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New York county submits application for EB-5 regional center status

January 11, 2011 @ 1:32 pm
Posted by Exclusive Visas

New York county submits application for EB-5 regional center statusLegislators in Franklin County, New York, said recently that 2011 is expected to be just as difficult as 2010 in terms of the economy and spending, the Adirondack Daily Enterprise reports.

Democratic legislator Tim Burpoe, who was recently appointed head of the finance committee, noted that two of his major goals are to support the ACR and Patriot Hills, a retreat hotel and program designed for veterans that is being established in Saranac Lake, New York.

"The spinoff of that is going to be a benefit to everybody," Burpoe told the news provider.

In addition, Burpoe touted the fact that Franklin County had submitted its application for EB-5 regional center status. He said that such a designation would allow the county to have better access to foreign investment for projects such as the ACR and Patriot Hills.

Through the federal EB-5 visa program, foreign nationals can obtain U.S. green card eligibility by making an investment of $1 million (or $500,000 in some areas) in an American company or project that either creates or maintains at least 10 full-time jobs.

The U.S. Citizenship and Immigration Services defines an EB-5 regional center as "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."

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