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New Vermont governor says utilizing EB-5 program is a priority
Governor Peter Shumlin took office recently as Vermont's 81st governor and said that one of his major goals was to better utilize the federal EB-5 visa program, the Burlington Free Press reports.
Shumlin, 54, was sworn in by Chief Justice Paul Reiber in a House chamber that included a number of state leaders as well as supporters, friends and family, according to the news provider.
As part of the ambitious schedule the governor laid out in his inauguration address, Shumlin said that taking greater advantage of the federal EB-5 visa program should be a major priority for the state and gaining investment in Vermont companies.
Through the EB-5 visa program, foreign nationals can become eligible for a U.S. green card by making an investment of $1 million (or $500,000 in some areas) in an American company or project that either creates or maintains at least 10 full-time jobs.
Betsy Bishop, the president of the Vermont Chamber of Commerce, explained that a number of the ideas discussed by Shumlin were critical for local businesses, particularly the EB-5 program.
"That’s music to my ears," she told the news provider.
According to the Free Press, Shumlin's mention of the EB-5 visa program was one of the major surprises of the speech. During the campaign, Shumlin had criticized the efforts of his Republican opponent as well as the outgoing governor, who had been traveling overseas in order to recruit foreign investors.
Clearly, the news source said, supporters of the EB-5 program, including Democratic Senator Patrick Leahy, had done well to change Shumlin's mind about it. On the same day as the governor's speech, Leahy's office reportedly sent out a release with regards to the program, knowing that Shumlin would be discussing it at the inauguration ceremony.
The program has provided funding for a number of companies and projects in Vermont, including Jay Peak, a ski resort.
Currently the state of Vermont has one EB-5 regional center located in the capital city of Montpelier, according to the U.S. Citizenship and Immigration Services (USCIS). The regional center's geographical scope covers the entire state and focuses on specific industries including ski and tourism, professional services, manufacturing, information publishing and education, according to the USCIS.