New EB-5 regional center approved in Washington state
In a move that aims to bring American jobs in and around Federal Way, Washington, the real estate acquisition and developing firm Twin Development was recently approved as an EB-5 regional center by U.S. Citizenship and Immigration Services.
With its new designation, Twin Development will be able to offer an investment opportunity for foreign nationals looking to obtain a U.S. visa and eventually enjoy nearly all of the benefits of U.S. citizenship, SysCon Media reports.
“This project is further confirmation of the Pacific Northwest’s status as an international gateway,” Steve Smith, the company’s co-manager, told the news source.
He added, “By leveraging the opportunity presented by the EB-5 program, we can broaden access to foreign capital sources while providing a lucrative opportunity for international investors.”
According to Smith, Federal Way is Washington state’s eight largest city and contains a population of about 88,580, but only supports 38,000 jobs.
The location became attractive for Twin Development because of its business-friendly tax structure, efficient permitting system and attractive scenery, reports the news source.
As increasingly more enterprises like Twin Development have recognized the value and economic potential of the EB-5 visa program, the number of EB-5 regional centers has increased by about 300 percent in the past year.
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