Real estate developers and foreign entrepreneurs, and other EB-5 immigrant investor visa program participants, stand to benefit from the U.S. Citizenship and Immigration Services’ recent launch of the Entrepreneurs in Residence program.
With a stated mission “to ensure that immigration pathways for foreign entrepreneurs are clear and consistent, and better reflect today’s business realities,” the EIR program focuses on spurring economic growth by strengthening USCIS policies and practices pertaining to immigrant investors, entrepreneurs, and workers.
A key goal of the program is enhancing the EB-5 program, for foreign nationals who invest at least $500,000 in a commercial enterprise in a targeted employment area that will create or preserve at least 10 full-time permanent jobs for qualified U.S. workers. The last few years has seen a marked rise in EB-5 interest from not only foreign investors seeking U.S. permanent residence (i.e., “green cards”), but U.S. developers and entrepreneurs seeking alternative sources of funding for real estate and other projects.
U.S. immigration counsel can assist the foreign investor with the necessary immigration filings, and can also work with developers and EB-5 regional centers to ensure project compliance with EB-5 requirements and parameters.
Irina B. Plumlee and Julie S. Wade are shareholders at Munsch Hardt Kopf & Harr PC who specialize in all areas of immigration law. Contact them at email@example.com and firstname.lastname@example.org.