In 1990, Congress created the EB-5 program to stimulate foreign investment within the United States.
Under the program, immigrants can receive permanent residence if they make the required financial investment in a U.S. commercial enterprise and create 10 full-time jobs for American workers. In 1992, the program was expanded to set aside a certain number of visas for immigrants who invest in federally-approved regional centers.
New York is a hotbed for EB-5 regional centers and development. According to a report by Bisnow.com, of the top eleven most important EB-5 Regional Center developments in the country, nine are located within New York City. In addition, all of the top three locations on the list call the Big Apple home.
The following are some of the top regional centers in New York City:
- The Related EB-5 Regional Center – This regional center is home to one of the most profitable EB-5 projects in the entire country. Developers raised more than $600M from Chinese investors to contribute to the project’s $20B in costs. All total, they have raised more than $800M in EB-5 investments, accounting for approximately one-third of total EB-5 investments within the United States.
- The New York City Regional Center – Operating for the past six years, this regional center claims to have “provided financing for a series of key economic development initiatives in New York City.” Some of its key projects include:
- The Washington Heights Mixed-Use Redevelopment Project, which will primarily service the Columbia University Medical Center and New York Presbyterian Hospital
- The New York City Subway Wireless Infrastructure Project, which will enable the use of wireless communication devises in select underground stations
- The Silverstein Properties Regional Center – This regional center is responsible for the third largest EB-5 project in the country. The Four Seasons Hotel at 30 Park Place is slated to offer one of the city’s most luxurious experiences, situated within one block of the World Trade Center, Silverstein states that the hotel is an integral part of the city’s redevelopment plans. Capital for the project included more than $250MM raised from EB-5 investors.
For more than 80 years, individuals have relied on the immigration attorneys of Barsk Mukamal & Kleiner, LLP to represent them in various immigration matters. Put our experience to work for you. Contact the office today at (888) 506-1291 for a confidential consultation.