14 Jan EB-5 Immigrant Investor Developments on Rise
The promise of opportunity and the safety in investing in the U.S. are bringing more and more individuals to parts of the country that are now developing into industrialized zones, profitable multi-use establishments and tourism centers. Through the use of the EB-5 immigrant investor program, states have been able to procure funds that not only keep its economy stable, and have done so through the economic downturn, but boost its job market and enhance its lure for workers and tourists.
For instance, a substantial economic development project on the Vermont-Canada border would not be possible without EB-5 Immigrant Investor funds. In a time where bank loans are hard to come by and many American investors are temperamental with their money, sourcing foreigners for substantial investments in exchange for green cards has proved fruitful. The development, spearheaded by Bill Steinger and Ariel Quiros, includes the expansion of Jay Peak ski resort, the building of a biomedical research firm and a window manufacturing plant, the extension of the runway at the local airport and the rehabilitation of much of the downtown area of Newport. Projects to further improve the Newport area include development of a waterfront, adding the town’s first hotel and conference center and rebuilding an entire downtown block.
This entire endeavor is going to cost $865 million, much of it sourced from EB-5 investors. Through the program and the development of these community-enhancing endeavors, 10,000 jobs will be created over the next several years. Investors span the globe, coming from 60 different countries.
Other examples include the construction of a Marriot in Portland, Oregon and the development of a multi-use facility in Jupiter, Florida. Harbourside Place, a U.S. Immigration Fund project that is rolling out in three phases to include residential, commercial and extracurricular space.
Just as the Florida development has received the backing and support from local government and authorities, many of these developments receive similar approvals. Due to their economy boosting and job growing requirements, EB-5 immigrant investor programs are proving to be positive and financially rewarding for both investor and city.