Washington state sees boom of EB-5 regional centers
Many more U.S. businesses and foreign investors are becoming involved with the EB-5 visa program as the economic recession has limited the amount of capital available to many companies and one of the most active regions of EB-5 growth in the country is the Puget Sound area of Washington state.
Until recently there were only two EB-5 regional centers in Washington, one in Seattle and the other in Grant County, but now there are seven of them, according to the Puget Sound Business Journal. These new EB-5 regional centers operate in Everett, Tacoma, Lakewood, Federal Way and Whatcom County.
The news source also reports that local developer Michael Christ is seeking the U.S. Citizenship and Immigration Service’s (USCIS’s) approval to start an EB-5 regional center in Renton.
The EB-5 visa program allows foreign nationals to become eligible for U.S. green cards by investing in American businesses. If they invest $1 million (or in some designated areas, $500,000) and that investment leads to the creation or preservation of 10 jobs, the investor becomes eligible for a green card.
EB-5 regional centers were created to help direct and manage EB-5 investments.