RACHEL JI-YOUNG YOO
L.L.M. Northwestern University School of Law, Chicago, IL
Syracuse University School of Management, New York
L.L.B. Sookmyung Women’s University, Seoul, Korea
Rachel Yoo is a Partner of Law Offices of Rachel J. Yoo, LLC and Of-Counsel lawyer of Spiegel Leffler PLLC in New York City.
Rachel Yoo supports the firm’s Foreign Investment practice, which provides service to U.S. clients investing in North Asian clients seeking to establish a presence in the United States. She is also actively developing the firm’s corporate compliance counsel practice, which provides legal services to the EB-5 Regional Center. During her time as an in-house counsel, Rachel advised various developers in connection with the International Business District Development Project in Seoul on one of the project’s global capital investments. Rachel also advised a U.S. based investor on its acquisition of multiple offices and retail companies that use company-type collective investment vehicles in both the United States and Korea.
Rachel is not only a native speaker of Korean, but also fluent in Japanese. She obtained two (2) law degrees from the United States and Korea. She also received her M.B.A. degree through a U.S.A. – Korea International Program. In addition, Rachel serves as a member of the advisory board of the Korea Trade-Investment Promotion Agency (KOTRA), a non-profit governmental agency promoting international trade and investment. Rachel is licensed to practice law in New York State and Federal Courts of the Eastern District of the State of New York.
Questions and Answers with Rachel
Q. Once I became a U.S permanent resident (green card holder), do I have to start paying tax on my global income?
A: Yes. However, we can recommend other options and refer you to international tax experts who can provide global assets management and tax advice.
Q: Can you guarantee that I can get $500K, investment funds, back?
A: USCIS requires EB-5 investment to be “at-risk” just like any other types of investment and a guarantee is prohibited. Therefore, a regional center that guarantees the return of the investment capital risks disqualification by USCIS, and must be avoided.
Q: If I invest in the EB-5 Program, can my mother and father also obtain a Green card?
A: No, fathers and mothers are not considered immediate family for the purposes of the EB-5 Program. Only spouse and children under the age of 21 may receive a green card based on the investor’s application and investment. Once an investor becomes a legal permanent resident, they may then petition for the entry of other family members such as their mother, father, or children over the age of 21. There are other options and strategies available.
Q: Can I make a direct investment into a new commercial enterprise (“NCE”) of my own to obtain a Green card?
A: Yes, one can decide to make a direct investment into their own new commercial project to obtain a green card. In these cases, the investor has to invest $1 million or $ half-million in capital and must still meet the requirements for the creation of ten jobs per investor. The application process is also more complex and may take longer to be approved.