| p>If you were a foreigner who wanted to move to | | | | foreigners who want to have a stake in this country, |
| the United States, how much would it be worth to | | | | and it allows businesses that may not be able to |
| you? | | | | promise high rates of return to find investors for |
| The EB-5 visa program, which was introduced in pilot | | | | their projects. With many in the U.S. still nervous |
| mode in 1990 and has been extended several times | | | | about putting their money into new business |
| since, allows immigrants to trade investment dollars | | | | ventures, the extra boost from overseas is |
| for visas. Foreigners who invest $500,000 to $1 million | | | | particularly important now. |
| in private or public U.S. enterprises can receive | | | | Eric Canal-Forgues, a French law professor and |
| permanent legal residency in return. Spouses and | | | | businessman, helped finance the construction of |
| children of qualifying investors also receive visas. | | | | Comcast's headquarters in Philadelphia through his |
| The minimum investment for most businesses is $1 | | | | participation in the EB-5 visa program. He expects |
| million, but those who invest in designated "regional | | | | that he will receive only a 1 percent return on the |
| centers" or who establish businesses in economically | | | | investment, but, after moving with his family to |
| disadvantaged areas can put in as little as $500,000 | | | | Miami, he said, "It was worth it to me." The program |
| to qualify for the program. Investors are required to | | | | allowed him to move to the country where he |
| show that their money created or preserved 10 U.S. | | | | wanted to raise his children, while also giving him the |
| jobs after two years. | | | | opportunity to provide capital to support that |
| In spite of the fact that the program is 20 years old, | | | | country's development. |
| for most of that time few took advantage of it. The | | | | It is unfortunate that this program lay nearly dormant |
| law allows 10,000 EB-5 visas to be granted each | | | | for so many years, but I am glad to see that it is |
| year, but in the fiscal year that ended Sept. 30, 2008, | | | | now out in the light. I hope it continues to grow and |
| only 1,443 immigrants actually received visas through | | | | that the 10,000- visa allowance will be expanded. |
| the program. Then, in 2009, the program was | | | | Sens. Patrick J. Leahy, D-Vt., and Jeff Sessions, |
| "discovered," according to Demetrios Papademetriou, | | | | R-Ala., have backed the program. EB-5 visa holders |
| president of the Migration Policy Institute, a | | | | invested millions of dollars to renovate and build ski |
| Washington think tank that recently released a report | | | | resorts in northeastern Vermont, providing important |
| about the visa's growing popularity. (1) | | | | support for an economically struggling area. "At a |
| "What happens with programs like this is that | | | | time when we're seeing so many of our jobs |
| sometimes, all of a sudden they get discovered, and | | | | exported out of the country, this creates jobs in the |
| then intermediaries begin to really promote them | | | | United States," Leahy said. |
| both here and internationally," Papademetriou told | | | | The EB-5 program helps to bring immigrants who |
| The Washington Post. In fiscal 2009, nearly three | | | | already have money to invest to the United States, |
| times as many EB-5 visas were granted as in the | | | | but I believe we would also benefit by admitting |
| previous year. | | | | more immigrants who, though lacking large sums of |
| In the past, the program was hampered by rules | | | | money to invest, nevertheless have the energy, |
| that were inconsistently applied and so complex that | | | | work ethic and entrepreneurial spirit necessary to |
| few could understand them. But, as improvements to | | | | succeed in this country. That sort of human capital is |
| the program coincided with the recession, businesses | | | | just as valuable as money, and harder to come by. |
| here and investors abroad scrambled to take | | | | Immigrants can help transform distressed |
| advantage of the opportunity. In just a few months, | | | | neighborhoods and regions into vibrant business |
| the number of certified regional centers increased | | | | centers by participating in the economy as |
| from 23 to 74. | | | | consumers and as entrepreneurs. |
| Regional centers include enterprises that promote | | | | In August, I wrote about my idea for a modern |
| economic advancement, particularly in less affluent | | | | Homestead Act that would give all immigrants, not |
| areas. The Anacostia Economic Development Corp. in | | | | just those with capital, a chance to build new lives |
| Washington D.C., for example, pursues real estate | | | | and new economic opportunities in the United States. |
| development projects in the southeastern part of | | | | But in the absence of more sensible immigration laws, |
| the city, which has the area's highest unemployment | | | | we'll take the money. |
| rates. | | | | Source: |
| The EB-5 program helps investors and businesses. It | | | | (1) The Washington Post: Immigrants Invest in U.S. |
| provides a path to permanent U.S. residence for | | | | Businesses in Exchange for Visas. |