Accredited Investor Test for Non-U.S. Investors: Foreign Assets and Income
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A non-U.S. person is tested for accredited investor status with the same Regulation D rules as a U.S. person: net worth above $1,000,000, not counting the primary residence, or income above $200,000 individually or $300,000 with a spouse or spousal equivalent in each of the last two years. Assets and income earned abroad count, measured in U.S. dollars. Verification uses documents or a letter from a qualified professional.
If you are the sponsor, we built DoorRaise to verify that every investor is accredited, in Rule 506(b) and 506(c) raises alike. This guide is for investors outside the United States. It adds detail to our overview of foreign investors in U.S. syndications.
How do the two tests work for someone abroad?
| Test | Threshold | Notes for a non-U.S. investor |
|---|---|---|
| Net worth | More than $1,000,000, alone or with a spouse or spousal equivalent | Excludes the primary residence. Includes bank, brokerage, retirement and business assets abroad, in U.S. dollars. See the net worth test |
| Income | More than $200,000 alone, or $300,000 joint, in each of the last two years, with a reasonable expectation this year | Use gross income as shown on tax documents, converted to dollars. See the income test |
| Entity | An entity can qualify through its assets or owners | See entity requirements |
The 60-day borrowing rule on the primary residence applies in the same way. New debt secured by the home that is not used to buy it counts as a liability.
How do you handle currency?
Pick the exchange rate you will use and apply it to every figure. A published rate from a central bank or a major financial source on the investment date is easy to defend. Note the rate and its source in your records. If your wealth is in a currency that moves sharply, a day's rate can change the result, so allow a margin if you are near the line.
| Item | Local currency | Rate | U.S. dollars |
|---|---|---|---|
| Savings and investments | 14,000,000 | 20 | $700,000 |
| Apartment you rent out | 9,000,000 | 20 | $450,000 |
| Mortgage on that apartment | (4,000,000) | 20 | ($200,000) |
| Car loan | (500,000) | 20 | ($25,000) |
| Net worth for the test | $925,000 |
These figures are made up for illustration. The couple here falls short on net worth, and a rate of 17 instead of 20 would change the result. The home they live in is excluded entirely.
What documents verify status?
In a Rule 506(c) offering the sponsor must verify. The rule lists methods. For net worth, the document route is account statements and similar asset records plus a consumer report, dated within three months, with a written statement that nothing else is missing. For income, it is tax forms for the last two years. Foreign investors often cannot give a U.S. consumer report or U.S. tax forms, so the professional letter route is common.
A written confirmation from one of these professionals, dated within the prior three months, can also satisfy the rule:
- A registered broker-dealer.
- An SEC-registered investment adviser.
- A licensed attorney in good standing under the laws of the places where they are admitted.
- A certified public accountant duly registered and in good standing under the laws of the place of their residence or principal office.
See verification methods and the CPA letter. In a Rule 506(b) deal, the sponsor needs a reasonable belief and usually collects a signed questionnaire. DoorRaise verifies every investor is accredited in both kinds of raise.
The high minimum investment method
SEC staff said in March 2025 that a sponsor may take a high minimum investment ($200,000 for a person and $1,000,000 for an entity) together with written representations that the investor is accredited and that the money is not borrowed to meet the minimum. It is staff guidance, not a rule. Ask whether the sponsor uses it.
Other checks that apply to foreign investors
Sponsors also run identity and sanctions checks, and the bank may ask for the source of funds. Have a passport, proof of address and a clear explanation of where the money comes from. See KYC and AML in onboarding and wiring from abroad.
Frequently asked questions
Can a non-U.S. citizen be accredited?
Yes. Citizenship does not matter. The tests look at net worth, income or a qualifying professional status.
Do I need a U.S. tax ID to be verified?
Not for accreditation. You will need a tax form such as Form W-8BEN or a U.S. tax number later. See tax forms.
Does my foreign home count?
Not if it is your primary residence. A second property counts as an asset.
Can a foreign company invest?
Yes, if it meets the entity tests and the sponsor can verify it.
Is any offering open to every foreign investor?
Whether a deal accepts non-U.S. investors depends on the sponsor and on the laws where you live. Ask the sponsor, and read the offering documents.
Sources
- 17 CFR 230.501, Definitions and terms used in Regulation D (Cornell LII)
- SEC, Accredited investors
- SEC, General solicitation and Rule 506(c)
- SEC, Amendments to the accredited investor definition: compliance guide
The example is simplified and illustrative, not a projection. This article is general information as of November 2026, not legal, tax or investment advice. Rules in your country may restrict investing abroad. Talk to a securities attorney and a CPA. DoorRaise is not a law firm, broker-dealer, investment adviser or funding portal.