eb5exclusive

With the recession still looming over the heads of many banks and domestic capital providers, it has been hard for many U.S. businesses to attract investment, particularly those in regions that were struggling economically even before the economic downturn. Fortunately for many of these places, like southern Virginia, the EB-5 visa program offers a beacon of light.

Peter Su, Virginia’s assistant secretary of commerce and trade, recently told people at the state’s 14th annual business appreciation week that international investment is being aggressively pursued, according to the Danville Register & Bee.

“I think we’re very well positioned, but in order to get there, we need to take the first step to let the business community know the governor’s office is equipped to assist you in international marketing endeavors,” Su said at his speech in Danville, Virginia.

The EB-5 visa program gives foreign nationals a chance to earn U.S. green cards by investing in American businesses. Specifically, if a foreigner invests $1 million in a U.S. business and that investment leads to the creation or preservation of 10 jobs, the investor becomes green card eligible.

Virgina’s governor, Bob McDonnell, has been pursuing foreign investment and is considering encouraging local businesses to become EB-5 regional centers.

According to the U.S. Citizenship and Immigration Services, an EB-5 regional center is “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.”

Some EB-5 regional centers, such as those that would likely form in southern Virginia, are designated as Targeted Employment Areas (TEAs) and only require a $500,000 investment from the foreign national.

“If you’re looking for capital, this could be something else for you to think about,” said Su, who also pointed out that most successful EB-5 regional centers are a joint venture involving the business and local government.

Virginia is in the process of launching a website to help attract foreign investment to the state. It is expected that when it first launches, there will be Chinese, Korean and Hindi language versions of the site.

“That’ll be the window for anyone abroad who has an interest,” Su said.

Su also mentioned during his speech that specifically investors from China, Taiwan, Korea and India are being targeted.