Riverside, CA (PRWEB) October 24, 2012
Tracy Lagera of EB-5 Investment Report, explains the EB-5 immigrant investor program, its history and current state, and its purpose and benefits for those involved. She also details how this program has impacted local Riverside County businesses.
The United States Citizenship and Immigration Service (USCIS) oversees lawful immigration to the United States. Its strategic goals include strengthening the security and integrity of the immigration system as well as providing effective immigration benefit and information services as well as immigrant support in matters of integration and participation in American civic culture.
The Service administers the EB-5 immigrant investor program created by Congress in 1990 to stimulate U.S job creation through capital investment by foreign investors in exchange for EB-5 visas. Under a pilot immigration program first established in 1992, EB-5 visas also are set aside for investors in Regional Centers appointed by USCIS as coordinators of projects in specified sectors within stated geographic areas. The Regional Centers provide investors valuable services in identifying investment opportunities, performing due diligence and ensuring compliance with federal and local regulations. Rigorous compliance with the job creation regulations is essential to the investor in converting their visa into a Permanent Resident Card.
The definition of a Regional Center is any economic unit, public or private, involved in the promotion of economic growth, improved regional productivity and job creation. Before a Regional Center can begin providing services, it must be designated by the USCIS. A Regional Center’s Proposal must show that capital investments made by individual alien investors will satisfy the EB-5 eligibility requirements for the creation legitimate EB-5 jobs. This information must be supported by economic and statistical forecasting tools accepted as valid by the USCIS.
In January 2005, to improve and expedite EB-5 Regional Center related applications, USCIS established the Investor and Regional Center Unit (IRCU). As the sole adjudicative jurisdiction for Regional Center applications the Unit centralizes the application approval process and Requests for Evidence (RFE’s). This initiative streamlines and simplifies adjudications under the Regional Center pilot thus improving the likelihood of the investor qualifying for a Permanent Resident Card.
To be eligible for a Permanent Resident Card, the investment must produce at least 10 American jobs over a period of two years.
There are over 200 regional centers nationally, and 60 of them are located in Riverside County, CA. Tom Freeman, commissioner of foreign trade for the Economic Development Agency, said the Riverside County Board of Supervisors asked the state to introduce legislation to assist the county’s EB-5 efforts. “Our policy is let’s have as many EB-5 Visa Centers in Riverside County under this Board of Supervisors’ direction as we possibly can.” Freeman said. “That’s why we lead the nation in the creation of these.” So with that statement, the number of these centers in Riverside will likely be increasing.