Over the past year, the development finance industry has been rapidly embracing the Immigrant Investor Program, more commonly referred to as "EB-5". This is not a new program -- it is actually a visa category created by Congress in 1990 primarily to encourage foreign investment in job-creating U.S. economic development projects or companies in return for a U.S. green card (which provides lawful permanent residence status in the U.S.). The projects (or companies) must create or save 10 full-time jobs and provide a minimum $1 million investment (reduced to $500,000 if made in a high unemployment or rural area). Once the investment in a qualifying project or company has been made, the investor receives a conditional "EB5 Green Card" for two years. If the investment has been maintained and the 10+ jobs continue to exist after two years, then the conditional status is removed. Since 1990, the program has been improved on a couple of occasions in order to expand the number of projects that will qualify. In 2002, only 300 EB5 visas were issued, while that number increased to 3,700 by 2009. In addition, investment through this program increased from $22.5 million (450 jobs) in 2003 to $845 million (17,000 jobs) in 2010. 208 "Regional Centers" have now been designated across the country, including six in Georgia. Using the EB-5 program is not simple, and requires close coordination with reputable and qualified Regional Centers, immigration lawyers, and project finance experts.
Register Now As you are not an existing subscriber please register for your free daily legal newsfeed service.Register
If you have any questions about the service please contact firstname.lastname@example.org or call Lexology Customer Services on +44 20 7234 0606.
EB-5: the Immigrant Investor Program
- King & Spalding LLP
- July 11 2012
If you are interested in submitting an article to Lexology, please contact Andrew Teague at email@example.com.
"Lexology is one of the few newsfeeds that I do actually look over as and when it comes in - the information is current; has good descriptive headings so I can see quickly what the articles relate to...
"Lexology is one of the few newsfeeds that I do actually look over as and when it comes in - the information is current; has good descriptive headings so I can see quickly what the articles relate to and is not too long."
Senior Legal Counsel, Bankwest Business
Bank of Western Australia Ltd