eb5exclusive

Concerned with a soaring unemployment rate that remains drifting above 15 percent, officials in Riverside County, California, are expected to approve a campaign to promote foreign investment in the county through the use of the federal EB-5 visa program.

While Riverside would become the first county in California to formally incorporate the use of the EB-5 visa program to create local jobs, the investment opportunity has a track record for success, the Southwest Riverside News Network reports.

“The Bush administration began this program, and as the president’s term wound down, it became increasingly popular,” Tom Freeman, Riverside County’s foreign trade commissioner, told the news source.

He added, “The Obama administration wants to attract foreign direct investment and plans to continue the program – we’re looking at this as a means to recruit overseas investors.”

The program, administered by the U.S. Citizenship and Immigration Services, sets aside up to 10,000 visas for immigrants who invest at least $500,000, or $1 million in many areas, to create new jobs at an American business in need.

In addition, Riverside County recently teamed up with the U.S. Export-Import Bank to encourage international trade among local businesses, and has endorsed free trade agreements with Panama, Columbia and South Korea.