The EB-5 visa program is well known in property and infrastructure development circles. Congress is working to beat an April 28 deadline to reauthorize the program before it expires.
There is a perception that immigration costs native-born residents their jobs. Congress is working on an idea next week that—if taken to its logical conclusion—would illustrate the opposite phenomena in dramatic fashion within commercial real estate.
THE EB-5 VISA PROGRAM
The EB-5 visa program is well known in property and infrastructure development circles. It was created through the Immigration Act of 1990 to foster foreign direct investment to drive U.S. job creation. Requiring an investment of $500,000 to $1 million into government approved projects—typically large retail, hospitality, residential and infrastructure projects—each investment must create 10 jobs for the immigrant to qualify for conditional permanent residency in the United States. EB-5 has become a popular and highly successful source of capital for development projects throughout the country. Congress is working to beat an April 28 deadline to reauthorize the program before it expires.