A fund can qualify for immigration purposes and still be the wrong fit for a U.S. investor. The checklist below is designed to force the basic questions into the open before time and money are committed. It covers five categories: regulatory status and structural protections, manager quality and track record, fee structure and total cost over the fund term, PFIC compliance and US financial readiness, and liquidity terms and exit mechanisms.

For each question, a satisfactory answer means the fund meets the standard you should expect from a vehicle holding €500,000 of your capital for 7 to 10 years. An unsatisfactory answer does not automatically disqualify a fund — but it identifies a risk area that should be addressed through further inquiry, negotiation, or professional review before you commit. A fund that produces multiple unsatisfactory answers across categories is signaling that it may not be equipped to serve American investors, regardless of its immigration qualification status.

The checklist is designed to be used in conversation with the fund manager or their placement agent. Ask these questions directly, in writing, and evaluate the clarity and completeness of the responses. A fund manager who answers thoroughly and transparently is demonstrating the communication quality you will experience for the next 5 to 10 years. A manager who deflects, provides vague answers, or redirects to marketing materials is showing you how they will communicate when you have a genuine question or concern after your capital is committed.