How can a US EB-5 developer apply for project registration at the Taiwan Immigration Agency of the R.O.C.?

E-mail:  eb5.sfo2tw@evershinecpa.com

Evershine assists US EB-5 developers to apply for investment immigration project registration at the Immigration Agency of the Republic of China, Taiwan, and obtain the “registration number” of the Immigration Agency. The Immigration Agency will also announce it on the Immigration Agency website. For EB-5 project developers, the credit and promotion of the EB-5 projects launched will be added points.
https://www.immigration.gov.tw/5475/

Q 01
Why do US EB-5 developers need to apply for project registration with the Taiwan Immigration Agency of the Republic of China?

US EB-5 developers need to apply for investment immigration project registration with the Taiwan Ministry of the Interior Immigration Agency of the Republic of China, mainly based on Article 70, Paragraph 2 of the **Immigration and Immigration Act and the relevant announcements and practical interpretations of the Ministry of the Interior Immigration Agency.
https://www.immigration.gov.tw/5475/
The core of this regulation is to manage and regulate the behavior of “publicly soliciting investment immigration business”.
The following are the detailed reasons why EB-5 needs to be registered in Taiwan and the legislative reasons behind it:
I. Legal basis and triggering conditions for registration
1.1 Legal basis:
According to Article 70, Paragraph 2 of the “Immigration and Immigration Act”, “No one may publicly solicit or introduce immigration investment business without the approval of the Ministry of the Interior.”
In addition, the Ministry of the Interior Immigration Agency also announced that if foreign immigration agencies or overseas immigration investment projects want to publicly solicit in Taiwan, they must be registered by local legal businesses (immigration industry, lawyers).
1.2 Definition of “public solicitation”:
The judgment of whether it is “public solicitation of investment immigration business” is mainly based on whether the behavior has the nature of **”unspecified object solicitation”.
As long as there is public solicitation, it must be registered.
Common public solicitation behaviors include:
*Online promotion:
Posting EB-5 project introductions or advertisements on official websites, social media (such as Facebook, LINE, YouTube), blogs or third-party platforms.
*EDM or advertising:
Sending a large number of email introductions, publishing newspapers and magazine advertisements, or promoting EB-5 projects in forums and immigration exhibitions.
*Holding briefings:
Holding immigration investment briefings for the general public in public places such as hotels, commercial offices, and cafes.
*Contacting unspecified objects:
Introducing EB-5 projects to non-existing customers through Line@, Facebook, WeChat or other social groups.
*Charging fees without registration:
Providing EB-5 consulting services to unspecified people, and even arranging investment processes for a fee.
1.3.”Non-public solicitation” (usually exempt from filing):
If it is only operated in the following situations, it is not a public solicitation and does not need to be filed:
*Explain only to existing customers:
Limited to existing customers within the company, such as existing accounting, legal or corporate customers.
*One-on-one private introduction:
No advertising behavior, nor promotion to the general public.
*No fees, no interests involved:
Only provide general information reference, no fee arrangement, and no assistance in filing.
1.4 Important reminder:
In practice, the Immigration Agency of the Ministry of the Interior will strictly determine. Even if you only mention the EB-5 project in the LINE group, it may be considered as public solicitation.

2.The legislative reasons behind the filing
The legislative reasons behind this regulation can be summarized into the following five core purposes:
1.Protect consumer rights and prevent fraud:
Taiwan has experienced many investment immigration frauds. Some foreign institutions have exaggerated, false, and even guaranteed green card propaganda to the public through unqualified intermediaries, causing the public to lose all their money.
The filing mechanism aims to ensure that the source of information can be traced, the industry can be managed, and the responsibility can be attributed, so as to prevent false advertising and guaranteed solicitation, and protect the investment safety of Taiwanese people.
2.Establish legal responsibility entities and strengthen jurisdiction:
Foreign institutions themselves have not established companies or legal entities in Taiwan.
If disputes arise between people and overseas investment projects in the future (such as refund disputes, loss of contact, and non-performance of contracts), it will be difficult for the Taiwanese government and courts to hold them accountable. Therefore, the law stipulates that EB-5 projects must be filed through licensed immigration companies and lawyers in Taiwan as the responsible entities, so that the government has the ability to impose administrative penalties, civil claims or criminal prosecutions on violations, avoiding the gray area of “overseas companies promote, domestic people suffer, and the government has no way to control”.
3.Control the order of the immigration industry and eliminate underground solicitation:
If filing is not mandatory, a large number of unlicensed brokers and overseas brokers will operate privately, and the government will find it difficult to grasp their promotion content and charging standards.
Through the filing mechanism, immigration information and advertising content can be controlled (to prevent misleading), and businesses are required to provide legal authorization documents to maintain fair market competition and professional image, forming an orderly, supervised and responsible immigration service market.
4.Promote international cooperation and information transparency:
Foreign immigration programs (such as EB-5) often involve a lot of professional information and financial risks.
Through the filing system, the government can require businesses to submit official documents such as opinions from American lawyers and American accountants.
This helps to review the legality and capital flow of immigration funds, assist the Taiwanese government and the public in risk assessment and information verification, thereby making international projects transparent and institutionalized, and guiding the public to participate rationally.
5.The overall framework that complies with the domestic immigration industry management legal system:
Taiwan already has a complete management system for the immigration industry, including that businesses must have business licenses, financial statements and contract review mechanisms, and contracts must be signed in accordance with the “Immigration Service Contract Template”.
Therefore, it is a necessary measure to maintain the fairness and integrity of the system to bring foreign immigration businesses under the same legal framework for regulation and control.

Q 02
What are the benefits and effects of filing EB-5 in the Taiwan Immigration Agency?

1. Obtaining a “record number”
After completing the Immigration Agency filing, you can obtain a “record number”; in addition, it will be announced on the Immigration Agency website.
For EB-5 project developers, the credit and promotion of the EB-5 projects launched will be added points.
2. Filing does not mean government guarantee
Even if the EB-5 project has completed the Immigration Agency filing in Taiwan and obtained a “record number”, this only means that the administrative procedures are compliant, and does not mean that the government endorses or guarantees the investment results.
Therefore, agents must still fulfill their risk notification and information disclosure obligations to protect the rights and interests of investors and reduce the legal and financial risks they may face.

Q 03
What are the procedures and documents for Taiwan immigration industry and lawyers to register EB-5 with the Immigration Agency?

1. Qualifications of applicants
Only legal businesses in Taiwan that meet one of the following qualifications can apply for registration as applicants:
* Immigration companies that have been legally established in Taiwan and approved for investment immigration business.
* Lawyers who are legally practicing in Taiwan and registered with the Immigration Agency to operate investment immigration business.
2. Filing Documents List
美國EB5 移民基金查證應備文件清單(詳細)-確認版
According to the announcement and practical requirements of the Immigration Agency, you need to prepare the following documents:
**Application Form:
Contains the agent’s basic information and a brief description of the agency project.
The format can be obtained from the Immigration Agency or drafted according to the previous case.
Application Form for Immigration Business Agency to Apply for Permit to Handle Immigration Fund
**Proof of Professional Qualification:
US EB-5 developers must entrust Taiwan Immigration Industry to apply for investment immigration project filing with the Taiwan Immigration Agency of the Republic of China.
Taiwan Immigration Industry: Photocopy of Investment Immigration Business License.
Taiwan Lawyers: Photocopy of the legally practicing lawyer’s license and investment immigration business license.
**US EB-5 Project Documents:
Project Summary:
English and Chinese, including project name, location, type, investment amount (e.g. $800,000 or $1,050,000) and estimated number of jobs created.
Private Placement Memorandum (PPM):
A complete description document of the project subject, usually provided by the US regional center or lawyer, must be in PDF English version.
Project Company Registration Certificate:
A company organized by Project Developer for this EB-5 project.
Legal Opinion from the United States:
English version, explaining the legality of the project and EB-5 compliance, including the substantive conditions of I-526E, regional center qualifications, use of funds and job creation requirements, etc.
This document should state that it is written based on the documents provided by the applicant, and attach a disclaimer that it does not guarantee USCIS approval or investment returns.
CPA Financial Review Report:
English version, this report is usually used for due diligence and filing with the Taiwan Immigration Agency.
The report should include an overview of the project, capital structure and use of funds, a summary of financial forecasts, etc.
In the report, the accountant usually indicates that this report does not constitute a complete audit, does not provide guarantees, and the financial data is based on assumptions provided by the project initiator and has not been independently verified.
Regional Center Certification Document (if it is an RC project):
The authorization and certification of the center must be attached.
USCIS approval documents (such as project I-956F approval letter or regional center certificate), Targeted Employment Area (TEA) certification documents (due to changes in US regulations, state or federal TEA certification must be re-provided), fundraising instructions update (reflecting changes such as the US new law raising the minimum investment amount to US$800,000), etc.
Cooperation Authorization Letter:
Issued by the EB-5 project developer or regional center to authorize Taiwanese businesses to act as agent sales persons, which must be in Chinese and English.
Contract template between business operators and customers:
It must include charging standards and risk disclosure clauses.
For example, the Taiwan agent risk control clause template will indicate that the agent is only an introduction unit, does not provide legal, financial or immigration advice, and does not assume the authenticity, correctness and completeness of the information of the project party, lawyers or accountants.
Risk Disclosure Statement:
In Chinese and English, it lists the investment risks of EB-5 in detail.
This document template will clearly point out that EB-5 does not guarantee obtaining a green card, funds must be “at risk”, there is a potential risk of loss, immigration consultants are not legal or financial advisors, and US immigration policies may change.
This document recommends that investors sign to confirm that they are aware of the risks.
Promotional materials sample:
Includes website screenshots, EDM, presentations, DM, etc., must comply with regulations and must not be exaggerated or untrue.
3. Filing process
The complete filing process usually takes 2 to 4 weeks of review time:
*Document preparation:
美國EB5 移民基金查證應備文件清單(詳細)-確認版
Prepare all documents according to the above list.
*Submit application:
Submit an EB-5 project advertising and publicity review application to the Immigration Industry Association of the Republic of China (hereinafter referred to as the Immigration Association).
https://www.tica.org.tw/
According to the announcement of the Immigration Agency, the Immigration Association will continue to be designated to handle the verification opinions and advertising review and confirmation business of foreign immigration fund cases in 2024-2025.
Therefore, when applying for filing, it is almost necessary to go through the assistance and review of the Immigration Association, and it is not possible to bypass the Immigration Association and submit the application for approval.
It is worth noting that the participation of the Immigration Association in the review does not mean that the final approval power lies with the association.
The formal license is still issued by the Immigration Agency.
However, the review opinion and advertising confirmation of the Immigration Association are necessary procedures for obtaining the permission of the Immigration Agency.
Therefore, it is recommended that the industry actively submits the application to the Immigration Association, and the association will submit it to the Immigration Agency on its behalf; or at least before submitting the application to the Immigration Agency on its own, consult the association to confirm the completeness of the information.
*Immigration Agency Review:
The Immigration Agency will conduct a review for about 2 to 4 weeks.
*Issuance of Registration Letter:
If the review is correct, the Immigration Agnecy will issue a Registration Letter.
*Start soliciting business:
After obtaining the Registration Letter, you can start advertising, sales and solicitation operations (it is recommended to keep the Registration Letter number on the advertisement).
4. Only agents can “publicly solicit investment immigration business”:
Only registered immigration agents can “publicly solicit”:
Only Taiwanese immigration agents (code A) who apply to the Immigration Agency can “publicly solicit” the EB-5 investment immigration business.
Non-registered immigration companies cannot “openly contract”:
Other Taiwanese immigration companies cannot “openly contract” the EB-5 investment immigration business unless the Taiwanese immigration company (code A) authorizes the joint name, but other Taiwanese immigration companies can “non-publicly contract” the EB-5 investment immigration business.
The same EB-5 project can be applied for by more than two immigration companies:
If other Taiwanese immigration companies want to “openly contract” the EB-5 investment immigration business, they need to apply to the Immigration Agency again and obtain a different “record number”.
The Immigration Agency allows the same EB-5 project to be applied for by more than two immigration companies.

Q 04
What are the contents of a US attorney’s opinion letter and the legal opinion letter disclaimer?

A sample of the contents of a US attorney’s opinion letter (Legal Opinion Letter)
The following is a sample of the “Legal Opinion Letter” required when the EB-5 project is filed with the Taiwan Immigration Agency. This document focuses on proving that the EB-5 investment project complies with US immigration laws, including the substantive conditions of I-526E, regional center qualifications, fund use and job creation requirements, etc.
[Law Firm Letterhead]
address:
Phone:
Email:
Re: Legal Opinion on EB-5 Project – [Lakefront Tech Park]
To Whom It May Concern:
We are a licensed immigration law firm in the United States, duly registered in the State of California. This opinion letter is provided at the request of ABC Regional Center LLC, the developer and New Commercial Enterprise (NCE) of the EB-5 project entitled “Lakefront Tech Park”, for the purposes of registration with the National Immigration Agency of Taiwan.
1.Project Summary
The “Lakefront Tech Park” project is a commercial real estate development located in Ab****, California. It consists of office space, retail stores, and business incubator facilities. The total capital required is USD $75 million, of which up to USD $35 million will be raised from EB-5 investors.
Each investor will contribute USD $800,000 under the TEA (Targeted Employment Area) qualification, and funds will be pooled into a USCIS-compliant New Commercial Enterprise.
2.Compliance with EB-5 Regulations
We have reviewed the offering documents, corporate structure, economic impact report, and business plan of the project and provide the following legal opinions:
*The Project qualifies as a New Commercial Enterprise (NCE) under 8 CFR §204.6(e) and §204.6(j).
*The business plan is a Matter of Ho-compliant plan, meeting the criteria set forth in USCIS precedent.
*The Project will create at least 10 full-time jobs per investor, as shown in the economic analysis conducted by [Economist Firm].
*The investment structure complies with Job Creation Requirement and At-Risk Capital Criteria as outlined in the Immigration and Nationality Act (INA) and 8 CFR §204.6.
*The Regional Center ABC Regional Center LLC is designated and in good standing under USCIS authorization letter dated [MM/DD/YYYY].
Based on the Above, it is our legal opinion that the EB-5 Project “lakefront Tech Park” is in compliance with the applicable U.S. EB-5 immigrant investor program laws and regulations as of the date of this letter.

Sincerely

[Lawyer Signature and contact information and date]
Legal Opinion (Abstract Chinese Translation)
我們確認「lakefront Tech Park」專案為合法設立的新商業企業，符合 EB-5 投資移民計畫之規定（包含：投資金額、風險承擔、創造就業、TEA 認定等），亦符合《美國移民法》及 USCIS（美國移民局）所頒佈之條件。
本法律意見係為該專案申請於台灣移民署備案之用途提供。

Legal Opinion Disclaimer Clauses
This legal opinion is provided based on information and documentation supplied by the client and/or project sponsors. This firm has not conducted an independent investigation into the project’s financial standing, compliance history, or immigration petition success rate. Nothing in this letter shall be construed as a guarantee of USCIS approval or investment return. Investors are advised to obtain independent legal and financial counsel.
Legal Opinion Disclaimer Clauses (Chinese Translation)
本法律意見書係依據委託人或專案開發方所提供之文件所撰寫，律師事務所並未對其財務狀況、移民核准機率、或項目實際營運狀況進行獨立查核。
本意見不構成對移民核准、投資回報之任何保證，投資人應另尋獨立法律及財務專業意見。
Liability for false or materially misleading content in the legal opinion issued by the lawyer
The purpose of these disclaimers is to limit the liability of the law firm, indicating that its opinions are based on the information provided and do not provide any guarantee for future immigration results or investment returns.
Even so, if the legal opinion issued by the lawyer is untrue or materially misleading, he or she may still face charges of misrepresentation, professional negligence or breach of fiduciary duty.

Q 05
What is the content of the sample financial review report of a US CPA?

CPA Financial Review Report – EB-5 Project: Lake-front Tech Park

[CPA Firm Letterhead]
To Whom It May Concern:
We are a certified public accounting firm licensed in the State of California. This report is issued at the request of ABC Regional Center LLC in support of the EB-5 investment project ‘Lakefront Tech Park’ for the purpose of due diligence and filing with the National Immigration Agency of Taiwan.
1.Project Overview / Project Overview
The lakefront Tech Park project is a commercial real estate development in A, California. Total project capital is estimated at USD $75 million, of which $35 million is expected to be raised from EB-5 investors.
2.Source and Use of Funds
The capital stack includes EB-5 equity ($35M), developer equity ($10M), and bank financing ($30M).
Funds will be used for land acquisition, construction, and initial operations.
3.Financial Forecast Summary
We have reviewed the forecasted financial statements including projected income, cash flow, and job creation.
The projections are based on reasonable assumptions and reflect positive cash flow starting in year 3.
The forecast assumptions are reasonable, and positive cash flow is expected to be achieved starting in year
Disclaimer / Disclaimer
This financial review report is prepared for informational purposes only.
It does not constitute an audit, attestation, or assurance engagement, and no opinion is expressed.
The financial data is based on assumptions provided by the project sponsor and is not independently verified.
This report shall not be relied upon as a guarantee of project performance or investor outcome.

Sincerely,
[CPA Signature , address, contact information and Dated]

Q 06
What are the circumstances under which EB 5 investment immigrants are deemed to have failed? How do failures usually occur?

1.Situations where EB-5 investment immigration is deemed “failed”
The “failure” of EB-5 investment immigration can be divided into two categories: legal failure and economic failure:
A. Legal failure (immigration application failed)
I-526E rejection (investment stage)
-Insufficient investment amount (less than 800,000/1.05 million)
-Project not approved by USCIS (such as TEA eligibility expired)
-Unable to prove the legal source of funds (Source of Funds)
-Project failed to create enough jobs
I-829 rejection (condition removal)
– Failure to complete expected job creation (10 full-time positions per investor)
-Investment not operating continuously and effectively
-Funds were misappropriated or returned early (violating the “at-risk” principle)
DS-260 interview/221(g)
– Unable to explain the source of funds
-Inadmissibility issues such as criminal record, illegal immigration record, etc.
B. Economic failure (financial loss)
Funds cannot be returned
– The project developer goes bankrupt or defaults
-Failure to reach the financing threshold leads to the abortion of the project
-Arrange EB-5 funds with a “loan structure”, and the priority of funds is deprived
No return on investment (Zero ROI)
-EB-5 projects operated in a regional center manner do not provide equity dividends
-Funds are diluted or occupied for a long time, and the value of funds is depreciated

2.What are the common reasons for the “failure” of EB-5 projects?
Five common reasons for failure:
Project documents are fictitious or exaggerated
PPM and business plans exaggerate job creation, and the construction progress is false, which makes I-526 easily rejected
Developers embezzle EB-5 funds
Funds are used for non-intended purposes (such as salary payments, debt repayment), which violates USCIS’s “at-risk” requirements
Regional center is revoked
USCIS has been strict in recent years. If the RC is removed, investors may be affected by the rejection
Investor document problems
Unable to prove the source of funds, document forgery, illegal transfers, incomplete remittance records
Legal and tax advisor errors
Incorrect legal opinions, accounting errors, application process errors (missing documents, delays)

Q 07
How can American lawyers who issue legal opinions protect themselves and control risks?

1.Legal basis for investors to sue lawyers (possible claims)
Professional negligence
If the lawyer has obvious mistakes when issuing opinions and fails to fulfill the reasonable verification obligation
Misleading statement
The content of the opinion letter makes investors reasonably believe that the project is legal and risk-free, causing losses
Breach of Fiduciary Duty
If the lawyer has direct dealings with investors and fails to fulfill the duty of faithful disclosure
Violation of securities law (10b-5 Rule)
If the opinion letter is included in the private placement document (PPM) and becomes one of the investment bases, the lawyer may be prosecuted by the securities law for misleading information

The situation of lawsuits that have occurred in practice (typical cases)
[Jay Peak EB-5 fraud case]
Investors filed a class action lawsuit against the law firm
Reason: The lawyer issued a misleading opinion letter and failed to disclose that the actual use of funds had been misappropriated
Although the lawyer was not the main defendant, he was listed as one of the accomplices and was investigated and punished by the SEC for ethical discipline
🔗 SEC Case description: SEC v. Quiros & Stenger

3. Seven practical practices for lawyers to protect themselves
Clearly define the “scope of legal opinion”
State at the beginning of the opinion:
“This opinion is limited to the interpretation of U.S. immigration laws as they apply to the structure of the EB-5 investment project. We do not render an opinion on business, financial, tax, or securities matters.”
Avoid falling into:
Endorsing accounting forecasts, expressing a position on the use of funds, and implying investment returns.

Include the statement “based on information from other parties, unverified” in the opinion
“The information contained herein is based on documents provided by the project sponsor, which we have not independently verified.”
This statement can effectively divide responsibilities.

Use “non-guarantee language” instead of “affirmative language”
Prohibited statements
“The project complies with all USCIS requirements.”
“This investment will result in green card approval.”
Recommended alternatives
“The project appears to be structured in a manner intended to comply with current USCIS EB-5 regulations.”
“The investment is structured to meet statutory criteria; however, USCIS retains discretion in adjudication.”

Explicitly include a “disclaimer clause” in the opinion
Disclaimer:
“This opinion does not constitute a guarantee of USCIS approval or investment outcome. Investors are advised to seek independent legal and financial advice before making any investment decision.”
And attach:
“This opinion is provided solely for the use of [Sponsor] and its designated agents. It is not intended for direct use by investors as investment or immigration advice.”

Do not establish an attorney-client relationship with investors
Do not participate in explaining EB-5 regulations to individual investors
Do not fill out forms on behalf of investors (such as I-526E)
No fees charged to investors (or only paid by the developer)
**If the investor does not have a direct relationship with the lawyer, he or she generally cannot claim fiduciary duty.

Consider the content of the opinion letter as an “ancillary document” rather than the main promotional material
It is recommended that developers or Taiwanese immigration companies do not excerpt the content of the opinion letter in the briefing as an advertising slogan
The lawyer should retain control over the issuance of the opinion letter (NDA may be required)

Purchase legal liability insurance (Legal Malpractice Insurance)
Especially for law firms that focus on EB-5, securities, and cross-border cases, E&O insurance should be purchased
If the opinion letter is often included in PPM or marketing documents, the scope of the policy needs to be expanded

Q 08
Can American lawyers who issue legal opinions purchase E&O insurance to reduce risks?

1.What does E&O insurance protect lawyers?
E&O insurance is also called “Legal Malpractice Insurance” for lawyers, which mainly covers:
✅ Lawyer professional negligence:
For example, citing incorrect laws and misleading statements in legal opinions
✅ Misleading investor liability:
If the opinion is included in the EB-5 private placement documents (such as PPM), it will cause investors to trust the wrong thing
✅ International business risks:
Insure potential claims from investors from overseas (such as Taiwan, Hong Kong, and China)
✅ Legal fees:
Even if the lawyer wins the case, the insurance will still pay the attorney fees and defense costs
✅ Damages:
If it is determined that the investor must be compensated for losses (non-malicious behavior), the insurance will pay within the limit

2.Why do EB-5 lawyers need insurance?
Because EB-5 cases have the following high-risk characteristics:
Opinions are often included in the investment prospectus (PPM) and immigration filing documents
Investors are spread all over the world and have a high degree of trust in professional documents
Once the project fails, investors often list the lawyer who issued the opinion as a co-defendant
In the past Jay Peak and South Dakota EB-5 scandals in the United States, many lawyers were sued by investors and investigated by the SEC

3.E&O Insurance Costs (US Practice)
Small immigration lawyers (1-2 people):
Recommended coverage USD $500K-$1M
Annual premiums about $1,200-$3,000/year
Law firms handling cross-border EB-5 opinions:
Recommended coverage USD $1M-$2M
Annual premiums about $3,000-$6,000/year
With international risk multipliers (Taiwanese and Chinese clients):
Recommended coverage $2M and above, annual premium reference $5,000-$10,000/year (adjusted according to caseload)
**If the opinion involves tax law, securities law, or is widely disclosed, it is recommended to add “SEC Exposure Clause” or “Cross-border endorsement”.

4.Common E&O insurance providers (USA)
ALPS Insurance:
Leading brand of liability insurance for US lawyers
Hanover Lawyers Advantage:
Supports small law firms to purchase E&O insurance, including international extensions
CNA Lawyers Professional Liability:
Covering complex cases such as EB-5, with strong experience in risk control department
Aon / Chubb / Hiscox:
International insurance broker, suitable for lawyers who have long-term cooperation with EB-5 regional centers

5.Recommended combination:
Opinion Disclaimer (Sample)
Disclaimer:
This legal opinion is provided solely for informational purposes to the project sponsor. It does not constitute a guarantee of outcome or legal advice to any third-party investor. Investors must seek independent legal counsel.
**Such disclaimer + E&O insurance = Strengthening legal firewall.

Q 09
How can American accountants who issue review reports protect themselves and control risks?

1.Sources of legal and practical risks
Accounting malpractice
Investors claim that CPAs do not disclose risks in accordance with professional standards
Misrepresentation
The content of the report leads investors to reasonably believe that the project risk is extremely low
Violation of Section 10(b)-5 of the Securities Act
If the EB-5 project involves private placement, the CPA report may be regulated by the Securities Act if it is considered part of the investment document

2.Protective measures that CPAs can take (practical practices)

Choose the correct report format: “Compilation” or “Review”, not “Audit”
✅ Compilation ✔
It is only a compilation of reports, and no guarantee is provided
✅ Review ✔
(If the customer has high requirements) Provide “limited assurance” but clearly state assumptions and limitations
❌ Audit ✘
Provide positive assurance (reasonable assurance), which is the highest risk, unless you are the auditor of the project financial report
📌 Clearly state in the first paragraph of the report:
“This is a compilation report. We have not audited or reviewed the accompanying information and, Accordingly, we do not express an opinion or a conclusion.」

Add a clear “Disclaimer and Risk Disclosure” to the report

It is recommended to attach the following paragraph at the end of each report:
Disclaimer
This report is prepared solely for informational purposes. It does not constitute an audit or assurance engagement. The information is based on assumptions and financial data provided by the project sponsor. We do not guarantee the accuracy of future projections or any investment outcome. This report should not be relied upon as the sole basis for making an investment decision.
The Chinese version should also be prepared for Taiwan immigration companies to attach to the filing materials.

No investment advice
The following terms should be avoided in the report:
“This project is financially sound.”
“Investors are expected to earn positive returns.”
“This report confirms project feasibility.”
Recommended terms:
“Based on the information provided, the assumptions appear reasonable.”
“The projections are within industry norms but are subject to uncertainty.”

List the source of data and assumptions to maintain independence
Clearly state who provides the financial report data (such as the developer)
If hypothetical forecasts (such as IRR, payback period) are used, the complete calculation logic should be attached
Emphasis that CPA is only responsible for “report format” and “data compilation” and does not endorse the accuracy of the content
Include in the report:
“This compilation is based on data provided by ABC Regional Center LLC. We have not verified the accuracy or completeness of such information.”

Obtain professional liability insurance
If your accounting firm often handles EB-5 or multinational projects, it is recommended to:
Insure CPA Professional liability insurance (E&O Insurance)
The policy should cover the risk of participating in overseas securities investment instructions (such as the PPM appendix)

3.Collaborative approach (with lawyers and industry practitioners)
US lawyers
Can request lawyers to issue legal opinions and take the initiative to assume the responsibility of interpreting immigration laws
Taiwanese immigration companies
Should not quote CPA report content as marketing talk (it is recommended to sign an NDA to limit the scope of citation)
US accountants themselves
Proactively suggest in the report that investors should consult independent financial advisors (such as investment advisors or insurance advisors)

Q 10
Can American accountants who issue financial review reports purchase E&O insurance to reduce risks?

1.Common legal risks when CPAs issue EB-5 reports
Professional negligence (Malpractice):
The report does not disclose the project funding risks and uses misleading language (such as guaranteed cash flow)
Misleading information (Negligent Misstatement):
The investor makes a wrong investment decision based on the content of the report and then claims
Deemed as an attachment to the securities description document:
If the report is included in the PPM, it may fall into the SEC 10b-5 liability framework
International litigation risk:
Being sued by non-US investors in overseas courts (such as Taiwan, Hong Kong, Singapore)

2.Protection that E&O insurance can provide for CPAs
Legal expenses:
Even if the investor loses the case in the end, the insurance will still pay the attorney fees and defense costs (generally up to USD $50,000–$100,000 per case)
Compensation:
If the CPA If compensation is indeed awarded (if the report does have major negligence), the insurance will bear partial or full compensation within the insured amount
Overseas claims coverage:
“Global liability clause” can be added to cover cross-border lawsuits from EB-5 investors from Taiwan, China, etc.
No intentional behavior exemption:
Normal professional negligence (non-fraud) can be compensated, and there is no need to pay out of pocket to handle the lawsuit

3.E&O insurance costs (US CPA practice)
CPA company type Insured amount (US dollars) Annual premium
Single CPA or small firm:
Insured amount (US dollars) $500,000–$1,000,000
Annual premium is approximately USD $1,200–$3,000/year
Specialized in immigration or EB-5 financial reporting:
Insured amount (US dollars) $2M–$5M
Annual premium is approximately USD $4,000–$8,000/year (depending on the type of case and risk)
For international clients (such as Taiwan and Hong Kong):
Insurance (US dollars) $1M (including Global Extension)
Annual premium is approximately USD $3,000–5,000/year

📌 Most policies are “Claims-made”, so please pay attention to renewal and retroactive clauses.

4.Recommended insurance companies (common E&O insurers for US CPAs)
Camico Mutual Insurance:
Specialized for CPAs to underwrite liability insurance, with EB-5 investment experience policy options
Aon Accountants Professional Liability:
Global large accounting industry insurance agent
CNA Accountants E&O:
The largest number of accounting firms insured in the United States, including medium-sized firm projects
Hiscox:
Can be insured online, with customized policy options for cross-border risk projects (such as EB-5)

5.Recommendations for CPAs to cooperate with protection actions when issuing reports
✅ Add a disclaimer clause in the report “This is not an audit. We make no guarantees regarding project outcome or immigration approval.”
✅ Require customers not to quote the report separately, and use the cover note: “For Internal Review Only – Not for Direct Investor Use”
✅ Require NDA or written statement that investors are not lawyers/clients to avoid being claimed to have “duty of care”

Q 11
How can Taiwanese immigration companies protect themselves and control risks?

1.The main types of risks faced by immigration companies
✅ Legal risks
Accused by investors for false information, misleading, and unfulfilled promises
✅ Administrative risks
Promotion without filing, exaggerated advertising, illegal contracting, fined or closed by the Immigration Agency
✅ Goodwill risks
After the failure of the EB-5 project, reputation is damaged and attacked by public opinion
✅ Cooperation disputes
The US regional center or other immigration companies use your name to recruit, and the dispute is difficult to resolve
✅ Compensation risks
Being listed as a co-defendant and having to handle the lawsuit and settlement at your own expense

2.Eight practical risk control suggestions
1️⃣ Filing and soliciting in accordance with the law
All EB-5 or investment immigration projects must be filed with the Ministry of the Interior’s Immigration Agency for record
Only use approved publicity + marked “record number”
Do not use other people’s record numbers or “shared record projects”
2️⃣ Sign an authorization document (MOU) with the US side
Only promote projects for which you have formal written authorization
Ensure that the authorization document can be submitted to the Immigration Agency for record
The agreement should clearly state:
Responsibility, information provision obligations, and response procedures in case of disputes
3️⃣ Sign the investor’s “Risk Disclosure Statement”
*Each customer should sign a Chinese-English version of the “Risk Disclosure Statement”
*Clearly disclose: Green card is not guaranteed; investment return is not guaranteed; applicants should bear immigration risks and financial risks on their own
*It is recommended to attach it to the contract or keep it in a separate file
4️⃣ Advertising review compliance
All public propaganda (briefings, FB, EDM, briefing flyers) must be submitted to the association for review
Prohibited language: such as “limited time sale”, “guaranteed approval”, “fast green card”, “risk close to zero”
“Review number” and “review confirmation number” should be attached
5️⃣ Sign a service contract and add a disclaimer
Liability separation clause:
The business only provides consultation and submission assistance, and is not responsible for the results of immigration review
Third-party disclaimer:
All information comes from US developers, lawyers or accountants, and the business has not verified its authenticity
Investment decision-making clause:
Investors should make choices based on their own judgment or third-party professional opinions, and the business has no responsibility for investment
6️⃣ Keep all information records (complete archive)
Investor conversation records (LINE, Email)
Pre-trip instructions (briefing PDF, recording/video)
Relevant documents for inspection and authorization
Can be used as important evidence for self-clearance in future litigation
7️⃣ Purchase E&O (professional liability insurance) and D&O (directors and supervisors liability insurance)
E&O protects the company and front-line consultants from professional negligence defendants
D&O protects directors/persons from personal lawsuits caused by company decision-making errors
Recommended insurance coverage at least USD $500K–1M (adjusted according to the number of cases)
Quotes can be obtained through Aon, Allianz, and Chubb.
8️⃣ When encountering disputes, proactively clarify in writing and keep a record
If the EB-5 project fails, immediately send a written explanation letter to the client
If the reference number is misused, immediately send a warning letter to other businesses + file a clarification with the Immigration Agency/Association
Prevent being listed as an accomplice or misunderstood as the actual seller.

Q 12
Can Taiwanese immigration practitioners purchase E&O insurance to reduce risks? Which company sells it?

1.What is E&O insurance?
E&O insurance (also known as professional liability insurance) is a commercial insurance that is used to cover third-party damage claims caused by professional errors or negligence.
For immigration practitioners, the risks covered include:
Misleading consultation:
Failure to disclose risks, incorrect or omitted information when explaining EB-5 to clients
Errors in document submission:
Missing application form, incorrectly filling in DS-260, expired information, etc.
Risk disputes in investment immigration projects:
Clients sue you for improper recommendation or failure to inform due to investment failure
Listed as a co-defendant:
Even if you are not a project developer, you will be included in the lawsuit list by investors just because you have solicited
Lawyer fees for litigation:
Even if you win the case, the insurance can pay for the litigation and settlement costs

2.Who can purchase insurance in Taiwan? What are the insurance companies?
Taiwan Immigration Company (legally registered, with immigration business license):
✔ Fully insurable. Can be insured with domestic or international insurance agents.
Immigration consultants, independent business managers:
✔ The company is insured as the main body, with a list of responsible persons attached
Those who provide EB-5, entrepreneurship, investment, and technical immigration:
Insurance is recommended, the risk is higher and it is easy to become the target of litigation
**It is recommended that the insured objects are not limited to the person in charge, but can also include consultants and companies

3.Annual premium and coverage reference (depending on company size and service type)
Small immigration business (revenue < 20 million):
Recommended coverage (USD) $500,000
Annual premium range (TWD) NT$80,000–150,000/year
Medium-sized company (20–50 million):
Recommended coverage (USD) $1M–$2M
Annual premium range (TWD) NT$150,000–250,000/year
Large company (>50 million, including cross-border cooperation)
Recommended coverage (USD) $2M–$5M
Annual premium range (TWD) NT$300,000–500,000＋/year
**Actual premiums may fluctuate slightly based on insured items, caseload, and past claims records.

4.Insurance companies/brokers that can assist with insurance in Taiwan
Aon Taiwan:
Customized insurance for international immigration consultants and EB-5 businesses
Chubb Taiwan:
Provides professional liability insurance for immigration, legal, and consulting industries
Allianz Taiwan / Mingtai Property Insurance / Hua Nan Property Insurance (through insurance brokers):
E&O package plans (including special case underwriting) can be insured
Nanshan Life Insurance / Fubon Property Insurance Cooperative Insurance Broker:
If you have policyholder status, you can purchase professional liability insurance

5.How to strengthen protection and legality?
Add cross-border risk insurance clauses:
If you provide services for overseas businesses such as EB-5, H-1B, Canadian entrepreneurship, and Australian 188A, you should include the “overseas legal consulting” insurance clause
Add risk disclosure and exemption contract clauses:
Add “non-guaranteed green card/non-guaranteed fund recovery” clauses to each service contract
Insurance certificates can be used to build external trust:
It is recommended to list “professional liability insurance” in advertisements, contracts, and official websites to enhance trust

Q 13
Taiwanese immigration company helped a certain EB-5 developer apply for EB-5 project registration at the Immigration Agency. Later, we did not promote it ourselves. Instead, other immigration companies introduced it to Taiwanese investment immigrants. Later, the EB5 failed. As an immigration company that assisted in the application for EB 5 registration, do we have any responsibility?

1. According to the Immigration Law and practice regulations, your legal liability is judged as follows:
If you are only a formal filing party and do not participate in subsequent solicitation, in principle, you do not constitute legal liability
✔ Obtained a record number but did not publicize it:
You did not initiate the “public contracting” behavior and do not constitute the responsible party for solicitation
✔ Did not sign a contract with investors or charge fees:
There is no civil contract relationship, and did not participate in explanation, persuasion, signing or collecting money
✔ Non-promoting party (other companies soliciting externally):
The Immigration Agency and the court generally determine that the actual person needs to bear the obligation and responsibility of investment explanation
Conclusion:
If you only assist in filing applications, do not actually sell, do not have direct dealings with investors, do not charge fees or sign contracts, in principle, you do not constitute direct legal liability to investors.

2.However, the possible “indirect risks” or “joint disputes” are as follows:

2.1 In practice, investors may list you as a co-defendant (especially in class action lawsuits or when lawyers are collecting evidence extensively)
** Although there is no contractual relationship, the investor’s lawyer may claim:
-You are the first entity to submit the project to the Immigration Agency and should bear the responsibility of “preliminary investigation”。
-Filing means “endorsement” or minimum recognition of the compliance of the project
** Although there may be no liability in civil litigation, it is necessary to respond to the lawsuit and provide evidence to clear the name

2.2 If your company or reference number is marked in the advertisement or publicity, it may also be mistaken for the actual solicitation party
** In order to obtain “legal trust”, some subsequent promotion companies may state in the publicity: “This case has been filed with the Immigration Agency by a certain company, and the reference number is ○○○○”
** If such text is not authorized by you, it may still cause investors to mistakenly believe that your company is the actual recommender
➡️ It is recommended that you keep proof of not participating in the promotion, such as internal emails, not listed in subsequent DMs or event briefings

2.3 The ImmigrationAgency ’s administrative level may investigate whether you violated regulations and assisted others in evading review responsibilities
If:
**You did not actually promote the case after filing
**But other businesses promoted the case without re-filing
→ The Immigration Agency may investigate whether “the actual promoter is someone else but the name is registered”
➡️ It is recommended that you actively save:
**The statement record of “no actual promotion” after filing
**Can be listed as EB-5 case academic research or backup purposes
**And notify the Immigration Agency in writing: No subsequent participation in the promotion of the case, no investor signing record, to clarify responsibilities
3.. Practical suggestions: How to protect yourself and avoid being identified as the “promotion responsible party”
3.1 Written separation of responsibilities: Agency and the Association: This case only assists in filing, and has not been promoted to any investor, no contract has been signed, and no fees have been charged

3.2 Prepare a statement
It can be attached to your company’s internal records or used for future litigation: “After the filing of this case is completed, no subsequent promotion has been carried out, and no consultation or financial advice has been provided to any natural person or legal person”

3.3Require downstream businesses not to impersonate your company’s name or filing number
If misuse of publicity is found, a letter should be sent immediately to stop it, and the Immigration Agency can be filed for explanation
4.simple conclusion
Do you have to bear legal responsibility?
❌ Generally, it is not necessary, but it is recommended to protect yourself and store evidence
Are there any practical cases?
✅ In one case, an immigration company was listed as a defendant in a class action lawsuit, but the court finally ruled that it was not responsible (because there was no actual promotion and charging)
Can it be exempted in advance?
✅ After filing, you can prepare a “non-participation in promotion statement” for reference; and clearly note in the internal records that this case has not been actually sold

Content Supervisors Wanted

**Please note the following:
The above content is a summary of Evershine Research and Development and Education Center (abbreviated as Evershine RD) in July 2025.
As time goes by, regulations will change and different situations will have different options.
Before choosing an option, please contact us or consult a professional you trust.
**Content Supervisors Wanted
If you find that the content of the above webpage needs to be added, corrected or modified, please notify us. If adopted, we will offer a small reward of USD50 to express our gratitude.
And you will be listed in Evershine RD Talent Pool and have the opportunity to become a part-time RD and partner.
Welcome to email: us.payroll.rd.tc@evershinecpa.com

Contact Us

E-mail:  eb5.sfo2tw@evershinecpa.com
Or
North America Manager Ian Lin In Seattle, a well-English speaker
Tel: +1-510-996-2685  
Or
Contact us by phone during California time 18:00-20:00  (Taipei 9:00-11:00)
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Additional Information

Evershine has 100% affiliates in the following cities:
Headquarter, Taipei, Xiamen, Beijing, Shanghai, Shanghai,
Shenzhen, New York, San Francisco, Houston, Phoenix Tokyo,
Seoul, Hanoi, Ho Chi Minh, Bangkok, Singapore, Kuala Lumpur,
Manila, Dubai, New Delhi, Mumbai, Dhaka, Jakarta, Frankfurt,
Paris, London, Amsterdam, Milan, Barcelona, Bucharest,
Melbourne, Sydney, Toronto, Mexico

Other cities with existent clients:
Miami, Atlanta, Oklahoma, Michigan, Seattle, Delaware;
Berlin, Stuttgart; Prague; Czech Republic; Bangalore; Surabaya;
Kaohsiung, Hong Kong, Shenzhen, Donguan, Guangzhou, Qingyuan, Yongkang, Hangzhou, Suzhou, Kunshan, Nanjing, Chongqing, Xuchang, Qingdao, Tianjin.

Evershine Potential Serviceable City (2 months preparatory period):
Evershine CPAs Firm is an IAPA member firm headquartered in London, with 300 member offices worldwide and approximately 10,000 employees.
Evershine CPAs Firm is a LEA member headquartered in Chicago, USA, it has 600 member offices worldwide and employs approximately 28,000 people.
Besides, Evershine is Taiwan local Partner of ADP Streamline ®.
(version: 2024/07)

Please contact us by email at HQ4sfo@evershinecpa.com