eb5exclusive

For months, economic analysts have painted a portrait of the economic climate that predicts a slow but steady revival. Phrases like “long road to recovery” and “cautiously optimistic” have dominated the discussion, generally revealing that while conditions are improving, more action may be needed to put Americans back to work.

Recognizing the trend and the need for action to put more jobless citizens in the workplace, a number of American cities and regions have considered using the EB-5 visa program to attract foreign investment and create jobs for their unemployed citizens.

Although the program floundered in obscurity for much of the last two decades, economic conditions in the country and changing attitude toward the influence of immigration on job creation has boosted the appeal of the federal initiative, which is run by the U.S. Citizenship and Immigration Services.

The number of approved visas for the EB-5 visa program more than quadrupled from fiscal year 2007 to fiscal year 2009, jumping from 847 to 4,218 visas issued during that span, according to the U.S. State Department.

Overall, the program has brought in more than $1.2 billion in investments since 2000, BizJournals.com.

Recently, business leaders and city officials from around the U.S. have begun looking into EB-5 investment opportunities to help develop their companies or communities and bring jobs to their residents.

Last week, city officials in both Portland, Oregon, and St Louis, Missouri, began entertaining proposals to help fund development projects in their regions.

Specifically, the Portland Development Commission has been considering courting foreign investors under the EB-5 visa program as a way to draw investments for projects in Old Town, Chinatown and along the East Side’s new streetcar line, the news source reports.

Taking a proactive step, the St Louis County Economic Council recently applied to become recognized as an EB-5 regional center, making it eligible for foreign investment under the federal program.

The EB-5 program operates on the premise that a significant investment from abroad can help development centers and small businesses hire at least 10 new employees to drive a project.

By investing at least $500,000 in capital (or $1 million in some areas) to a U.S. company, foreign nationals are eligible to receive EB-5 immigration status and be put on track for an expedited process to U.S. residency.