In the BeginningBasically, the EB-5 Immigrant Investor Program allows people to buy permanent U.S. resident status in return for investment in the country. The price? One million dollars put into a commercial enterprise, or $500,000 put into a business serving a rural area or an area with high unemployment. Each investment has to create 10 jobs.
Video Presentation with Details about the EB-5 Immigrant Investor Program
The “Buying Citizenship” RubThe regional centers can be public or private, and have to meet certain criteria in terms of their purpose and the geographies they cover. There are now
About 74 percent of petitioners from the fourth quarter of fiscal year 2015 who invested through a Regional Center did so for various types of real estate projects including mixed use, hotels and resorts, commercial, and residential developments. The remaining petitioners invested, or planned to invest in projects such as infrastructure projects, or transportation, restaurants, medical, and education facility projects, according to the Government Accounting Office.Needless to say, in this era of immigrant animosity, many people don’t like the idea that foreigners can just buy citizenship. And, over the years, the EB-5 program has had its share of controversy and allegations. But, Congress has always renewed it, and with new efforts afoot to make changes that will improve the program’s transparency and accountability, it’s possible this time around the EB-5 might get its customary three-year renewal.
Construction Labor CountsFor construction, and especially infrastructure and civic development projects, the EB-5 program is busy. At least two states have their own state-run regional centers, and cities like Dallas, Miami, and Philadelphia also have their own regional center entities developing public works projects.
Project duration is important for making indirect jobs count. For example, for construction jobs, the construction project must last at least two years, and the indirect jobs claimed must be full-time equivalent for the full two years. Currently the calculations related to job formation must come from an economist working with a regional center.
If it all sounds confusing look at it this way: The EB-5 program is custom made for construction projects when they are developed through a Regional Center because
regardless of project duration,construction jobs can count toward the job creation requirement.