New Mexico town officials to meet with federal EB-5 representative
Officials from a small town in New Mexico that is currently considering forming an EB-5 regional center will meet with officials from the federal program in the next few weeks.
In April, Bruce Boynton, the legal counsel for Milan, New Mexico, was instructed by the town’s board of trustees to investigate the EB-5 visa program, according to the Cibola Beacon.
At that meeting the town’s mayor, Tom Ortega, said the program could help the community.
“This board would like to get more jobs around the area,” he told the news source.
The EB-5 visa program was established in 1990 and gives foreign nationals a chance to become eligible for U.S. green cards. If foreign nationals invest $1 million in an American business and that investment leads to the creation or preservation of 10 jobs then the investor becomes green card eligible.
EB-5 regional centers help to direct and manage foreign investments. These centers can be private entities or government agencies. Some areas, like Milan, qualify to be Targeted Employment Areas because their rate of unemployment is higher than the national average. Only $500,000 need be invested in such designated areas.
Ortega and Boynton expect to meet with a representative of the EB-5 visa program in the next two weeks, according to village manager Marcella Sandoval.