In the News
Pay to stay: Visa program offers green cards to immigrants
May 23, 2010
San Jose Mercury News - By Matt O'Brien
Click here to see the article published online.
"Congress allows up to 10,000 immigrants to come in on the visa each year, but most years attract fewer than 1,000. That is rapidly changing, as the number of visa-holders nationwide rose to 4,218 last year from 1,443 in 2008, according to government statistics. In order to get a green card, which allows a person to become a permanent resident of the United States, investors have a choice: They can put $1 million into starting a new commercial venture or helping a troubled American business. Or, they can invest $500,000 in a business venture located in an area with high unemployment. For the majority who choose the less expensive route, there are more than 80 regional centers across the country, and 23 in California, that are authorized by the government to recruit immigrant investors and pool their contributions into distressed regions. Two years ago, there were only about 20 such centers, most of which are private companies, but the recession has caused a spike in activity."
Immigrants invest in U.S. businesses in exchange for visas
January 10, 2010
The Washington Post - By N.C. Aizenman
Click here to see the article published online.
"The number of foreigners willing to invest $500,000 to $1 million in a U.S. business in exchange for a visa roughly tripled in the past fiscal year, as dozens of cash-strapped enterprises and local governments scrambled to attract wealthy foreign backers through a previously obscure provision of immigration law. Under the EB-5 visa program, immigrants who can demonstrate that their investment created or preserved at least 10 U.S. jobs after two years are granted legal permanent residency along with their spouses and children...Stephen Yale-Loehr, a professor at Cornell University's law school and executive director of a trade association of regional centers, said the number of EB-5 visas being granted falls well short of the maximum 10,000 allowed each year. 'There's a lot more that we could be doing to promote the EB-5 program so that it can achieve its true potential in this economic recession,' he said."
A Precious Capital Source For Small Biz
January 06, 2010
Forbes - By Katy Finneran
Click here to see the article published online.
"Under the Immigration Act of 1990, the U.S. Congress set aside 10,000 annual visas for foreign investors looking for opportunities in America. Those carrots are coming in handy during what remains a debilitating credit crunch for U.S. entrepreneurs...EB-5 is catching fire in the latest downturn..."
Leahy’s Extension Of Investor Visa Program…Clears Congress, Heads to President’s Desk
October 20, 2009
Press Release from Senator Patrick Leahy's (D-VT) Office
Click here to see the press release and a statement from the Senator.
"The U.S. Senate late Tuesday approved and sent to the Presidents' desk a bill that includes Senator Patrick Leahy's extension of the 'investor visa' program that has attracted millions of dollars in economic development to Vermont, creating hundreds of jobs...The EB-5 Immigrant Investor Regional Center Program, which is operated by the U.S. Citizenship and Immigration Services (USCIS), has generated more than a billion dollars of investments, creating tens of thousands of jobs in states and communities across the country since it was established in 1993."
Clamoring for Foreign Capital
August 10, 2009
Inc. - By Josh Spiro
Click here to see the article published online.
"When banks and angel investors fail to provide seed money, many new ventures are turning to the US Citizenship and Immigration Services' EB-5 program. The program gives foreign nationals who sink at least $500,000 into a business in a rural or depressed area a chance to gain permanent citizenship if they can create 10 jobs for Americans...'Congress thinks it's a good program because it's what I call a win-win-win-win,' [Steve Yale-Loehr] said, listing the benefactors as U.S. companies looking to expand, U.S. workers, the foreign investors, and taxpayers who get free economic invigoration."
Invest in the U.S., Get a Visa?
July 23, 2009
New York Public Radio (WNYC) - By Lisa Chow
Click here to listen to the podcast of the interview.
Steve Yale-Loehr, IIUSA Executive Director, is interviewed about the EB-5 program by New York Public Radio (WNYC) a day after he testified before the U.S. Senate Judiciary Committee on the same topic.
Senate Judiciary Committee - EB-5 Oversight Hearing
July 22, 2009
"Promoting Job Creation and Foreign Investment in the United States: An Assessment of the EB-5 Regional Center Program"
Click here to watch the hearing online.
U.S. Senate Judiciary hosted a bipartisan hearing about the EB-5 program. Several members of IIUSA testified, including: Steve Yale-Loehr, IIUSA Executive Director; Bill Stenger, Jay Peak Resorts; and, Ron Drinkard, Alabama Center for Foreign Investment (ACFI). Top USCIS officials also testified at the hearing, voicing their support for the program and for a long term extension. The bipartisan hearing was sponsored by Committee Chairman, Senator Patrick Leahy (D-VT), and ranking Republican on the committee, Senator Jeff Session (R-AL). Both voiced their strong commitment to improve the EB-5 program and, most importantly, to make it permanent.
Bill Stenger and other IIUSA members testifying at July 22, 2009 EB-5 hearing before Senate Judiciary Committee
For Foreign Investors, Profit Isn’t Only Goal
March 16, 2008
The New York Times - By Fred A. Bernstein
Click here to see the article published online.
"Under the program, known as EB-5, a foreigner receives a green card for investing $500,000 in a business or high-unemployment area...’It’s win-win-win,’ said Steve Yale-Loehr, an EB-5 expert who teaches immigration law at Cornell University: the business gets capital, residents get jobs and the investor gets a green card..."
Foreigners Invest Greenbacks in Return for Green Cards
December 08, 2007
The Washington Post - By Cecilia Kang
Click here to see the article published online.
"Though the number of applicants each year is still far below the quota, Berez said the amount invested through EB-5 visas was $500 million last year and is projected to rise to $800 million in 2007 and $1 billion in 2008...Investors initially receive two-year residencies while immigration authorities monitor their investments and participation in the program. After a foreign investor passes all checks by the USCIS and the regional center verifies that the investment produced 10 jobs, the applicant is granted permanent residency..."
U.S. Government’s EB-5 Program Offers Foreign Investors Green Cards for Job Creation
November 02, 2007
The Wall Street Journal - By Miriam Jordan
Click here to see the article published online.
"An obscure immigration program is pumping millions of dollars from foreign investors into dilapidated inner cities and employment-starved rural areas across the U.S. These investors aren’t focused on financial returns, however: They’re in it to get green cards. In recent years, a growing list of enterprises—in agriculture, tourism, renewable energy, education and transportation—have benefited from a little-known federal program known as EB-5, or the immigrant-investor visa. It offers a tantalizing trade-off for foreigners who want to establish residency in the U.S.: For a $500,000 investment in a distressed area, a foreigner and his immediate family become eligible for conditional green cards. They become permanent a few years later upon evidence that the investment has created at least 10 jobs for U.S. workers."
Immigrant Investors, An Underserved Market
June 14, 2010
Wall Street Journal Blogs - By Lynnette Khalfani-Cox
Click here to see this article published online.
"EB-5 investor status gives permanent residency to foreign nationals who can directly or indirectly create at least 10 jobs in America by investing a minimum of $1 million here. The investment threshold is dropped to $500,000 if a foreign national invests through 'Regional Centers' in rural areas or urban regions with high unemployment rates....EB-5 green cards also allow affluent foreign investors (and their family members) to work in the U.S. in any capacity, go to school, or retire here."
Want to Become US Citizen? Money Talks
May 26, 2010
MSNBC.com - By Jane Wells
Click here to see the article published online.
"This little known program allows foreigners to invest in U.S. businesses and create jobs in exchange for a green card. Think of it as 'immigration through investment'. Foreigners can apply for it by proving they'll pour $1 million into a U.S. company and create ten full-time American jobs. For rural areas, or those regions with high unemployment, the investment only has to be $500,000. Once approved, the would-be immigrant gets a conditional green card. If the jobs and the company survive for two years, the green card becomes permanent, and the path to citizenship begins. The investment can go into creating a completely new company, or into a company deemed at risk of failing."
EB-5 Spells Opportunity: Visa Program Luring Foreign Investors, Buyers
March 17, 2010
International Property Journal - By Kevin Brass
Click here to see the article published online.
"After languishing in obscurity for 20 years, the EB-5 visa program is suddenly a hot commodity in the U.S. real estate business...Due to expire last year, the program was instead extended until 2012, receiving an unusual amount of bipartisan support, thanks to the focus on jobs."
For Some Immigrants, the Ticket to a Visa is a Check
March 08, 2010
NPR.org - By Rob Schmitz
Click here to see the article published online.
"The EB-5 visa offers a path to citizenship in exchange for investing in an American business. The numbers of these types of visas issued in the past two years have tripled..."
EB-5 center could bring investments
January 08, 2010
The Denver Business Journal - By Ed Sealover
Click here to see the article published online.
"Tens of millions of dollars of new foreign investment could flow into Colorado if a Greenwood Village financial investment firm gets Colorado recognized as a federal EB-5 regional program center...The push for capital has expanded greatly what was once a little-known program. One year ago, there were 23 designated EB-5 regional centers in the United States; now there are 78 active and approved centers...The EB-5 program has been a proven investment generator: A total of 996 foreign investors brought $483 million into the country in 2009, according to Invest In the USA, the Ithaca, N.Y.-based association of regional centers."
Recession Fuels Spike In Foreign Investor Visas
December 31, 2009
NPR.org - By Jennifer Ludden
Click here to see the article published online.
"News of job creation programs has been widely reported lately, but there's one program that many people have never heard about: Under U.S. immigration law, foreigners can invest in an American business and, in exchange, receive a green card. This has long been a small, obscure program, but as domestic sources of financing have dried up, the number of EB-5 visas issued this way has tripled in the past year."
Polis proposes visa changes in immigration bill
December 16, 2009
Summit Daily News - By Associated Press
Click here to see the article published online.
"U.S. Rep. Jared Polis said Tuesday he wants to make it easier for foreign investors to create jobs in the U.S. as part of a proposal to change the country's immigration system. Polis said his proposal would increase the number of EB-5 visas, which is for foreign investors who promise to create jobs in the U.S. Polis said he is proposing to make more of the visas available in economically disadvantaged, and streamline the process for applying and have a quicker turnaround to grant the visas to applicants."
Recession Breathes New Life into US Immigrant Investor Visa Program
December 15, 2009
Migration Policy Institute - By Muzaffar Chishti and Claire Bergeron
Click here to see the article published online.
"As state and local governments look for new ways to revitalize their recession-hit economies and spur job creation, an increasing number of them are turning to a historically underused visa program for immigrant investors...Because experts estimate that up to 90 percent of EB-5 investors choose to invest in industries in rural or "targeted employment areas " — defined as parts of the country where the unemployment rate is at least 150 percent of the national average — political leaders see the program as one way to revitalize ailing local economies."
Federal program spurs private investment in Victorville
December 14, 2009
The San Bernardino Sun - By Joe Nelson
Click here to see the article published online.
"The $25 million secured from investors will cover the cost for construction of a wastewater treatment plant that will serve a $120 million Dr. Pepper Snapple bottling plant and a Plastipak plastics packaging facility currently under construction...the federal EB-5 program is a valuable resource to encourage investment in projects that would otherwise have a problem getting funded."
Green Card Gamble: Investing in the U.S.
November 10, 2009
Los Angeles Daily Journal - By Sandra Hernandez
Click here to see the article published online.
"Established in 1990, the program known as the EB 5 Immigrant Investor Program, allows up to 10,000 foreign nationals to settle in the U.S. annually. Immigrants must invest $500,000 or $1 million in a new business that results in 10 new jobs...But it remains under used, lawyers say, because of the complexity of the program and the U.S. Citizenship and Immigration Service ability to administer it....Now lawmakers are poised to revamp the investor program...[Steve] Yale-Loehr said the proposal could 'clarify a lot of key issues to help both investors and the immigration agency understand the proper parameters.'...Unlike other immigration proposals, the program will likely win bipartisan support from lawmakers eager to attract money to distressed areas hit hard by the economic downturn."
Vermont expects jobs from program
November 06, 2009
Burlington Press Press - By Terri Hallenbeck
Click here to see the article published online.
"Vermont businesses should generate about 600 new jobs from contacts made with investors on a trip to Asia last week, Gov. Jim Douglas said Thursday. Douglas, who returned this week from a trip to Korea, China and Hong Kong with about a dozen Vermont business leaders, said they received firm commitments from 35 to 40 investors who want to take part in the federally authorized EB-5 program. That program allows foreign investors whose money creates jobs in the United States a path to U.S. residency and citizenship. Jay Peak President Bill Stenger, whose ski resort has used the EB-5 program to lure 120 foreign investors to help fund expansion, joined Douglas on the trip to firm up a new enterprise that was announced while the group was in South Korea last week."
Deal will bring jobs to Orleans
October 24, 2009
Burlington Free Press - By Dan McLean
Click here to see the article published online.
"Plans were finalized Friday to designate a medical manufacturing company as an official Vermont EB-5 Regional Center Project — creating an incentive for foreign investors and boosting the outlook for job creation in the Northeast Kingdom. The company, AnC Bio VT LLC, is a partnership between Jay Peak ski resort president Bill Stenger and South Korea-based AnC Bio Inc. The new subsidiary is now raising money for a planned facility in Orleans County that will lead to the creation of more than 200 new jobs...More than 100 South Korean investors have indicated interest in making potential investments in Vermont through the program, according to the governor’s office."
An American Dream for Sale
October 20, 2009
Russia Profile - By Irina Aervitz
Click here to see the article published online.
"In the United States, the EB-5 preference immigration program is a way to obain a green card by investing in the U.S. economy. Plenty of affluent individuals covet permanent residence in the United States enough to relocate their capital and their families, not only from countreis with unstable political and economic regimes by also from developed economis like the UK and South Korea...According to Stephen Yale-Loehr, a lawyer and an advocate for making the EB-5 regional center program permanent, the overall impact of the program on the U.S. economy is easy to underestimate. Potentially, the program could bring in about $5 billion a year, not counting the economic spillover effect that 10,000 new entrepreneurial class individuals and their families would create by buying property, sending their children to schools, consuming, and paying American taxes. However, Russia's involvement in the program is limited."
Chinese Investors’ American Dream
October 15, 2009
South China Morning Post - By Rong Xiaoqing
Click here to see the article published online.
"It is part of an immigration mechanism called EB-5, and the credit crunch has sparked a wave of interest in the programme, both from cash-strapped US businesses and Chinese investors with an eye on the American dream...Should Congress vote to make the programme permanent at the end of this month, the wealthiest of China's burgeoning upper-middle class may benefit most. According to US government data, mainland China has surpassed Taiwan to become the No2 source of applicants for the investor's green card since 2006, topped only by South Korea."
Congress re-evaluates visa program
September 22, 2009
China Daily - By Brigitte Yuille
Click here to see the article published online.
"The US Congress will soon determine the fate of a little-known “fast-track” visa program, called EB-5. EB-5, which is typically renewed every five years, is set to terminate at the end of this month. Lawmakers have to determine whether to keep the program, extend it another three years as outlined in the President’s budget or make it permanent as requested in the Department of Homeland Security Appropriations bill. 'I think the chances of the program ending are so remote,' Stephen Yale-Loehr, an immigrant law professor at Cornell University said."
Vermont’s Jay Peak puts EB-5 to work, woos South Korean manufacturer
September 09, 2009
Vermont Business Magazine - By Kevin Kelley
Click here to see the article published online.
"The owner of the Jay Peak Resort is using a little-known federal visa program to finance an ambitious expansion project that's expected to generate hundreds of jobs in the Northeast Kingdom. Bill Stenger, who purchased the resort last year, persuaded 35 citizens of other countries to put up a total of $17.5 million toward the cost of a 57-suite hotel scheduled to open early next year. The incentive for the investors is the prospect of gaining the right to live and work in the United States indefinitely. Known as the EB-5 program, this initiative also covers the immediate families of those who invest at least $500,000 in a job-creating venture in designated parts of the US with chronically high unemployment."
Lakewood joins foreign investment program
September 01, 2009
The News Tribune (Tacoma, WA) - By Brent Champaco
Click here to see the article published online.
"Lakewood is now the sixth Washington city to participate in a federal immigration program that encourages job creation through foreign investment...The city has hired Seattle-based American Life, Inc. to find foreign investors and get the program running...American Life President Henry Liebman said the company has brought more than 400 investors to the U.S. from more than 30 countries with more than 40 investment projects, most in Seattle."
Doral home project courts foreign buyers
August 18, 2009
The Miami Herald - By Monica Hatcher
Click here to see the article published online.
"In a bid to raise $50 million to finish a development project in Doral, Century Homebuilders, one of South Florida's largest homebuilders, said Tuesday it was launching an investor visa program that offers green cards to foreign nationals who invest in U.S. business. The EB-5 investor visa program opens a pathway to residency and citizenship to foreign nationals and their families who invest $500,000 to $1 million in an approved investment program that creates jobs for 10 U.S. workers. In March, Citizenship and Immigration Services included Miami-Dade and Monroe counties in a pilot program that makes the process smoother by allowing investors to satisfy the employment requirement indirectly."
U.S. Attracts Rich Foreign Investors by Expediting Green Cards
August 15, 2009
The Plain Dealer (Cleveland, OH) - By Kathryn Kroll
Click here to see the article published online.
"Community leaders hungry for capital are discovering a little-known pipeline -- wealthy foreign investors who yearn to come to America...The so-called investor green card program has drawn more than $1 billion in foreign money to the United States in the past three years. The newcomers helped to build ski condos in Vermont, expand movie studios in Los Angeles and renovate shipyards in Philadelphia...Akron and Summit County officials hope to lure money to the proposed redevelopment at Goodyear Tire & Rubber Co. in east Akron. Business groups in Wooster hope to draw foreign investment to a research park and to projects not yet imagined."
Investor Visas
August 14, 2009
Fox News
Click here to watch this news segment online.
"Some wealthy foreigners are taking advantage of the week in the United States economy that appears to be win win situation. Those who want to be US citizens buy up real estate or invest in a business here and they get a pay off. A green card, and the fast track to United States citizenship they call it an investor visa. And it's one of the quick ways to gain American citizenship."
Want a US green card? Bring cash.
August 13, 2009
The Christian Science Monitor - By Taylor Barnes
Click here to see the article published online.
"The EB-5 program works this way: Foreign entrepreneurs who invest at least $500,000 in a business in a regional center ($1 million elsewhere) can get a green card in a matter of months, a process that would otherwise often drag on for years. If their venture creates 10 jobs in two years, the investor gets to stay. Five years after becoming a permanent resident, they can become a naturalized citizen...These investors have brought in more than $1 billion in foreign money since October 2006 and created 20,250 jobs for US workers..."
Green Cards Draw Foreign Investors to Florida
August 11, 2009
Miami Herald - By Monica Hatcher
Click here to see the article published online.
As wealthy foreign nationals increasingly flock to South Florida to buy distressed real estate, some are seeking an added return on their investment: a green card...As the region's real estate market continues to buckle under unsold properties, widespread foreclosures and failed condo projects, new interest in investor visas is helping whet the already hearty appetite of foreign nationals being drawn to the market by steep bargains.
Leahy Endorses Jay Peak’s Foreign Investor Program
July 23, 2009
Burlington Free Press - Free Press Report
Click here to see the article published online.
"A panel chaired by Sen. Patrick Leahy, D-VT., heard testimony Wednesday morning from the president of Jay Peak Resort about a foreign investor program that pumped $100 million into the Northeast Kingdom ski area...Stenger and Jay Peak have benefited from the money-for-green-card arrangement through 200 investors' injecting millions into the resort's overhaul. The project's plans include a 78,000-square-foot, $17 million slope-side hotel with 57 bedroom suites, two more condominium hotels, an indoor water park, an indoor ice skating and curling rink and new trails and lifts."
Flex-use building going up on a site near Safeco Field
July 17, 2009
Seattle Daily Journal of Commerce - By Marc Stiles
Click here to see the article posted online.
"Stadium Technology Center is being developed by 1531 Utah Avenue South LP on an all-cash basis. Henry Liebman as American Life Inc., manages the limited partnership. American Life President Henry Liebman is out to prove you can successfully develop a 284,000-square-foot flex-use building in this economy. A limited partnership, 1531 Utah Avenue South, that is managed by American Life is developing the six-story Stadium Technology Center on the site of the old Coast Crane building southwest of Safeco Field."
Homestead taps ‘immigrant investor’ program to sell Ferndale project
July 16, 2009
The Bellingham Herald (Bellingham, WA) - By John Stark
Click here to see the article published online.
"Homestead Northwest of Lynden has found a buyer for its Correll Commons retirement condo project in Ferndale, tapping into money raised through a low-profile 'immigrant investor' program that gives participants a shot at U.S. residency. In a deal that closed in late June, Correll Retirement LLC paid Homestead $1 million for vacant property that is ready for construction of 26 attached condo units at a site south of Main Street, just west of downtown Ferndale. A related entity, New WORC Development and Management LLC, also paid Homestead about $220,000 for a completed condo unit."
City, county hope to boost Goodyear project with foreign investment
July 06, 2009
Akron Beacon Journal - Jim Mackinnon
Click here to see the article published online.
"Akron and Summit County are seeking major foreign investors for the Goodyear headquarters project. As part of that, the city and county are taking part in a federal program that dangles high-level visas, offering the potential for permanent residency, as carrots to entice that investment. Public officials are hoping to expand the program beyond the Goodyear project."
Citizenship for Sale
June 30, 2009
Florida Trend - By Amy Keller
Click here to see the article published online.
"Thanks to a thirst for investment capital created by the recession and tight credit, the EB-5 program may be getting a new lease on life...The economic downturn, he says, has made many in the U.S. finally see the EB-5 program for what it is — a valuable economic development tool. The U.S. economy benefits from the job creation, the foreign investor may get a good return on his investment and a path to citizenship, and the U.S. sponsor has a way to raise all-cash financing for a project...
City gets EB-5 nod
June 24, 2009
The Daily Record (Wooster, OH) - By Brian Schaaf
Click here to see the article published online.
"Months before it anticipated, Wooster Growth Corp. members learned their application to establish an EB-5 green card office as a funding mechanism for the BioHio Research Park has been approved, clearing the way for the people involved to begin seeking foreign investment."
Fast-tracked Family Visas Can Mean Commercial Investment
April 22, 2009
Miami Today - By Marilyn Bowden
Click here to see the article published online.
"The federal EB-5 program, or the immigrant-investor visa, is 'one of the best immigration programs to create jobs and bring foregn investment into the US,' said Roger Bernstein, principal of North Miami-based Bernstein Osberg-Braun & Moraes Immigration Attorneys. The program fast-tracks visa for the families of investors who pun a minimum of $1 million into a new commercial enterprise and create 10 jobs over a wo-year period, he said. If the enterprise is in a Targeted Employment Area, the minimum investment required drops to $500,000."
Wooster Growth Hears Update on Green Card Issue Application
April 19, 2009
The Daily Record (Wooster, OH) - By Brian Schaaf
Click here to see the article published online.
"With hopes its application to establish a green card office for economic development purposes in the city is approved, Wooster Growth Corp. members were briefed by an expert in immigration Monday. Nicolai Hinrichsen, an attorney for Ithaca, N.Y.-based firm Miller Mayer, gave a presentation to Wooster Growth about the history and background on EB-5 Regional Centers, which, if approved by the federal government, would be used as a funding vehicle for the BioHio Research Park."
Program Helps Vermont Businesses Grow
March 27, 2009
New England Cable News (NECN)
Click here to see the article published online.
"They're participating in something called the 'EB-5 visa program'-- that enables foreigners to invest in projects that will create jobs in the U.S.-- either a million dollars... Or 500-thousand, if the project is in a rural or high-unemployment area. 'It is truly a win situation for everybody. They get their green card, we get the capital to invest in job creation, and the state gets jobs where it wants to see them.' All told, Jay Peak's expansion project is expected to create 2,000 jobs-- some at the resort and some in surrounding communities... which is crucial in this section of Vermont, where unemployment is the highest in the state."
US Wooing Millionaire Immigrants
March 19, 2009
Inquirer.net (Philippines) - By Veronica Uy
Click here to see the article published online.
"Following the lead of Australia, Canada, and the United Kingdom, the United States is now stepping up efforts to attract millionaire immigrants who can help stimulate its economy by investing and creating jobs...Thus, the Ombudsman proposed that the USCIS make it easier for millionaire immigrants to enter the US...The Ombudsman also suggested rules to promote stakeholder and investor confidence, as well as make the adjudicatory processes more predictable."
EB-5 Program Extended
March 17, 2009
Univision.com - By Jorge Cancino
Click here to see the article published online.
"The U.S. government announced on Tuesday that the pilot program for immigrant investors, known as EB-5 was extended until September 30 following the signing of Act HR 1105 passed by Congress. The extension enabled the Bureau of Citizenship and Immigration Services (USCIS) to receive and process applications I-526 sent by the regional centers, as well as forms I-485 (adjustment to permanent resident)."
$1M condo-hotel stake comes with a visa
March 12, 2009
The Orlando Sentinel - By Sara K. Clarke
Click here to see the article published online.
"But Lake Buena Vista Resort Village & Spa is hoping the lure of permanent U.S. residency will eventually persuade well-heeled foreign investors to help it expand near Walt Disney World. The condo-hotel resort received government approval several months ago to serve as a 'regional center' for foreign investment. Under federal immigration policy, an approved foreigner whose investment is supposed to create 10 full-time jobs in the U.S. can get a conditional visa to live here -- and can ultimately secure a regular 'green card' good for permanent residency."
Visa Bill Stalls in Senate, Delays Wooster EB-5 Program Plans
March 09, 2009
The Daily Record (Wayne County,OH) - By Bryan Schaaf
Click here to see the article published online.
"The omnibus appropriations bill, which appropriates funds for the fiscal year ending Sept. 30 and included a six-month extension of the EB-5 program, never came up for a vote Friday, shelving Wooster Growth Corp.'s 700-page EB-5 application until the Senate decides its future. The EB-5 is a governmental program that provides 3,000 visas each year for foreigners who make large investments in designated areas. It was established by the federal government in 1990 as an opportunity for immigrants to become permanent residents of the United States by investing $500,000 in certain circumstances or $1 million in a business that creates 10 jobs. Although no EB-5 centers exist in Ohio, the program spurred nearly $1 billion in foreign investment in this country in 2008 and created 20,000 jobs."
Getting Innovation from the Mind to the Market
February 16, 2009
Idaho Statesman - By Brad Talbutt
Click here to see the article posted online.
"A new company plans to use millions of dollars it hopes to obtain from foreign investors to help Idaho institutions and industries start new companies and commercialize their intellectual property. The Idaho Department of Commerce is backing the enterprise, helping it negotiate with the Homeland Security Department and using its trade representatives to identify potential investors in China, Mexico and other countries. The company expects foreign investment under a federal immigration program [EB-5] that grants foreigners visas in exchange for investing at least $500,000 in U.S. businesses. The program offers foreigners permanent U.S. residency, or a green card, in exchange for helping create U.S. jobs."
Want a Green Card? Pay $1M for Stake in Orlando-area Condo Hotel
January 28, 2009
The Orlando Sentinel - By Sara K. Clark
Click here to see the article published online.
""The Lake Buena Vista Resort Village & Spa is hoping the lure of permanent U.S. residency will eventually persuade well-heeled foreign investors to help it expand...The resort received government approval several months ago to serve as a ‘regional center’ for foreign investment...’With the tremendous need for economic stimulus that we’re hearing about every day, it’s the perfect complement,’ said Sam Sutton, Lake Buena Vista Resort’s developer. ‘One of the best aspects of the program is that it is an all-cash purchase.’"
Visa Program Slated for Wooster may be Official Within Six Months
January 27, 2009
The Daily Record (Wayne County, OH) - By Brian Schaaf
Click here to see the article published online.
"Attorney Steven W. Yale-Loehr, of Ithaca, NY.-based Miller Mayer, indicated approval could come in four-six months...The EB-5 is a governmental program that provides 3,000 visas each year for foreigners who make large investments in designated areas. It was established by the federal government in 1990 as an opportunity for immigrants to become permanent residents of the United States by investing $500,000 in certain circumstances or $1 million in a business that creates 10 jobs. Wooster’s program would be established for the BioHio park along Secrest Road, and would be the first of its kind of Ohio...In the application, Wooster Growth identified four areas of activity EB-5 projects could fall under—ag-biosciences, advanced manufacturing, commercial redevelopment and alternative energy."
Patents, but not Products, Proliferate: Idaho Plotting to Turn Wealth of Ideas into Wealth
January 26, 2009
Idaho Business Review - By Zach Hagadone
Click here to see the article published online.
"...the Commercial Innovation Division’s first job is to do just that through an EB-5 Regional Center. The center, which would be run by a private, for-profit entity called iCubed, would take advantage of the federal government’s EB-5 immigrant visa program, which grants visas to foreign companies looking to invest in U.S. firms. Commerce department spokeswoman Bibiana Nertney said the feds grant about 10,000 EB-5 visas every year and allow for foreign investment of at least $500,000 in rural areas and $1 million in urban areas...Though the center is still a ways from being a reality – the paperwork has been filed with the federal government..."
Turning Green Cards Into Gold
November 23, 2008
The Vermont Free Press - By Sam Hemingway
Click here to see the article published online.
"Instead, the money will come from close to 200 foreign investors willing to plunk down $500,000 apiece so they can obtain a “green card” visa from the U.S government that will allow them and their families to live full-time in the United States — forever. The money-for-green-card arrangement is permitted under what’s known as the EB-5 program administered by Citizenship and Immigration Services, the agency formerly known as the Immigration and Naturalization Service. The program is designed to provide green cards to foreigners who provide at least $500,000 in investment capital for projects in high unemployment areas of the country. With each $500,000 investment, the program requires the creation of 10 jobs."
Designation as a Regional Center Allows Palm Beach County to Lure More Foreign Investment
October 18, 2008
South Florida Sun-Sentinel - By Doreen Hemlock
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"Palm Beach County has a new tool to create jobs and lure foreign investment. The Department of Homeland Security has approved the county as a "regional center" where foreigners can qualify more easily for employment-based visas and U.S. permanent residency than in most U.S. areas. Foreigners must invest at least $500,000 in poorer areas, such as Belle Glade, or $1 million elsewhere in the county to qualify. They also must invest in certain sought-after activities, which in Palm Beach include a cargo distribution center and a TV and film hub."
Pay-for-Visa Plan Could Revive Houston’s Old Chinatown
August 19, 2008
The Houston Chronicle - By Purva Patel
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"The answer may be in a little known federal program for wealthy foreign nationals who want to move to the U.S.—the EB-5 visa. In exchange for a $1 million business investment that creates at least 10 jobs for at least two years, the immigrant gets permanent residency in the U.S., or what’s known as a ‘green card.’ For those willing to invest in economically depressed areas, such as Old Chinatown, the investment requirement drops to $500,000."
Foremost Foreign: Milk Building Does a City Good
July 31, 2008
Weekly Volcano (Tacoma, WA) - By Josh Norton
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"Many of the projects he seeds are completed with the help of foreign investors who earn citizenship for their efforts under a federal program that began in 1992. Since he began, Liebman has brought hundreds of investors to the region and completed dozens of multi-million-dollar investment projects."
Foremost Dairy an Open Door to Investment
July 28, 2008
The News Tribune (Tacoma, WA) - By Dan Voelpel
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"The program allows up to 10,000 foreigners and their families a year to gain permanent U.S. residency by investing at least $1 million in a commercial venture that directly creates at least 10 jobs. Of those 10,000 slots, the government sets aside 5,000 for investments in one of more than 20 designated regional centers around the country. Nowhere near that many foreigners have taken advantage of the chance. The most in a full year, 1,361, came in 1997. The fewest, 64, came in 2003. Regional centers have less stringent job-creation requirements. Foreign investors can earn U.S. residency with as little as $500,000 and don’t have to start a business that creates the jobs directly. Regional centers may rely on indirect employment to satisfy the 10-jobs-per-investor requirement. In some cases, the investment can simply construct or renovate a building – like the Foremost Dairy – to make usable space for at least 10 direct or indirect jobs."
Foreigners Invest Locally in Return for Green Card
July 25, 2008
Orlando Business Journal - By Dan Ping
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"The U.S. Citizenship and Immigration Service will decide next month whether or not to name Central Florida as a major hub where local businesses can tap into a new source of foreign investment—up to $10 billion annually. It’s all part of the EB-5 Immigrant Investor program, which allows foreign investors to eventually become permanent U.S. residents. It was created by Congress in 1991 to spur foreign investment and create new jobs in the U.S."
Visas Bring Investors from Abroad to Philly Development Projects
July 18, 2008
The Bulletin (Philadelphia, PA) - By Bradley Vasoli
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"Hundreds of foreign nationals have come to Pa. to invest in major corporate development projects, advocates of an investor visa program said Thursday during a Philadelphia business forum...Several major Philadelphia commercial projects are being financed in part through loans from EB-5 recipients...Those ongoing developments include the Aker Philadelphia Shipyard, the Hotel Palomar on 17th and Sansom Streets and the Science Center in University City...The PIDC Regional Center acts as a channel whereby investors’ loans flow to the companies and as an avenue for sending green-card applications to U.S. Citizenship and Immigration Services. CanAm Enterprises LLC, the center’s parent company, has raised roughly $400 million from EB-5 visa holders to date and processed 500 temporary visas as well as 10 non-conditional visas across the U.S."
Foreign Investment Program Gets Development Group Nod
July 18, 2008
The Times (LaSalle, IL) - By Charles Stanley
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"At the County Board meeting, Chicago attorney Taher Kameli hoped for approval of a resolution of support from the County Board for the application to create an EB-5 regional center. The center is to handle loans from the investment funds that could reach $500 million over the next five years, Kameli said...The funds would come from foreigners willing to put up $500,000 for local projects for five years at no or low interest rates in exchange for permanent residence status in the United States."
Venture Seeks Chinese Investment in Wisconsin: Visa Benefit Could Make Metro Area More International
May 28, 2008
Milwaukee Journal Sentinel - By John Schmid
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"The program uses a federal program that grants U.S. residency rights to qualified foreigners who create at least 10 jobs by investing within the metro area. Milwaukee entrepreneur Robert Kraft is leading the venture, called FirstPathway Citizenship Fund, which cleared its final legal and bureaucratic hurdles this week. Kraft and Harrison see the fund as a way to build the Chinese community in Milwaukee, making the city more international and linking it more closely to the movement of people and capital around the world. The program is administered by the U.S. Department of Homeland Security and deals with a category of visa called the EB-5. While many classes of U.S. visas are oversubscribed - leaving U.S. employers and universities chafing at the inability to recruit workers from abroad - Washington seldom reaches its cap of EB-5 visas."
SCLA Development Hinges on Chinese Investors
April 25, 2008
Victorville Daily Press (Victorville, CA) - By Brooke Edwards
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"More than 20,000 local jobs and $1.6 billion in development are contingent on start-up funds from Chinese investors...He calls the EB-5 program a win-win for the city and the investors...’We get to use their money, and they get to be first in line for visas.’"
Asian Funds Sought for Redevelopment
March 27, 2008
Milwaukee Journal Sentinel - By John Schmid
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"The program offers U.S. residency rights to qualified foreign investors who invest at least $500,000 and create at least 10 jobs in rural or distressed areas within a designated ‘EB-5 Immigrant Investment Zone’...Qualified investors from almost any part of the world can apply for residency under an EB-5 Immigrant Investment Zone, so named because it hinges on a class of visa called the EB-5...The Association to Invest in USA, a trade association of EB-5 zones, estimates that the 17 zones could bring in a total of $1 billion in foreign investment this year..."
South Dakota becomes land of opportunity
October 22, 2007
American News (Aberdeen, SD) - By Emily Arthur-Richardt
Rodney Elliott first heard about the opportunities South Dakota could offer him and his family at an informational meeting in Northern Ireland.
"South Dakota was promoted right across the world for what they could do for dairy farmers," said Elliott, 43, who now lives in a house on Lake Poinsett with his wife, Dorothy, and three teenage children. "We went to information night in February 2004, and following the first information night, I decided to take a little trip."
That first trip brought Elliott to South Dakota, where he visited the state and toured some of the dairy farms around the area. Two years and at least five trips to South Dakota after that first meeting, Elliott was moving his family across the world and opening a dairy farm. The new beginning was partly because of Elliott's persistence that there was something better out there and partly because of a program known as EB-5.
EB-5 is an employment-based visa category that gives foreign investors their green cards if they invest $500,000 or $1 million -- depending on the location -- in a U.S. business.
"I've been in dairy all my life, but the opportunities back in Northern Ireland aren't what they are here," said Elliott, who is considered a permanent resident in the United States, while his wife, who was born in Connecticut, is a U.S. citizen. "It was getting very difficult. Land prices are extremely high; land acquisition is very tough. It was just getting hard to make a living there."
While Elliott and his family had planned to move to the United States to live and work anyway, EB-5 gave them a way to do it.
Four Korean investors were brought on board to help with the financing, and Elliott became a general partner in a dairy operation in Hamlin County.
Drumgoon Dairy near Lake Norden milks about 1,500 head of cattle a day, Elliott said. A far cry from the approximately 150 head he had in Maguiresbridge, County Fermanagh, Northern Ireland. The South Dakota dairy farm, which is about five miles from their home, also employs about 20 people, he said.
"South Dakota offered a lot of opportunity to build a business of a size I really wanted to do," Elliott said. "It also offered an opportunity to work in an area we really liked."
Since coming to South Dakota, Elliott said his family has made a conscious effort to make South Dakota their home. The Elliott children go to school in Estelline, Elliott said the dairy farm tries to buy as many supplies in Hamlin County as possible, and the family often participates in community and social functions.
"We like it very well here," Elliott said.
And while they would have maybe ended up in America anyway, it might not have worked out the way it did, he said. The Elliotts might not be in South Dakota and the dairy operation definitely wouldn't be the size it is, Elliott said.
He gives EB-5 much of the credit.
"It's enabled us to have what we've always wanted," said Elliott, who hopes to buy off the investors after five years and have sole ownership. "We're just in our first year here, but it's given us a better life. ... It was influential in our decision to come to South Dakota."
China Trade Outpost May Join Pabst Site
July 12, 2007
Milwaukee Journal Sentinel - By Tom Daykin
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"The Milwaukee facility could take advantage of the recent designation of a federal economic development zone in southeastern Wisconsin that seeks to attract foreign investment. The Immigrant Investor Pilot Program offers visas to foreigners who invest at least $500,000 and create at least 10 jobs within the seven-county region. The Milwaukee area is among only about 15 Immigrant Investor Pilot Program zones. The Department of Homeland Security in May approved the zone for southeastern Wisconsin..."
U.S. OKs Regional Development Zone
May 02, 2007
Milwaukee Journal Sentinel - By John Schmid
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"On Tuesday, the Department of Homeland Security approved the creation of an economic-development zone in southeastern Wisconsin that's meant to attract foreign investment by offering United States residency rights to qualified investors...To lure entrepreneurs from around the world, the program offers visas to foreigners who invest at least $1 million - or $500,000 in areas that have high unemployment or are rural - and create at least 10 jobs within the seven-county metro region..."
EB-5 Visa Program Seeks to Pump Investment Dollars into New Orleans
March 15, 2007
The Washington Diplomat - By Larry Luxner
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"The prized green cards come courtesy of the little known EB-5 visa program, whereby non-Americans are granted U.S. residency if they invest at least $1 million in a commercial enterprise and create a minimum of 10 direct U.S. jobs in the process. But if the investment is made in a specially designated "targeted employment area" (TEA) suffering from high unemployment or economic crisis, then the immigrant investor is required to invest only $500,000 and create 10 direct or indirect jobs...the U.S. government believes total investment through the EB-5 program into these regional centers has been running about $300 million to $400 million annually, but that by the end of 2008, it could jump to $1 billion a year. A maximum of 10,000 green cards may be issued annually under the EB-5 program, of which 3,000 are set aside for these designated regional centers..."
Investment Plan Could Create Jobs
January 24, 2005
The Bellingham Herald (Bellingham, WA) - By John Stark
A wrinkle in U.S. immigration law, coupled with Whatcom County's location on the Canadian border, could tap into a new source of investment dollars to finance private job creation here. The federal government must approve the plan.
The Bellingham Whatcom Economic Development Council is applying to the U.S. Department of Homeland Security to get the county designated as a regional center under the Immigrant Investor Pilot Program. If the designation is granted, federal law would allow a foreign investor to earn permanent resident status in the United States by investing as little as $500,000 in a Whatcom County business if the investment created at least 10 new jobs, directly or indirectly.
The investor would get a temporary visa once a qualifying investment was made, and a permanent resident visa if the jobs were still here after two years. Rob Pochert, executive director of the development council, said the designation would be "another arrow in the quiver to attract investment dollars to Whatcom County."
If the designation is approved, the opportunity would be marketed to foreign investors in a number of ways.
The development council and the Bellingham Whatcom Chamber of Commerce would market local investment opportunities to foreign investors who make inquiries. Such investors would be recruited in Canada by the nonprofit Pacific Corridor Enterprise Council, and on a worldwide scale by IMS Immigration Services Ltd., a company that specializes in helping would-be immigrants get legal status in the United States and other countries.
The company has offices in Canada, Korea, New Zealand and Australia.
Pochert said he hopes federal officials will respond to the application within four months.
If the feds approve the deal, immigration attorney Greg Boos said he doesn't think it will trigger a major rush of foreign capital into the county. But it will give the county equal status with other communities such as Philadelphia, New Orleans and the state of Hawaii that already have acquired the regional center designation. Boos said the federal immigrant investor program has been around for years, but until recently it was cumbersome to use, and only about 1,000 investors per year took advantage of it. Now the program has been overhauled and should be more attractive to the people it was meant to attract, he said.
The county's border location should make it a more attractive location for such investments than many other areas of the country, he added.
Jim Pettinger, president of International Market Access Inc., said he doesn't expect a big financial windfall for local companies, but the immigrant investor incentives could still have significant direct impact.
Pettinger's company provides services to companies trading across the U.S.-Canada border, and he operates a foreign trade zone in the Port of Bellingham's International Trade Building at 3873 Airport Way.
He compared the immigrant investor designation to the foreign trade zone. As he described it, the zone doesn't provide a lot of direct economic benefits under the current state of trade law between the U.S. and Canada. But the existence of the zone helps attract business inquiries that sometimes lead to business relationships, even if the zone itself winds up not being a part of that relationship, Pettinger said.
