Mining company plans to open EB-5 regional center in California
A mining company recently announced that it has partnered with a consulting firm to establish an EB-5 regional center.
North Bay Resources Inc. is teaming up with ACG Consulting to establish an EB-5 regional center in Northern California. According to a news release, this regional center will encompass all of the region’s “Gold Country,” a region made famous by the California Gold Rush
The EB-5 visa program was established to help American businesses attract foreign capital. In exchange for a $1 million (or in some regions, $500,000) investment foreign nationals can become eligible for U.S. green cards if the investment results in the creation or preservation of 10 jobs.
EB-5 regional centers were introduced shortly after the progam’s creation to help manage and direct foreign investment. These regional 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,” according to the U.S. Citizenship and Immigration Service.
North Bay is expecting that the EB-5 regional center will fund its potential mining projects in Northern California.