Boosting Local Economies with EB-5 Regional Centers

EB-5

EB-5The EB-5 green card program is a concept that has taken flight and has seen a steady growth over the fast few years. Potential immigrants who want to invest in America find this method as the best possible way to acquire a visa and get their lives started in the land of the free and home of the brave.

According to Rahbaran & Associates, regional centers used to be limited in number, but have nearly doubled in the last ten years. Today there are more than 100 such places within the United States, and more are being designated as such to attract potential business and create jobs for the local workforce.

How the EB-5 Visa Helps Boost the American Economy

• This type of visa was first introduced in 1991 to encourage and promote foreign investments. The Act allows the issuance of 10,000 visas every year.
• This grew in popularity as the local economy was down and various businesses were seeking help from foreign investments.
• This worked both ways – the foreign nationals who wanted visas benefited from acquisition of a green card, and so did the various commercial ventures that needed a financial injection badly.

The bill was extended and signed in 2012 by President Barack Obama with added features to improve on the existing provisions of the Act.

New Additions to the Act

• Many states are expected to get a good boost to their economy with a further extension of this act.
• The law now promotes foreign capital investments in the local projects and developments related to commercial property and real estate.
• Designated regions are benefitting from employment opportunities created by these commercial ventures.
• Since the state’s finances are not strained, such expansions and economic growth is encouraged by the authorities, too.

How it works is simple: investors need to pledge a certain amount to the scheme. They can then apply for a two-year green card, which is usually approved easily by immigration authorities. After the two years, they have to prove that they have created jobs locally as a result of their commercial investments, to get an extension on their visas.