Investment firm applies for recognition as EB-5 regional center in Colorado
A national financial investment firm is looking to raise millions of dollars in foreign investment in Colorado by applying for recognition by the U.S. Citizenship and Immigration Services (USCIS) as a federal EB-5 visa regional program center.
Under the EB-5 Regional Center Investment program, a private enterprise or government agency with a targeted investment program can be approved to allocate 3,000 green cards each year for foreign investors in a designated geographic region.
Waveland Ventures, which has offices in Alabama, Colorado, Texas and Wisconsin, expects to hear back on its application to become an EB-5 regional center within the next month, the Denver Business Journal reports. The firm specializes in research and investment opportunities in emerging domestic markets.
Charles Schwartz, Waveland’s managing director told the news source that the firm expects to raise about $50 million in two years from investors who receive an EB-5 visa. In addition, the firm recently received about $100 million in new market tax credits from the U.S. Treasury to promote the economic developments of neglected areas.
According to Schwartz, in addition to the tax breaks, the EB-5 regional center program has emerged as a viable alternative to private lending that could revive Colorado’s construction economy, which has suffered during the recession.