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Vermont governor announces EB-5 trip to Asia
Vermont Governor Jim Douglas will travel to Asia next month to try and drum up foreign investors for a number of projects in the Green Mountain State that utilize the EB-5 visa program.
Douglas will make the trip with representatives from six different companies hoping to find EB-5 investors for their projects, according to the Burlington Free Press.
The EB-5 visa program was started to help U.S. businesses attract capital from foreign investors. If a foreign national invests $1 million (or in places with high unemployment, $500,000) in an American business and as a result of that investment 10 jobs are created or preserved.
Douglas said at his weekly press conference that the program was a great way to attract investment to Vermont.
“At a time when capital is hard to come by, the EB-5 program is a great asset to Vermont employers who are looking to grow,” the governor said. “More companies are interested in pursuing the program, more investors are interested in what Vermont has to offer.”
Specifically Douglas’ trip, which will last 12 days, will see stops in Tokyo, Ho Chi Minh City, Hong Kong, Beijing and Shanghai.
The state of Vermont has experienced a great deal of success when it comes to the EB-5 visa program, particularly through investment in its EB-5 regional centers.
EB-5 regional centers were created shortly after the original program to help manage and direct foreign investment. According to the U.S. Citizenship and Immigration Service, these centers can be “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 of the most successful EB-5 regional centers in the state have been the Jay Peak and Sugarbush ski resorts.
Sugarbush, which is no longer accepting foreign investment, raised $20 million through 40 foreign investors, reports the news source.
In 2009, Sugarbush and Jay Peak raised $40.5 million in capital and created 810 jobs, according to James Candido, economic development specialist with the state Commerce Agency.
With the added projects for this year Candido told the Burlington Free Press that the state expects $104.5 million in investments, creating 2,100 jobs.
Most EB-5 investors come from China. In fiscal 2009, 1,979 Chinese received U.S. green cards through the EB-5 visa program, more than double the amount attained by the next closest country, which was South Korea.