The United States Congress created EB-5 visas in 1990. The foreign investment program grants green cards to immigrants who normally invest $ 1 million in a commercial enterprise that will benefit the American economy and create at least 10 jobs. full time for American workers. .
As of October 1, 2006, the US has approved a total of 2,500 EB-5 visa applications. During that time, approximately $ 1 billion has been invested in the United States economy through the EB-5 visa program and an estimated 20,250 jobs have been created for American workers.
Immigrant investors who wish to participate in the EB-5 program must invest the minimum amount of capital required, establish that the investment capital comes from a legal source, and that the money is fully invested and at risk to qualify. The immigrant investor must file a Form I-526, Immigrant Petition for Foreign Entrepreneur. If approved, the alien is granted conditional permanent residence. About two years later, the immigrant investor files a Form I-829, Entrepreneur’s Petition to Remove Conditions. At that time, they must show that the investment business plan was followed, that the money remained fully invested in the business, and that at least 10 full-time jobs were created for American workers as a result of the investment.
One of the newer EB-5 Regional Centers is the Lake Buena Vista Resort Village & Spa in Orlando, Florida. The three-year development is one of the largest condo-hotel projects in the US Located one mile from Walt Disney World, it offers all the amenities of a first-class Florida resort, including 1,080 square feet of two-bedroom, two-bath condos; food; A gym; Reflections Spa-Salon and the Pirate’s Plunge Aquatic Center, as well as designer stores with more than 50 factory outlet stores, including Liz Claiborne, Tommy Hilfiger, Vanity Fair, Reebok, Carter’s and Nike.
Phase One of the Florida resort’s EB-5 visa program involves the sale of 105 existing condo-hotel units to 35 investors who contribute $ 1 million each. Phase Two will target an additional 35 investors who will contribute $ 1 million each toward the financing of a new 152-unit building at the resort. “Through our network of international attorneys, bankers, accountants and real estate agents, we have experienced a high degree of interest in this program,” said Sam Sutton, managing member of Lake Buena Vista Resort Village & Spa.
