EB-5 regional center looking to draw foreign investment to Kentucky
A new EB-5 regional center in Kentucky is hoping to provide the area with $100 million in foreign investment capital obtained by the EB-5 visa program.
The Kentucky Regional Center was started in March and led by Andrew Moffe, according to Business Courier of Cincinnati. It is based in Florence, Kentucky and its geographic scope is defined as Boone, Kenton and Campbell counties in northern Kentucky and Hamilton, Butler, Warren and Clermont in Ohio.
The EB-5 visa program provides foreign investors with an opportunity to become eligible for U.S. green cards. If a foreign national invests $1 million in an American business and that investment leads to the creation or preservation of 10 jobs, then the investor becomes eligible for their U.S. green cards.
Regional centers were created to help direct and manage the money coming into the country from the EB-5 visa program. Regional centers are defined by the U.S. Citizenship and Immigration Services (USCIS) as “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.”
Moffe is aware of the goals and responsibilities of EB-5 regional centers.
“We hope to work with projects across the region and stimulate growth in multiple locations and industries,” he told the news source.
Currently, the Kentucky Regional Center is working to bring in capital for the Manhattan Harbour project in Dayton, Kentucky. The project is a $900 million development that intends to produce 2,000 residential units and 230,000 square feet of office, hotel and retail space. Moffe and the other principals in the regional center are working with Terry Chan, the chief executive officer of the C&M Investment Group, to help bring capital to the project. As a native of Hong Kong, Chan is uniquely positioned to help draw foreign nationals to this EB-5 investment opportunity.
Moffe and Chan plan to go on a marketing tour together this summer through China and South Korea. Moffe expects the trip to be fruitful.
“We’re in discussions with several groups that have the capacity to bring in 30, 40, 50 investors at a time,” Moffe said. “These investors are looking for anything from real estate to manufacturing type projects.”
The Kentucky Regional Center will be looking to draw investment for not only the Manhattan Harbour project, but also for several other undertakings, the principals of which will allow them to help participants in the EB-5 visa program fulfill the requirements necessary to earn U.S. green cards.