New Mexico town ponders becoming EB-5 regional center
A small town in New Mexico is considering becoming a regional center for the EB-5 visa program.
If the village of Milan wishes to become a regional center it would qualify as a Targeted Employment Area (TEA) because its population is less than 20,000 and its employment rate is higher than the national average, according to the Cibola Beacon.
The EB-5 visa program gives foreigners an opportunity to become eligible for U.S. green cards if they invest $1 million in an American business and that investment saves or preserves 10 jobs. Rather than investing on their own, most foreigners choose to invest through regional centers, private entrepreneurs or government agencies that handle the investment. If a regional center receives the TEA designation the minimum investment is only $500,000.
At a meeting of Milan’s board of trustees, the village’s legal counsel, Bruce Boynton, gave a general outline of the program to attendees and fielded questions. Although nothing firm was decided, Boynton said he would further investigate the EB-5 program and report his findings to the board.
Currently there are 84 regional centers handling EB-5 investments in America with more than 50 waiting for approval.