In an earlier post we wrote about the city of Miami’s efforts to bring foreign investment in to the city. At that point, the city of Miami had received approval as an EB-5 Regional Center for Foreign Investment under the U.S. Citizenship and Immigration Services immigrant investment visa program. In this post we provide an update regarding the matter.
The city recently unveiled its Office of International Business Development which will be in charge of the EB-5 regional center. The office will handle several things including:
- Reviewing proposed business plans.
- Acting as intermediary between foreign investors and local businesses.
The money earned by the city via a portion of the secured financing and applications fees, will most likely be placed in a special public safety fund.
The EB-5 program is appealing to both sides because of the benefits it provides. In the U.S., money is brought into an area in need of a jumpstart financially. In exchange, investors provide between $500,000 and $1 million and the investor, and that individual, as well as his or her immediate family will receive green cards for a period of two years. Should the project be successful, that may be converted into permanent residency.
As is the case with any other immigration matter, it is important that any documentation completed bed done in a thorough manner. The failure to follow the instructions in any way could result in an immigration request being denied. Accordingly, for the best chance of success it is usually best to work with an immigration lawyer.
Source: The Miami Herald, “City of Miami unveils new agency to swap visas for foreign investment,” David Smiley, Aug. 7, 2014