WASHINGTON, DC – November 2, 2020 – Invest in the USA (IIUSA) is pleased to share that the National Puerto Rican Chamber of Commerce (NPRCC) joined IIUSA in advocating for reform and long-term reauthorization of the EB-5 Regional Center Program.
The EB-5 Regional Center Program allows federally authorized “Regional Centers” to pool EB-5 visa applicants’ investments to exponentially fuel U.S. local and regional economies with projects that create and save thousands of American jobs.
IIUSA Executive Director Aaron Grau stated, “reforming and cementing a long-term reauthorization can generate more than $9B annually of non-U.S. taxpayer investment into our economy to create and save jobs, just when our economy needs it most.” Grau continued, “that’s why we are so pleased and grateful to the National Puerto Rican Chamber of Commerce for joining our effort. NPRCC represents many of the businesses and jobs this reauthorization will impact and their voices are respected on Capitol Hill.”
Unlike all other visas federal statute requires that each EB-5 visa applicant make a significant up-front investment into a U.S. economic development project (either $900,000 or $1.8 million depending on where the project is located) AND create or retain at least 10 U.S. jobs; no jobs…no visa.
National Puerto Rican Chamber of Commerce Executive Director Justin Velez-Hagan noted that, “Given the state of the current economy, reauthorization of the Regional Center Program is especially important. All U.S. communities need EB-5 economic development dollars. Congress should waste no time assuring these non-Treasury investments are there to help restore American economies and American jobs.”
For more information about the EB-5 Regional Center Program and IIUSA’s advocacy, please visit www.iiusa.org.
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Founded in 2005, Invest in the USA (IIUSA) is the national membership-based 501(c)(6) not-for-profit industry trade association for the EB-5 Regional Center Program (the “Program”). Our members account for a vast majority of capital formation and job creation in the U.S. resulting from the Program.
The NPRCC supports the development of entrepreneurship, innovation, and business expansion throughout Puerto Rico and the U.S. mainland by providing a comprehensive resource for incubating business ideas, leveraging new markets, taking advantage of new opportunities, and advocating for policies that help its communities grow.
