EB-5 gaining in popularity in Texas
There are EB-5 investment opportunities in nearly every U.S. state and territory and their are certainly some potentially intriguing one's in Texas.
There are currently EB-5 regional centers in Dallas and Houston and ones in San Antonio and the Rio Grande Valley expect to gain federal approval within weeks, according to the San Antonio Express-News.
The EB-5 visa program has proven to be popular among a growing number of wealthy Mexicans seeking to live in America, reports the news source.
Under the EB-5 visa program, if a foreign national invests $1 million in an American business and that investment leads to the creation or preservation 10 jobs, the investor becomes eligible for a green card.
Most EB-5 investments are handled through EB-5 regional centers, which help direct and manage foreign capital under the program. According to the U.S. Citizenship and Immigration Service, these centers 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."
Many of the EB-5 regional centers (including the ones in Dallas and Houston) are located in what are known as Targeted Employment Areas, which are defined by law as “a rural area or an area that has experienced high unemployment of at least 150 percent of the national average." Only a $500,000 investment needs to be made under the EB-5 visa program in such specially designated areas.
The EB-5 regional center in Houston is run by Global Century Development and covers the city's Chinatown, which is east of its downtown.
According to Global Century's president Dan Nip, the center plans to create 1,000 jobs by building a large hotel. Nip says that the center already has 50 commitments from investors from around the world, including Mexico China, South Korea, Nigeria, India and Pakistan.
The City of Dallas Regional Center is run by Civitas Capital Management and according to its Managing Partner, Dan Healy, has secured $15 million in capital from 30 investors.
Healy told the news provider that this money will help fund projects in building components, food manufacturing, headquarters operations, instruments manufacturing, logistics, media, telecommunications, transportation manufacturing, health, energy, real estate and information technology services.