The two day 2010 Bijing Immigration Summit announced its opening today at the Beijing Conference Center; Over 150 people from Beijing entry/exit business community, migration representatives from other provinces, and delegates from Greentech Auto (Gulf Coast Fund Management Regional Center) and WSLK attended the event. Officials with the Beijing Entry/Exit Administration of the Municipal Bureau of Public Security presented a keynote speech. Mr. Richard Craig of the Commerce Section of the US Embassy will discuss the US government stand on EB-5 immigrant investment program. Mr. Jason Lee, CEO of MasLink Group, will talk about EB-5 program in a breakout session. Mr. Jason Blatt, a Taiwan based Florida immigration attorney will explore the financial guarantee and insurance issues in relate to EB-5 investment. The delegates of the event expressed strong mixed feelings on the current overheated wave of EB-5 program in China, the official representatives of Chinese government placed certain blames on the migration companies that are aggressively marketing EB-5 projects in the marketplace. However, migration representatives disagree. Many representatives from both business and government sides agree that there should be a controlling mechanism in place to screen out the "bad apples" from the U.S. An idea of establishing a Review Council is under discussion.
The EB-5 China Market Council, headed by Mr. Brian Su, also sent representatives to the conference. For more information, contact us today.
Local Zones for ‘Green Card’ Investors Proliferate in Puget Sound Area - Chasing Foreign Money
(Source: Puget Sound Business Journal Seattle)
A once-obscure federal program offering green cards to wealthy foreigners in exchange for investment in the United States has mushroomed nationwide, with the Puget Sound area being among the most active markets in the country. For years, Seattle and Grant County were the only program participants in the state. Now there are seven designated “regional centers” for the so-called EB-5 immigrant investment program, with more in the pipeline. The newer participants include the cities of Everett, Tacoma, Lakewood and Federal Way, as well as Whatcom County. Additionally, Bellevue real estate developer Michael Christ is seeking approval for a regional center in Renton that would enable him to build a mixed-use residential project at the south end of Lake Washington. Nationwide, the number of regional centers in the U.S. Citizenship and Immigration Services’ immigrant-investor program has more than quadrupled since last year to 108. Approximately 3,680 foreign investors obtained EB-5 green cards last year, more than 10 times as many as in 2005.
A once-obscure federal program offering green cards to wealthy foreigners in exchange for investment in the United States has mushroomed nationwide, with the Puget Sound area being among the most active markets in the country. For years, Seattle and Grant County were the only program participants in the state. Now there are seven designated “regional centers” for the so-called EB-5 immigrant investment program, with more in the pipeline. The newer participants include the cities of Everett, Tacoma, Lakewood and Federal Way, as well as Whatcom County. Additionally, Bellevue real estate developer Michael Christ is seeking approval for a regional center in Renton that would enable him to build a mixed-use residential project at the south end of Lake Washington. Nationwide, the number of regional centers in the U.S. Citizenship and Immigration Services’ immigrant-investor program has more than quadrupled since last year to 108. Approximately 3,680 foreign investors obtained EB-5 green cards last year, more than 10 times as many as in 2005.
EB-5 Investor Procurement Seminar Draws Strong Interests
Wednesday, 4 August 2010
Chicago EB-5 Investor Procurement Seminar is drawing great interests from newly approved EB-5 regional centers and regional center applicants. For more information about the event on August 31, 2010, log on http://eb5.eventbrite.com
The EB5 Investment Visa and "Naked Officials:" Regional Center Marketing in China
(Source: EB5info.com by USAdvisors.org August 3, 2010)
When asked how the Chinese government feels about the USCIS EB5 investment visa program, EB5 service provider Brian Su's response is simple and to the point: They don't like it.
Although it's true that the Chinese State Council made a statement last month proclaiming the government's respect for a "citizen's choice for immigration," Su notes, China's recent request that all high-level officials and Communist Party leaders register their family members living overseas belies the fact that it's not completely comfortable with such emigration – in particular with foreign government incentives like the EB5 visa program.
"There's a new term in Chinese," Su explains. A "naked official" refers to a high-ranking party member living in mainland China whose wife, children, and personal assets all reside abroad. This official is said to be "naked" because he has nothing of great value left in the country other than himself. Last month's call for these officials to register their family members underscores the government's concern that wealth is leaving the country.
The rise of high-ranking individuals with this status is just one factor that has the government worried, however. In July, the Guangdong Provincial Exit and Entry Administration issued a warning about the EB5 investment visa program stating that the projects are risky and advising migration brokers and potential investors to exercise caution when considering the large volume of EB5 visa regional center projects and investment immigration initiatives now being marketed.
This statement comes in response to growing EB5 regional center marketing efforts in the country, particularly in the Pearl River Delta Region where EB5 visa project promotion is widespread and frequent. According to Su, too many regional center projects are being marketed, and the government is "sending a message" that "[Regional centers] have to disclose all necessary information to their clients."
As for whether such a warning will discourage potential investors from investigating the EB5 visa program, Su isn't worried.
"People are still interested," he says. "I don't think there will be any significant impact on the interest." But for regional centers "following the rules," he adds, "it's bad news."
Bad news or not, more EB5 visas were issued to Chinese immigrant investors than to those from any other country in 2009, and it's unlikely the government's fear of wealth leaving the country will put a large damper on regional center marketing efforts or Chinese interest in investment immigration any time soon.
When asked how the Chinese government feels about the USCIS EB5 investment visa program, EB5 service provider Brian Su's response is simple and to the point: They don't like it.
Although it's true that the Chinese State Council made a statement last month proclaiming the government's respect for a "citizen's choice for immigration," Su notes, China's recent request that all high-level officials and Communist Party leaders register their family members living overseas belies the fact that it's not completely comfortable with such emigration – in particular with foreign government incentives like the EB5 visa program.
"There's a new term in Chinese," Su explains. A "naked official" refers to a high-ranking party member living in mainland China whose wife, children, and personal assets all reside abroad. This official is said to be "naked" because he has nothing of great value left in the country other than himself. Last month's call for these officials to register their family members underscores the government's concern that wealth is leaving the country.
The rise of high-ranking individuals with this status is just one factor that has the government worried, however. In July, the Guangdong Provincial Exit and Entry Administration issued a warning about the EB5 investment visa program stating that the projects are risky and advising migration brokers and potential investors to exercise caution when considering the large volume of EB5 visa regional center projects and investment immigration initiatives now being marketed.
This statement comes in response to growing EB5 regional center marketing efforts in the country, particularly in the Pearl River Delta Region where EB5 visa project promotion is widespread and frequent. According to Su, too many regional center projects are being marketed, and the government is "sending a message" that "[Regional centers] have to disclose all necessary information to their clients."
As for whether such a warning will discourage potential investors from investigating the EB5 visa program, Su isn't worried.
"People are still interested," he says. "I don't think there will be any significant impact on the interest." But for regional centers "following the rules," he adds, "it's bad news."
Bad news or not, more EB5 visas were issued to Chinese immigrant investors than to those from any other country in 2009, and it's unlikely the government's fear of wealth leaving the country will put a large damper on regional center marketing efforts or Chinese interest in investment immigration any time soon.
Reuters News Interviews Brian Su on EB-5 China Market Issues
Tuesday, 3 August 2010
Correspondent from Reuters News interviewed Mr. Brian Su, EB-5 Consultant. As China is one of the leading markets for EB-5 immigrant investment program, media has focused their attention to Chinese investors. Mr. Su has been interviewed by China Daily, Financial Times, South China Morning Post, and other major media. For more information, contact http://www.midwestusachina.com.
City poised to accept $3 million more in EB-5 loans
Monday, 2 August 2010
(Source: Daily Press August 2, 2010) VICTORVILLE • The council is poised Tuesday night to accept six more loans of $500,000 each from foreign citizens through the federal EB-5 program, offering green cards in exchange for an investment that creates 10 local jobs. That’ll mean a total of 15 loans adding $7.5 million to the city’s coffers over the last 10 months, under a contract with developer Inland Energy to raise $25 million by October to help fund the city’s wastewater treatment plant. However, the city is still waiting to hear back from U.S. Citizenship and Immigration Services as to whether its EB-5 program will be allowed to continue. In May, the agency issued a rare notice of “intent to terminate” Victorville’s regional center. The city sent a lengthy response to that notice in late June, and city officials said Monday that they hadn’t yet heard back as to whether they’d satisfactorily addressed the agency’s concerns regarding the “viability” of projects EB-5 money will help fund.
Foreign Funding Key to Project
Sunday, 1 August 2010
(Source: Northwest Herald, August 1, 2010)
LAKEWOOD, Illinois – Even with the preliminary approval from the Lakewood Village Board early Wednesday and the ability to use $18 million in federal stimulus bonds, money for the planned McHenry County Sportsplex needs to be raised. Most of the money for a planned sports complex in Lakewood will come from foreign investors, who in return would receive permanent residency in the U.S., developers for the 165-acre McHenry County Sportsplex have said. The planners of the $40 million McHenry County Sportsplex have a commitment of up to $36 million from the Chicagoland Foreign Investment Group. The rest of the cash for the project will come through private equity, grants the village hopes to attain, and revenue sharing from tax dollars created by the development.
The CFIG will use the employment-based fifth preference, or EB-5, financing program to sell investments into the complex. Each investment will be $500,000 for an ownership piece of the complex, said Lou Tenore, the managing partner and CEO of the sports complex. Lakewood Village Board’s approval of the annexation agreement with McHenry County Sportsplex LLC allows the Chicagoland Foreign Investment Group to start collecting money for the project, said Jack Porter, the project manager. Because developers chose this financing route, the development doesn’t plan to have any debt to banks. “When we don’t have a debt, it makes it a lot easier to run,” Porter said. “It makes the chances for survivability and profitability [greater].” The CFIG won’t start formally raising the investment cash for the project until Aug. 15, said Taher Kameli, the executive director of the Chicagoland Foreign Investment Group. He said he hoped to have the money raised for the project by the end of next year. Plans for the two-phase project include playing fields for team sports such as soccer, baseball, lacrosse, basketball and volleyball. There will be a restaurant, retail space and indoor sports facilities. It is being designed with an outdoor championship arena able to accommodate local, national and international athletic teams. Kameli said he had about 45 people who had showed initial interest about investing in the 165-acre sports complex and didn’t have any doubts that his firm could raise the money needed for the project. He said the group recently raised $8.5 million for the Aurora Memory Care Center assisted living facility in Aurora in three months. “Based on my experience, I don’t see any issues to raising these funds,” Kameli said. Each investor has to put in $500,000, which has to support 10 jobs for at least two years. In return for the foreign investment, the investor goes through an expedited visa-application process for himself, a spouse and their children. Many of the investors have the money to invest from their own successful businesses or inheritance, Kameli said.
Marilu Cabrera, a spokeswoman for the U.S. Citizenship and Immigration Service, said many of the people who invested through this program didn’t have any ties to the country either through an employer or family member who can sponsor them to come to the United States. The investors wouldn’t have any other way into the country.
“The program is aimed at stimulating the economic activity and creating jobs for U.S. workers and legal permanent residents,” Cabrera said. The program started in 1992 and has grown in the last five years. The federal government conducts background checks on those investing and checks to make sure the source of the money is legitimate. If investors meet the immigration qualifications and their project qualifies, they will receive a two-year conditional permanent residency immediately. The conditions drop after two years if the development is successful and continues to provide jobs.
Given recent immigration debates, project developers and planners are quick to defend the EB-5 program. “Not many of the investors will live in McHenry County. They may live somewhere else in the U.S.,” Kameli said. “But their money creates jobs in McHenry County. That’s what residents should care about.” Managing partner for the complex Tenore said it was a way for potential new citizens to speed their progress. “It doesn’t guarantee citizenship,” Tenore said. “They just don’t have to sit in line.” The sports complex, which will be on the west side of Route 47, south of the northwest leg of Route 176, has received permission to sell $18 million in recovery zone bonds to help jumpstart the project and purchase the land, which should take place by mid-October, Porter said. Initially the sports complex developers wanted to go to the traditional bond market to help fund the entire project, Tenore said. “When the bond market fell [in 2008] ... we started looking for alternate financing,” he said.
LAKEWOOD, Illinois – Even with the preliminary approval from the Lakewood Village Board early Wednesday and the ability to use $18 million in federal stimulus bonds, money for the planned McHenry County Sportsplex needs to be raised. Most of the money for a planned sports complex in Lakewood will come from foreign investors, who in return would receive permanent residency in the U.S., developers for the 165-acre McHenry County Sportsplex have said. The planners of the $40 million McHenry County Sportsplex have a commitment of up to $36 million from the Chicagoland Foreign Investment Group. The rest of the cash for the project will come through private equity, grants the village hopes to attain, and revenue sharing from tax dollars created by the development.
The CFIG will use the employment-based fifth preference, or EB-5, financing program to sell investments into the complex. Each investment will be $500,000 for an ownership piece of the complex, said Lou Tenore, the managing partner and CEO of the sports complex. Lakewood Village Board’s approval of the annexation agreement with McHenry County Sportsplex LLC allows the Chicagoland Foreign Investment Group to start collecting money for the project, said Jack Porter, the project manager. Because developers chose this financing route, the development doesn’t plan to have any debt to banks. “When we don’t have a debt, it makes it a lot easier to run,” Porter said. “It makes the chances for survivability and profitability [greater].” The CFIG won’t start formally raising the investment cash for the project until Aug. 15, said Taher Kameli, the executive director of the Chicagoland Foreign Investment Group. He said he hoped to have the money raised for the project by the end of next year. Plans for the two-phase project include playing fields for team sports such as soccer, baseball, lacrosse, basketball and volleyball. There will be a restaurant, retail space and indoor sports facilities. It is being designed with an outdoor championship arena able to accommodate local, national and international athletic teams. Kameli said he had about 45 people who had showed initial interest about investing in the 165-acre sports complex and didn’t have any doubts that his firm could raise the money needed for the project. He said the group recently raised $8.5 million for the Aurora Memory Care Center assisted living facility in Aurora in three months. “Based on my experience, I don’t see any issues to raising these funds,” Kameli said. Each investor has to put in $500,000, which has to support 10 jobs for at least two years. In return for the foreign investment, the investor goes through an expedited visa-application process for himself, a spouse and their children. Many of the investors have the money to invest from their own successful businesses or inheritance, Kameli said.
Marilu Cabrera, a spokeswoman for the U.S. Citizenship and Immigration Service, said many of the people who invested through this program didn’t have any ties to the country either through an employer or family member who can sponsor them to come to the United States. The investors wouldn’t have any other way into the country.
“The program is aimed at stimulating the economic activity and creating jobs for U.S. workers and legal permanent residents,” Cabrera said. The program started in 1992 and has grown in the last five years. The federal government conducts background checks on those investing and checks to make sure the source of the money is legitimate. If investors meet the immigration qualifications and their project qualifies, they will receive a two-year conditional permanent residency immediately. The conditions drop after two years if the development is successful and continues to provide jobs.
Given recent immigration debates, project developers and planners are quick to defend the EB-5 program. “Not many of the investors will live in McHenry County. They may live somewhere else in the U.S.,” Kameli said. “But their money creates jobs in McHenry County. That’s what residents should care about.” Managing partner for the complex Tenore said it was a way for potential new citizens to speed their progress. “It doesn’t guarantee citizenship,” Tenore said. “They just don’t have to sit in line.” The sports complex, which will be on the west side of Route 47, south of the northwest leg of Route 176, has received permission to sell $18 million in recovery zone bonds to help jumpstart the project and purchase the land, which should take place by mid-October, Porter said. Initially the sports complex developers wanted to go to the traditional bond market to help fund the entire project, Tenore said. “When the bond market fell [in 2008] ... we started looking for alternate financing,” he said.
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