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New York county receives EB-5 approval
Businesses in Jefferson County, New York, are now eligible to accept funding from foreign investors to add or maintain jobs through the federal EB-5 visa program, the Watertown Daily Times reports.
The county recently received EB-5 approval from the U.S. Citizenship and Immigration Services (USCIS) to become part of expanded territory under the Upstate New York EB-5 Regional Center in Buffalo, according to the news provider. With the approval, the EB-5 regional center can now bring in foreign investment for all counties in the state.
Through the EB-5 visa program, foreign nationals can obtain U.S. green card eligibility by making an investment of $1 million (or $500,000 in some areas) in an American project or company that either creates or maintains at least 10 full-time jobs.
The USCIS defines an EB-5 regional center (such as the one in Buffalo) 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."
Currently, the Buffalo regional center focuses on the companies or projects associated with renovating or building new structures for commercial use, according to the USCIS. According to its website, the Upstate New York Regional Center's main goals are to help foreign investors receive green card eligibility and to preserve and create jobs to help economic development in the region.
David Mosher, a local representative for the center, told the news source that there are a few potential investment opportunities on the docket.
"They have people interested in making the investment in the wings," Mosher said. "I will be packaging opportunities to be presented overseas."
In addition to Mosher, the Jefferson County Industrial Development Agency (JCIDA) will assist in the local administration of the program, the news source said.
"This allows us to bring in larger pots of investment from outside the area," JCIDA CEO Donald C. Alexander told the news provider. "When we're trying to do projects, we have to start looking for where money would be for hospitals, assisted living centers and housing. This program, to some extent, levels the playing field."