EB-5 is a Federal program that seeks to attract foreign investment, and Allen has extensive experience working with foreign investors through the program. In fact, EB-5 funding accounted for the majority of capital for Allen’s $85 million convention hotel that is slated to open in 2017.
Under the EB-5 program, foreign entrepreneurs can apply for permanent residence in the US along with their spouses and unmarried children (under 21 years of age) if they meet minimum investment requirements.
Generally speaking, for a project to meet the EB-5 criteria, the foreign entrepreneur must:
- Invest the required amount (typically $500,000 or $1 million) in a commercial enterprise
- Plan to create or preserve 10 full-time jobs for qualified US workers
In areas of high unemployment (called Targeted Employment Areas (TEAs), the required investment threshold is lowered to $500,000.
Targeted Employment Areas are created from Census block groups, and custom areas can be created combining multiple block groups as long as employment in the entire area meets the requirement. Learn more about the EB-5 program at the USCIS website.