Posts Tagged ‘EB-5 Visa Program’
By Renata Castro
Chinese influence is no stranger to several areas of the United States such as New York, San Francisco and Seattle, but recently more areas are putting their best foot forward to attract Chinese visitors, and most importantly, Chinese EB-5 investors.
Florida has become an up and coming destination for Chinese visitors looking for some fun in the sun, theme park action at places such as Disney World and Universal Studios parks in Orlando. Aside from the expected activities of any Florida tourists, Chinese visitors have their eyes on a different prize – casinos.
In one of the latest moves toward attracting Chinese visitors to Florida, Seminole casinos have introduced Asia’s hottest slot machines to their casino locations. Fa-Fa-Fa, which means Richer, Richer, Richer in mandarin, is a wildly popular slot machine featuring Asian symbols of prosperity. Turtles, gongs, fish and phoenix illustrate this slot machine that is one of the most prevalent ones in Macau. With jackpots of US$ 150,000 minimum, Seminole gaming executive hope to attract to Florida what EB-5 projects have been doing for a while now – Chinese wealth.
The EB-5 program, which allows foreign investors to become US permanent residents through a passive investment of US$ 500,000 that fulfills certain USCIS requirements, has been China’s ultimate indulgence, allowing the nouveau riche of the growing economy to provide their offspring with an expedited path towards the American dream.
The EB-5 program benefits the investor, his or her spouse and any children under the age of 21 at the time the EB-5 petition is filed with the United States Citizenship and Immigration Services. The program is open to citizens of any nation, but Chinese nationals filed over 60% of I-526 petitions in recent reports issued by USCIS.
Given current currency restrictions imposed by the Chinese government, EB-5 investors using funds from China are particularly concerned over the proper procedures to be followed in the EB-5 process, as source of funds is one of the most important prongs of the eligibility test performed by USCIS when granting green cards.
Exclusive Visas has successfully worked with several EB-5 investors from China in obtaining their green card. Contact Exclusive Visas for more information on the EB-5 program.
IIUSA Announces Results of Economic Study, Confirms EB-5 Regional Center Program Leads to U.S. Job Creation, GDP Growth and Tax Revenue
Chicago, IL (as posted by PRWEB) September 27, 2013
The Association to Invest in the USA (IIUSA), the national not-for-profit industry trade association for the EB-5 Regional Center Program (the “Program”), recently commissioned Minnesota IMPLAN Group, Inc. (MiG) to conduct an economic impact study on the EB-5 Program for 2010-2011 and draft the results for peer-review and publication.
The study, which is also peer-reviewed by university economists affiliated with the Association for University Business and Economic Research (AUBER) is an important tool for industry stakeholders, particularly in advocacy efforts. The primary analyst working on the publication, David Kay of MiG, Inc., presented the findings of the economic impact analysis at IIUSA’s 3rd Annual International Investment and Economic Development Forum in Las Vegas this past June. The results from the study show that in 2010-2011 the EB-5 Program supported over 33,000 jobs and contributed $2.65 billion to the US economy in GDP while generating $346 million in federal tax revenue of and $218 million in state and local tax revenue.
Peter Joseph, IIUSA’s Executive Director will be part of a panel presenting the findings of the report at the Association for University Business Economic Research (AUBER) annual fall conference in Richmond, Va. on October 12-15, 2013.
“This newly published economic impact assessment demonstrates the tangible economic benefits of the EB-5 Program utilizing a comprehensive investment dataset that allows for more accurate findings than ever before. The results are clear: the EB-5 Program works for America on several levels that include job creation, GDP growth, and tax revenue,” said Joseph. “We are working on a 2012 assessment that will be published in the near future, which will show how the growth of EB-5 utilization has enhanced the program’s economic benefits for the U.S.”
The IIUSA-commissioned report expands upon the United States Citizenship and Immigration Services’ (USCIS) EB-5 Program evaluation from 2010 that included an economic impact assessment. Unlike the USCIS 2010 report, the IIUSA-commissioned report is based on comprehensive investor per Regional Center statistics from 2011 annual reporting by the Regional Centers with USCIS. The new report also captures the recent spike in growth of the EB-5 Program post-2008 recession and broadens the scope of analysis to include both national and state level economic impacts. It also expands spending categories to include both direct investment and indirect/induced economic impact factors, such as the immigrant investors’ household spending and various other immigration expenses, like government immigration fees, attorney fees and moving costs.
IIUSA is the national not-for-profit industry trade association for the EB-5 Regional Center Program, represent well over 100 Regional Center members that account for over 95 percent of the capital flowing through the Program. IIUSA represents the industry in government and public affairs, telling the story of how the EB-5 Program has become an integral part of U.S. economic development policy.
USCIS approved another 24 new regional centers in August bringing the Total regional center approvals for 2013 to 136 (for a total of 364 RCs). “EB-5 funding continues to grow in popularity as a result of the program’s growing credibility. That’s good for EB-5 petitioners who are given more and better choices as a result. But all those choices also underscore the importance of reliable and trustworthy guidance throughout the complexities of the EB-5 process,” said Fred Burgess, President of Exclusive Visas, a South-Florida based EB-5 consultancy.
The new centers are located in Alabama, California, Connecticut, Florida, Georgia, Indiana, Kentucky, Maine, Massachusetts, Michigan, Mississippi, New Hampshire, New Jersey, New York, North Carolina, Oklahoma, Pennsylvania, Puerto Rico, South Carolina, Tennessee, Texas, and Virginia.
Alabama, Kentucky, Mississippi, Tennessee, Virginia
- CP Southern Regional Center
- 68 America Regional Center, LLC
- FutureCare Regional Center of Southern California, Inc.
- HT Asset Holding Inc.
- San Francisco EB-5 Regional Center, LLC
- American Pacific Hotels Regional Center
- Faustus Capital LLC
Connecticut, New Jersey, New York, Pennsylvania
- New York Metropolitan Regional Center
- US EB5 New York City Regional Center
- U.S. Business Regional Center Inc.
- South Florida EB-5 Regional Center, LLC
- BLMP Florida Healthcare Regional Center, LLC
- Greystone Florida Regional Center LLC
- Southern Film Regional Center, LLC
- Civitas Indiana Regional Center
Maine, Massachusetts, New Hampshire
- United States Investors Regional Center
- Resource Regional Center Michigan,
- Encore Mississippi Regional Center
North Carolina, South Carolina
- Carolina Global Regional Corporation
- North Carolina – East Coast RC
- Chen Roberts Regional Center
- Reside in America Puerto Rico, LLC
- Medical Investment in Texas Regional Center
- Dominion Mid-Atlantic Associates, Inc.
The complete list of Regional Centers is available at the USCIS site.
Contact Exclusive Visas for EB-5 Regional Center Information Today
An Exclusive Visas expert EB-5 consultant will supply the investor with trustworthy information on the EB-5 program and its Regional Centers. Exclusive Visas handles all issues associted with the program and brings together all its elements giving the client the broadest likelihood of success.
From petitioning the USCIS to choosing a credible project to invest in, Exclusive Visas will see to it that the investor has all the information necessary to give them piece-of-mind while making the best of the EB-5 opportunity.
Click here to contact an Exclusive Visas EB-5 consultant now
Current issues in Washington D.C. over the EB-5 program and U.S. Citizenship and Immigration Services (USCIS) Director Alejandro Mayorkas shouldn’t affect efforts to bring foreign investment to the U.S., according to industry insiders.
The Associated Press recently reported that Chairman Mayorkas, President Barack Obama’s choice to be the No. 2 official at the Homeland Security Department, is under investigation for allegedly improperly helping a Virginia company secure EB-5 approval for a Chinese investor who had been rejected by USCIS.
However, the USCIS Inspector General’s office said in an email to congress that it did not have any findings of criminal misconduct at this point, and that it has not specified criminal violations specific to Mayorkas.
According to Bill Stenger, owner of the Jay Peak Ski Resort, a Vermont Regional Center EB-5 project, large projects with an internationally diverse investor pool should see minor if any effects from the probe. However, projects funded by a majority of Chinese investors could be affected although that is unlikely as well due to the program’s popularity.
Chinese EB-5 petitioners make up only 20 percent of Mr. Stenger’s project’s investors. “We have investors from all over the world. In the last week we have had investors visit from Saudi Arabia, Egypt, South Africa, Thailand and Taiwan,” he said.
Many have come to Chairman Mayorkas’ defense. Brent Raymond, director of the Vermont Regional Center said that Chairman Mayorkas has improved the EB-5 approval process, “both as far as strengthening review as well as making it more streamlined and predictable.”
And according to many industry insiders the issue is institutional going far beyond any culpability attached to the Chairman: USCIS does not have (nor has it ever had) the expertise to read and analyze securities documents and truly understand complex issues such as source of funds or at risk.
However, that is changing. In the next couple of years the SEC will be looking at the entire EB-5 program more carefully resulting in tighter control and tighter interagency involvement in the EB-5 process.
Additionally, Sen. Patrick Leahy’s (D-Vermont) legislation introduced earlier this summer would provide additional oversight tools to ensure that all users of the program are in full compliance with securities laws.
“While some may see the SEC probe in Washington as negative most of us in the industry see the government actions as boosts to the EB-5 program’s credibility,” said Fred Burgess, President and co-founder of Exclusive Visas, a South-Florida EB-5 consultancy.
“It’s our government’s job to police investment offerings whether they’re stocks, bonds, or EB-5 projects. Those of us in the industry trying to bring our clients credible projects with the greatest likelihood of success are dogged by bad projects that make claims that are ‘too good to be true’ because of the lack of oversight. We welcome the SEC’s involvement,” said Mr. Burgess.
The probe reinforces how important it is to work with competent and trustworthy experts when pursuing an EB-5 visa. Exclusive Visas brings together all the elements of the EB-5 program, manages timelines, and assists the client with their due diligence in order to give the client the broadest likelihood of success. Exclusive Visas sees to it that the investor has all the information necessary to give them peace-of-mind while making the best of the EB-5 opportunity.
Contact Exclusive Visas Today for more Information on the EB-5 Program