Washington marina-golf resort denied EB-5 regional center status
The federal government has denied an application for EB-5 regional center status to The Statesman Group that the developer says is crucial for its plans for a $300 million marina-golf resort in Black Point, Washington, Peninsula Daily reports.
The U.S. Citizenship and Immigration Services (USCIS) recently rejected the company's application to take part in the EB-5 visa program, which could hurt the developer’s chances of attracting foreign investors for the project.
Through the federal EB-5 visa program, foreign nationals can obtain U.S. green card eligibility by making an investment of $1 million (or in some areas $500,000) in an American company or project that either creates or maintains at least 10 full-time jobs.
The developer wants the marina and golf resort to be designed as a designated EB-5 regional center. According to the USCIS, a regional center is defined 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.”
Statesman President Garth Mann said that the company has resubmitted the application, reports the news provider.