Hawaii gets second EB-5 regional center
The state of Hawaii recently received approval from the federal government to create its second EB-5 regional center.
The EB-5 regional center, called EB-5 Jobs for Hawaii LLC, will hope to attract foreign investment through the EB-5 visa program, according to Pacific Business News.
The EB-5 visa program was created in 1990 to help entice foreign nationals to invest in American businesses. Under the program, foreign investors become eligible for U.S. green cards if they invest $1 million in an American business and that investment leads to the creation or preservation of 10 jobs. Regional centers were created three years later to help direct and manage the investments coming in from foreigners.
Hawaii has an interesting relationship with the EB-5 visa program. Two years ago, the first EB-5 regional center in the state was stripped of its designation due to allegations of insufficient management. Its designation was restored several months later. Overall, the EB-5 visa program has been a relative success in Hawaii, bringing in foreign capital to the state, according to some observers.
Many municipalities and private companies have turned to the EB-5 visa program, as the recent recession has dried up traditional routes to receiving loans.