The State Department plans to issue more than 6,000 EB-5 Visas during the 2012 fiscal year, according to USCIS reports. This will be an all-time record, and has already spurred the path for other countries to initiate and promote the “investor visa” program.
Bill Wright, a spokesman for U.S. Citizenship and Immigration Services explains the EB-5 Visa program with, “Our goal is certainly job creation, and that’s what this program is all about…At the same time, it’s allowing somebody from a foreign country to come and invest in our nation.”
The EB-5 Immigrant Investor program provides foreign investors with the opportunity to obtain conditional visas that allow them and their families to live, work and attend schools within the US in exchange for investment in economy-boosting and job-creating projects. Those who wish to obtain the visas must invest $500,000 or $1 million into new or recently created businesses. The project must be completed in a high-unemployment or rural area for a $500,000 investment. Furthermore, the investment must create or preserve at least 10 full-time jobs.
According to USCIS, the immigrant investor program has been responsible for at least 46,810 jobs and more than $2.3 billion in investments since its 1990 inception. If the program were to meet its 10,000 quota this year, it would contribute over $4.4 billion to the GDP and create or preserve nearly 75,000 jobs annually, states ICF International, a government consulting firm.
While Senator Patrick Leahy (D-Vt.) recently introduced and succeeded in passing legislation seeking to give permanent status to the program, it remains slow to roll. Of the 12,000 immigrants who arrived within the US on the EB-5 Visa, 39% have earned permanent residency, according to USCIS statistics.
But, USCIS press secretary Christopher Bentley explains, the agency “continues to take steps to enhance [the EB-5 program’s] efficiency and integrity. The USCIS has recently expanded the team of analysts responsible for evaluating projects and proposals, in efforts to speed up the approval process.
As interest in the program grows, and the US streamlines the process of project and visa approval, the competition within the program will correspondingly increase. It will be imperative to obtain the services of a reputable and well-established organization in order to obtain the correct government approvals to obtain residency through the EB-5 Immigrant Investor program in the near future.
Florida Regional Center has consistently displayed success in reaching EB-5 approval for its investors. Florid Regional Center explains that EB-5 Visa approval depends upon the following factors: Creating a secure and realistic business plan; showing proof of financial stability; presenting a conservative job creation analysis; demonstrating on-time construction and enlisting the services of knowledgeable and experienced immigration attorneys.
Established in 1990 as an agent of the Congress-approved EB-5 Regional Center Program, the Palm Beach Gardens firm represents projects in the greater South Florida area and beyond. Florida Regional Center works with foreign investors and their families to obtain EB-5 Visas and permanent residency in exchange for investments in community development and economy boosting campaigns.
Florida Regional Center is involved in the Harbourside Place project, Water Pointe Project, ESI Jupiter Technology Park Project and the Tequesta Village Center project – all of which will include EB-5 investors and community redevelopment programs.
For more information on EB-5 Visas and the EB-5 Visa Program, to learn about Florida Regional Center or to speak with a representative from Florida Regional Center, visit visaeb-5.com.