While many EB-5 investors are aware of tax planning measures they should take in anticipation of becoming U.S. permanent residents, they are often unfamiliar with financial requirements that become effective once they receive their unconditional permanent residency and subsequent U.S. citizenship.  On June 26, the IRS issued two News Releases and updated Frequently Asked Questions (FAQs) in connection with its ongoing offshore voluntary disclosure program. The clear message of the new FAQs and News Releases is that it is becoming riskier and more expensive to sit on the sidelines without coming into compliance with respect to disclosure of offshore assets.  The attached GT alert — IRS Releases New Frequently Asked Questions for its Offshore Voluntary Disclosure Program and Announces Procedures to Assist U.S. Citizens Living Abroad  written by GT attorneys Michelle Ferreira and Courtney Hopley discusses this new guidance.