Hollywood, FL (PRWEB) August 04, 2011
Financing. Just say the word and it makes many a builder's stomach churn - but it does not have to be that way. At least not for one South Florida developer. "Lon Tabatchnick is a forward thinking developer who is utilizing a program under the immigration laws, known as EB-5, to help fund his most recent project, Margaritaville Hollywood Beach Resort,” says Keil Hackley of Hackley & Robertson, P.A., Tabatchnick’s Immigration attorney.
Hackley describes the EB-5 category as a program where, if done correctly, everyone wins. EB-5 (short for the fifth preference employment-based category for immigrant investors) was created by Congress in1990 to stimulate the U.S. economy and to generate U.S. jobs. Reduced to its most basic terms, the EB-5 visa category allows foreign nationals to receive "conditional" resident status ( a "green card") in the United States for a two-year period upon the investment of one million dollars (or $500,000 in areas of designated as high unemployment) in a U.S. business that creates at least 10 full-time permanent jobs per investor. Provided the investor sustains the entire amount of their investment for the required two years and actually creates the prescribed number of jobs, the condition is removed from their green card and they are accorded "permanent" resident status. As Hackley puts it, “The U.S. government is willing to fast track green cards for foreign nationals willing to put their investment capital at risk of loss and generate jobs for U.S. workers.”
Although the EB-5 visa program has been around for two decades, it's only been in the last few years that the program has become popular. The downturn in the economy, coupled by the lack of traditional bank financing has brought the program to the forefront. As of July 22, 2011 approximately 164 Projects have been approved by the United States Citizenship and Immigration Services (USCIS). While the EB-5 Program is a good one, Hackley warns that “investors need to proceed with caution, conduct their due diligence and ask the right questions before investing because not all EB-5 projects are created equal.” Some of those questions include: What economic model was used to forecast jobs? How is the investment vehicle structured and does it meet the “at risk” and other EB-5 requirements? Are the offering documents EB-5 compliant? And what is the exit strategy and what is the likelihood that after the green card is issued, there will be a return of the initial investment?
The EB-5 Program may be just what this country needs to stimulate the economy. The Margaritaville Project slated to break ground in January 2012, will create an estimated 3,000 jobs, bring another brand name resort to the City of Hollywood and give Tabatchnick an additional venture to add to his already impressive array of successful development projects.
EB-5 is certainly a program worth looking into. For more information on the EB-5 immigrant Investor Program and information all government-approved Projects throughout the U.S. visit http://www.USCIS.gov.
About Hackley & Robertson, P.A.
Hackley & Robertson, P.A is based in South Florida and practices exclusively in the area of immigration law providing a full range of immigration and naturalization services. The firm handles a wide variety of immigration matters on a daily basis ranging from obtaining US visas for individuals desiring to come to the United States to defending those who may find themselves in deportation proceedings. Hackley & Robertson is known for its ability to obtain US work permits on their clients behalf including temporary US Work Visas, employment based green cards and the EB-5 Investors Visas. For more information go to http://www.hackleyrobertson.com.