The 2016 political season has kicked into high gear, sparking lively discussions about major issues affecting the country. Two of the most significant issues being debated among the candidates are the economy and immigration. Typically, these topics are analyzed independently; however, the conversation has recently intersected at the sun-setting EB-5 Visa Program which expires on September 30, 2015. Miami has recently created its own construct to benefit and grow from the EB-5 Program, so the political discussion is bound to heat up throughout this already hot month as Congress considers reforming this market for capital investment.
The EB-5 Visa Program, also known as the Immigrant Investor Program, is administered by U.S. Citizenship and Immigration Services – part of the Department of Homeland Security – and was established in 1990 to grant permanent residency to a foreign investor and their immediate family members who funds at least $500,000 to $1 million of the construction cost for a project that creates at least 10 domestic jobs. The smaller level of investment at the $500,000 threshold is permitted when the investment is specific for a “Targeted Employment Area,” meaning a rural area or an area that has experienced high unemployment of at least 150% of the national average. Continue Reading