Exchange Database
Investor visa program sprouts US jobs nationwide
The US Congress created the EB-5 program in 1990 as a way to stimulate the economy and create jobs. The original program was designed to allow foreigners an opportunity to obtain permanent residency by making a $1 million investment in a local US business that also created and retained at least 10 jobs. The bill was amended in 1992 to include "regional centers" - geographic areas that can be economic entities, public, private or a hybrid of both, which are established to promote economic growth, improve regional productivity, create jobs and increase domestic capital investment. The dramatic surge in interest from China in EB-5 visas - from 16 granted to Chinese in 2004 to 6,900 in 2013 - is sure evidence wealthy Chinese find opportunities in the US attractive.
Outcomes:
Since the inception of the EB-5 program, foreign investment has created more than 57,000 direct jobs and generated around $9 billion revenue, the USCIS estimates. Regional centers can accept investments of $500,000 in targeted employment areas, mostly in underdeveloped rural areas, to create permanent, high-quality jobs. According to the US Citizenship and Immigration Service (USCIS), approximately 90 percent of EB-5 visas come through regional centers and of those last year 80 percent were issued to Chinese nationals
Government?:
No
Type of Exchange:
business
diplomatic
Partners:
US Congress
US Citizenship and Immigration Service
Participants (Types):
David Luan a Shanghai-based businessman, US Congress, Texas-based Civitas Capital Group
Exchange Date:
Friday, June 27, 2014 to Friday, July 18, 2014
Continuing:
No
Location:
San Francisco, Los Angeles, Chicago, New York, Atlanta, Dallas
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