Company Hopes to Secure Funding Through EB-5 Program
Feb. 23, 2016
Immigration laws in our country can be extremely confusing and complicated. When our readers think about immigration issues, they likely first think about families and individuals trying to move to America. But they may not realize that immigration law has a lot to do with businesses as well. For example, a foreigner who wants to invest in a business in the United States can try to obtain an EB-5 investor visa.
There are, of course, certain guidelines that the investor has to meet. For example, the minimum investment required in an urban area is $1 million. That is definitely no pocket change. If the individual wants to invest in an operation in a small community with a population that is below 200,000, he or she will need to invest at least $500,000.
A prime example of this program is underway right now. A company is currently looking for foreigners to invest some $250 million in a condo development in New York. The company closed on the building for $870 million last year. They funded the acquisition with a large loan, but still need some $1 billion in order to actually do the construction.
This is not the only developer that has tried to tap the EB-5 visa program in hopes of funding. Plenty of other companies in the area have taken advantage of the program. While the program may be controversial because it gives foreign nationals a green card in exchange for their investment, the program can definitely be of great benefit to local businesses. If you are considering using the program, it can be helpful to work with an experienced attorney in order to successfully submit all needed documentation for the application.