Capital

The definition of “capital” is sufficiently broad that it includes not only such things of value as cash, equipment, and other tangible property, but it can also include the immigrant investor’s promise to pay (a promissory note), as long as the promise is secured by assets the immigrant investor owns, the immigrant investor is liable for the debt, and the assets of the immigrant investor do not for this purpose include assets of the company in which the immigrant is investing.

In the AAO’s precedent decision Matter of Hsiung, 22 I&N Dec. 201, 204 (Comm’r 1998), they reflected the fact that the immigrant investor’s promissory note can constitute “capital” under the regulations if the note is secured by assets the petitioner owns.

Taken from USCIS Policy Memorandum regarding EB-5 Adjudications Policy on November 9, 2011.