Recently, the City of Miami received final approval for their EB-5 Regional Center for Foreign Investment, which has the potential to allow many more foreign investors to start putting money into the economy. This particular designation will allow many foreigners, especially those who are from China, to be able to invest in properties in the South Florida area.
Why Is It Good For Investors And Good for Locals
Mayor of Miami, Tomas Regalado feels that the approval is going to be a very good thing for both the investors as well as for those who are living in the area. The program will actually let the city help foreign nationals who are trying to put more capital into the economy by giving them special immigration status. However, not just any investors will do. They need to invest at least half a million dollars into the area, and they have to be able to prove that within two years they’ve created a minimum of ten jobs.
They hope that the program will actually encourage more investors to take root in South Florida, and they feel that it has the potential to create thousands of new jobs. This fuels more economic growth for the region and makes it a better place for all who live there. Miami is one of the pioneers when it comes to this type of program, and you can bet that a number of other cities around the country will be waiting and watching to see what happens. If it is successful, there is a good chance that many more cities will follow with their own similar programs later.
Miami will become something of a model that the other local governments around the country can follow.
What Is the U.S. Immigrant Investor Program?
It’s important to take a deeper look at the program to learn more about what it entails and what advantages it has the potential to offer. First, it allows two-year residential status for qualifying investors and their families. This residential status is conditional. The investors will need to invest at least $1 million, or $500,000 in a “designated target area”. They need to invest in businesses that will be able to create at least ten jobs for American workers during those two years.
After those two years, if the investors are able to meet the above conditions for creating jobs and investment dollar requirements, then they will be able to apply for an receive unconditional permanent residency.
The program offers many benefits and advantages for the investors. First, it does not matter what age they are, how much business experience they have, or their language. The investors can be limited partners – they do not need to be managing the investment on a daily basis. Also, they do not need to be in the United States fulltime to manage their business. They can maintain the business from their country of origin.
The program is new and it remains to be seen just how effective it might be. Still, it’s an exciting opportunity, and it could be very good for Miami real estate – CLICK HERE to view current listings in Miami Beach.