Uptick in EB-5 investor visas could partly help spur South Florida economy
By Steve Gara - Miami Business and Industry Examiner, Examiner.com
I found it very interesting to see that the opportunity for foreign nationals to get a green card by way of investing here in the US, particularly in Florida is on the rise. Most of the interest in investment is in distressed real estate, properties that are located all over south florida, whether it is residential or commercial. There is a pilot program established for wealthy foreigners to get the EB-5 investor visa but they must to invest upwards of half a million dollars or more in a new or established business that leads to the creation of 10 or more full time jobs.
Until the pilot program was approved, a $1 million investment was typically required to be eligible for the EB-5 investor visa, which required investors to employ 10 workers directly. The lower investment threshold could be a significant incentive for more people to apply, attorneys say.
About 10,000 EB-5 investor visas are available annually, of them about 3,000 for the pilot program. Last year, fewer than 1,000 were issued under the relatively obscure EB-5 visa program. A move is under way in Congress to make the pilot program permanent in the aftermath of growing interest brought about by the recession.
This is good news for us locally because it jumps starts our local economy by bringing in much needed fresh capital from overseas since local sources for funds and credit still remain dry. This new influx of funds creates jobs, which in turn creates the momentum for the economy to get rolling again and could give south florida a competitive edge to emerge from the recession better off than most areas of the country.
As the debate heats up with immigration reform in the coming year, it will be interesting to see whether this program in fact gets expanded or becomes a casualty of bureaucracy.
New Investment Center Will Pump Billions into South Florida’s Economy
The Federally Approved South Florida Investment Regional Center Will Attract New Businesses and Jobs
MIAMI–(BUSINESS WIRE)–A new investment hub that will inject capital into the local economy has been announced. The South Florida Investment Regional Center — as it will be known — will promote economic growth, create new jobs, increase export sales, and attract capital investments to the area. Its success is assured since the incentive for the investors and the basis of the program are crystal clear:
Immigration through Investment.
Under a federal program, designed by the U.S. Dept. of Homeland Security, Citizenship and Immigration Services (USCIS) to help foreign nationals invest in local businesses in South Florida, qualified foreign investors will be eligible to receive permanent resident status in the United States — along with their immediate family — when they invest in U.S. businesses that create jobs and opportunities in our local economy. That program is known as the EB-5 Visa Program.
“This is incredible news for South Florida, especially in this tough economic time,” said Emilio T. Gonzalez, former Director of USCIS and a South Florida resident, “Businesses get capital, South Floridians get jobs, and the investor gets permanent residence, it’s a win-win-win situation,” he added.
The South Florida Investment Regional Center was approved to promote and facilitate investments under the EB-5 Visa Program for all of Miami-Dade and Monroe Counties.
“Miami-Dade and Monroe Counties are perfectly situated for this type of foreign investment opportunity. Our desirable location, dynamic economy and great investment opportunities set the stage for the success of the South Florida Investment Regional Center,” said Eric Gould, Partner and Co-Founder of the South Florida Investment Regional Center.
“Foreign investors will especially be attracted to the service we provide; high quality investment opportunities and the fringe benefits of South Florida,” adds David Hart, Partner and Co-Founder of the S.F.I.R.C.
The employment-based fifth preference — known as the EB-5 immigrant visa — was created in 1990 for immigrants who invest in U.S. companies that benefit the U.S. economy and create or save jobs in the U.S.
The required investment is $500,000 if made in a high unemployment or rural area. When they make their investment, investors receive a “conditional green card” good for two years. After that time, investors must prove to have maintained their investments having created or saved at least 10 jobs. Then, their conditional status can be converted to permanent residency. For more information, visit the South Florida Investment Regional Center’s web site at www.eb5regional.com.
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