b'6. Choose Your Securities Exemptiontax treaty between the U.S. and the investors home country, b) the tax treaty between the U.S. and the offshore jurisdiction, and c) that jurisdic-tions tax treaty with the investors home country. If you plan to create an offshore blocker entity, you should anticipate that the costs of your syndication, as well as annual administration costs, will be substantially more than simply forming a U.S. entity and bringing foreign investors into your U.S. syndication. Foreign Tax LawsNon-U.S. persons may also be taxed in their own country on earnings from their U.S. investments. An issuer should not give non-U.S. persons any tax or legal advice, but the issuer does have an obligation to warn them that potential tax consequences may exist, which could dramati-cally affect their returns. A prospective foreign investor should consult his or her own legal/tax advisers to determine the U.S. and non-U.S. tax consequences of investing in a U.S. securities offering. U.S. Patriot Act & Homeland Security LawsCertain sanctioned or blocked foreign nationals, nationals or residents of sanctioned countries designated by the U.S. government are prohibited from directly or indirectly investing in a U.S. company. These restrictions are aimed at persons or countries identified by the U.S. as rogue nations, terrorist facilitators, weapons of mass destruction (WMD) proliferators, money launderers, drug kingpins, and other national security threats. Collectively, the laws imposing these restrictions are known as U.S. an-ti-money laundering (AML) laws. A list of prohibited persons and coun-tries is maintained and periodically updated by the U.S. Department of the Treasury, Office of Foreign Assets Control (OFAC) under the USA PA-TRIOT Act and related Acts. Please see the U.S. Department of Treasurys website for more informa-tion about these programs and to search the lists at https://www.treasury.gov/resource-center/sanctions/SDN-List/Pages/default.aspx. Any issuer of securities to non-U.S. persons will have strict liability for conformance with these requirements. Failure to comply may subject the issuer to accusations of participation in such activities. As a safeguard, for any non-U.S. person, the issuer should inquire, verify and maintain the identity of each investor and whether he or she is prohibited from invest-ing in the U.S. by obtaining a copy of a passport or other applicable resi-67'