EB-5 Immigrant Investor Program Can Boost South Florida Economy
A recent article in sun-sentinel.com discusses how the Federal EB-5 Immigrant Investor program can help the local economy by providing new jobs and investment capital.
The Federal program has already helped launch two projects, including the Margaritaville Hollywood Beach Resort and another 25-story mixed use project in Downtown Hollywood’s Young Circle, across from the Arts Park. The projects will require contractors to build and when completed will require employees to work in the hotels, resorts, restaurants and other associated businesses.
The “EB” in the EB-5 program stands for Employment Benefits and is targeted at foreigner investors. To qualify, the program requires that they invest in new or existing business and that they create or preserve at least 10 jobs in the process. The investment is not cheap however. $1 million is required in any location and $500,000 for specific areas in a targeted employment section. With many areas of high unemployment throughout South Florida, there are quite a few zones which will qualify for the targeted areas.
The real incentive here for the foreigner investors is that, in order to monitor their substantial financial investments, foreigner investors who qualify for the EB-5 program will also qualify for conditional residency. After 2 years they will qualify for permanent residency for themselves as well as for their families. Normal visitor visas, for foreigners, are good for only six months, and business visas are generally limited to short stays. This makes the EB-5 program very attractive to the foreign investment community and keeps the opportunities for employment and growth here in the United States.
Sounds like a win / win opportunity.
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