Congress is to vote Friday on extending the EB-5 program, which grants foreign investors permanent residence for the right price. In the minds of local experts and developers who rely on it, an extension is all but guaranteed – securing the continued development in industries from restaurants to hotels.
Congress created the EB-5 Program in 1990 to stimulate the US economy through job creation and capital investment by foreign investors.
In 1992, Congress created the Immigrant Investor Program, also known as the Regional Center Program. This sets aside EB-5 visas for participants who invest in commercial enterprises associated with regional centers approved by US Citizenship and Immigration Services (USCIS) based on proposals for promoting economic growth.
Under this program, entrepreneurs – and their spouses and unmarried children under 21 – are eligible to apply for a green card, or permanent residence, if they make the necessary investment in a commercial enterprise in the US and plan to create or preserve jobs for qualified US workers.
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