EB-5 News Archive for November, 2010
A group of GOP lawmakers in Colorado referring to themselves as the Republican Study Committee of Colorado are seeking an Arizona-style immigration law for the state, KUNC reports.
Recently, the panel spent a day listening to a number of anti-illegal immigration speakers including Jack Martin, who is the special projects director of the Federation for American Immigration Reform.
"The key that we see for significantly reducing the impact of illegal immigration in the United States, in Colorado, is basically to deny the job opportunities that everyone agrees bring illegal immigrants into the United States," Martin told the committee.
Some Colorado Republicans, including Senator-elect Kent Lambert of Colorado Springs, want to see a law passed that would require authorities to check people's immigration status. Lambert says too many Colorado employers are hiring illegal immigrants because they know they will work for less money, according to the news provider.
Foreigners who want to obtain U.S. green card eligibility can opt to participate in the federal EB-5 visa program. Through this program, foreigners can obtain the eligibility with an investment of $1 million (or $500,000 in some areas) in an American company or project that either creates or maintains 10 full-time jobs.
The federal EB-5 visa program has given investors from South Korea and China incentive to bring jobs and economic growth to the metro Detroit area, Crain's Detroit Business reports.
One example of the investments made through the program occurred in October at electric powertrain manufacturer Alte LLC, which is based in Auburn Hills, Michigan, according to the news source.
"The world is indeed flat," said John Thomas, CEO of Alte. "Foreign investors aware of these opportunities are pursuing them for the return on investment they're seeing in companies like ours."
Through the EB-5 visa program, foreigners can obtain U.S. green card eligibility through an investment of $1 million (or $500,000 in some areas) in an American project that either creates or maintains 10 full-time jobs.
The Green Detroit EB-5 Regional Center is one of four approved U.S. Citizenship and Immigration Services centers in Michigan and there are approximately 140 such regional centers throughout the country.
In Michigan, the EB-5 authorized counties include Wayne, Livingston, Lapeer, Macomb, Oakland and St. Clair.
Jefferson County, New York, could potentially look to foreign investors to create significant local projects that would create jobs through the EB-5 visa program, the Watertown Daily Times reports.
The county's Local Development Corp. (JCLDC) and a hired contractor will reportedly sign the county up for the EB-5 Immigrant Investor Pilot Program, which is run by the U.S. Citizenship and Immigration Services (USCIS).
Through this program, foreigners are eligible to obtain a U.S. green card if they invest $1 million (or $500,000 in some areas) in an American project that either creates or maintains 10 full-time jobs.
David L. Mosher of Mosher Business Advisors Corp. suggested that the corporation should work with the Upstate New York EB-5 Regional Center, which is located in Buffalo and serves 22 counties.
EB-5 regional centers can help to direct and manage the foreign investments and can be "any economic unit, public or private, which is involved with the promotion of economic growth, improved regional productivity, job creation, and increased domestic capital investment," according to the USCIS.
"The company establishes itself, then goes into foreign countries and makes presentations overseas," Mosher told the news source. "There’s a lot of overhead and work to get a deal together, so the bigger, the better."
Supporters of the controversial immigration law in Arizona include groups from other states that are seeking ballot initiatives on similar legislation, Fox News reports.
According to the news provider, such initiatives are moving forward in Iowa and California on measures that would allow authorities to check the immigration status of any person they suspect could be in the country illegally.
In Iowa, a citizens group is attempting to collect 200,000 signatures that would encourage lawmakers to pass the law.
"Obviously, Arizona is different than Iowa, but my expectation would be that absolutely there are things we can learn from them," said Kraig Paulsen, a Republican from Iowa. "That is probably as good a place to start the conversation as any."
In California, voters may get the opportunity to vote on a proposal similar to the Arizona law after Secretary of State Debra Bowens recently allowed a man to collect signatures for the ballot initiative, according to the San Francisco Chronicle.
Foreigners seeking to earn U.S. green card eligibility can participate in the EB-5 visa program, which allows them to receive the eligibility through a $1 million (or in some areas $500,000) investment in a U.S. project that creates or maintains at least 10 full-time jobs.
According to the head of the Denver, Colorado-based National U.S. India Chamber of Commerce, there has never been a better time than the present for Colorado companies to do business in India, the Denver Post reports.
Founder and chief executive of the chamber, Purnima Voria, told the news source that trade relations between the U.S. and India were helped significantly by President Barack Obama's recent visit to the South Asia country.
Voria, who was recently appointed to the U.S. Department of Commerce's National Advisory Council for Minority Business Enterprises, also flew to India to participate in the president's visit, according to the news provider.
Voria founded the chamber five years ago in order to promote trade between the two countries, with one of the major goals being the promotion of the EB-5 visa program. Through this program, foreign investors can become U.S. green card-eligible if they invest $1 million (or $500,000 in some areas) in a U.S. project that either creates or maintains 10 full-time jobs.
During the recent trip to India, President Obama announced deals between the two countries that will potentially support 53,670 jobs and create exports of $9.5 billion, according to the Post. He also reportedly pleased the Indians by criticizing Pakistan's slow progress in getting rid of terrorists, Voria told the news provider.
Voria added that Colorado and other Western states can tap into India's growing market strength, with satellite cities such as Pune in western India and Hyderabad in the east being two specific markets that should be explored.
She also said that Aspen and Vail are becoming increasingly popular destinations for wealthy Indians, as a group of investors from the country recently purchased a large portion of land in northern Colorado for a residential and golf course development.
"It's very important to wake up to these economic opportunities or else other places are going to beat us," she told the Post.
Voria reportedly hopes to meet with Governor-elect John Hickenlooper to discuss a potential Colorado trade mission to India.
This year, through August, India has been Colorado's 18th-largest export market, according to statistics from WiserTrade and the World Trade Center in Denver. While exports to India fell in both 2008 and 2009 as they did in most cases, they have rebounded with a 22 percent growth this year, according to the data.