The regional center that never sleeps
There are many EB-5 regional centers throughout the country and all offer unique EB-5 investment opportunities for foreign nationals, but only one is located in America’s biggest and most dynamic city, New York.
The New York City Regional Center (NYCRC) gives participants in the EB-5 visa program a chance to invest in what their website calls “the global hub of business, entertainment and education and one of the most robust real estate markets in the world.”
The EB-5 visa program was created by Congress in 1990 to help American businesses by rewarding foreign nationals who invest in them with a chance to become eligible for their U.S. green card. If a foreign national invests $1 million in a business and as a result of that investment at least 10 new jobs are created or preserved, the investor becomes green card eligible.
In order to help businesses and investors find each other, the regional center program was established. These private entrepreneurs or government agencies manage and direct investment in the hopes of helping investors meet the requirements of the EB-5 visa program. Some regional centers are located in Targeted Employment Areas (TEAs), which are defined as regions that have an unemployment rate that is higher than the national average. Only a $500,000 investment is required in such places.
The NYCRC is in a TEA and focuses on developing hotels, office space and restaurants among other things.