City in upstate New York to apply for new EB-5 regional center
As interest in the EB-5 visa program continues to grow in the U.S., a city in upstate New York has recently announced its desire to apply for the right to create a new regional center.
The North Country EB-5 Regional Center would be located in Plattsburgh, New York, and is part of the city’s Strategic Vision for 2010, the PressRepublican.com reports.
Garry Douglas, president of the Plattsburgh-North Country Chamber of Commerce, told the news provider that the center was one of the many ways the city was taking advantage of available opportunities.
The president added that after the chamber submits its application to the U.S. Citizenship and Immigration Service, the process is expected to take several months.
This may be a good opportunity for the city of Plattsburgh, since interest in EB-5 visas appears to be increasing.
According to the Wall Street Journal, the recent weakened U.S. economy has made many businesses in the country attractive to foreign investors, which resulted in a total of 4,218 EB-5 visas being issued in 2009.
Each year, a total of 10,000 EB-5 visas are available, although only 867 were granted in 2007.