Government Agencies Discover the Promises of the EB-5 Program By Gregory Finkelson
The State of Vermont became the first governmental entity to take advantage of the EB-5 investment visa program by establish the Vermont EB-5 Regional Center. That may be news to many, but it was a headline in 1997 when thousands of new jobs were created for the building and operation of the Jay Peak Resort. Over 500 investors from 56 different countries invested more than $250 million in the project.
It is only recently, however, that a few other governmental agencies, like the City of Miami and the State of Michigan have seen the light and followed suit, soliciting and accepting foreign investments to create jobs and revitalize local economic development. The managing director of the City of Miami Regional Center told the Huffington Post that EB-5 projects, in order to be effective have ďto be about more than just making money,Ē adding that the whole relationship rests upon mutual commitment to ďdeliver on the promises of the EB-5 program.Ē
That is a particularly sage comment, because it is altogether too easy to lose focus on the money-making aspect of the program. The multiple promises of EB-5 can be summed up into one: A brighter future for all involved. Projects are funded, people are employed, processing partners (e.g., Regional Centers, attorneys, accountants) make a profit, and foreign investors and their families immigrate to the land of opportunity. Itís a program where everybody wins.
To learn more about how EB-5 can benefit your projects, contact Dr. Gregory Finkelson at American Corporate Services or call 415-682-2550.