Foreign which invest in a business that qualifies for the EB-5 Visa program and meet the U.S. Citizen and Immigration Services Immigrant’s (“USCIS”)
requirements on capital investment amount and job creation, are able to obtain, together whit their spouses and children under 21, a permanent residency green card, also commonly referred to as the “Million Dollar Green Card”.
The EB-5 Pilot Program provides for investments that are affiliated with an economic unit known as Regional Centers (“RC”). New entries continue to flood onto the USCIS list of approved RC. The following four Florida EB-5 RC have been recently approved by USCIS: Sunshine State RC Inc., U.S. Immigration Fund, United States Growth Fund LLC and City of Miami RC. At the end of May, the City of Miami, after a 10-month RC application process, finally has received approval for designation as an EB-5 RC for foreign investments under the (“USCIS”) investment visa program. The City of Miami RC will be one of the few government-owned and managed RC in the United States. The new designation essentially allows the City to assist foreign nationals who want to participate in the EB-5 visa program.
Moreover, the new EB-5 Director, Nicolas Colucci, oversaw the transition of the processing of I-924 to the new Immigrant Investor Program Office (“IIPO”) in Washington D.C and – during the stakeholder conference call held by USCIS on February 26, 2014 – expressed optimism that the move to the IIPO would lead to shorter processing times. Recent processing time reports shows that the I-924 application processing time was approximately 12 months. USCIS released updated processing time dates as of April 30, 2014, which shows USCIS is processing I-924 applications in approximately 4.4 months, which is less than half of the most recently published previous processing time.
We believe that those are great news for foreign investors, the City of Miami and all Florida and can confirm that the EB-5 program continues to gain popularity and success among investors.
Cav. Piero Salussolia, Esq.
Avv. Gemma A. Caterini (admitted only in Italy).
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