of the property that is gifted to the minor, will control the property until the minor reaches the age of majority, which is normally either the age of 18 or 21, at which age the minor automatically becomes the control person of the property.