THE IMMIGRANT INVESTOR PILOT PROGRAM

The Immigrant Investor Pilot Program ("Pilot Program") was created by Section 610 of  Public Law 102-395 (October 6, 1992). The Pilot Program began in accordance with a Congressional mandate aimed at stimulating economic activity and creating jobs for U.S. workers, while simultaneously affording eligible aliens the opportunity to become lawful permanent residents. Through this innovative program, foreign investors are encouraged to invest funds in an economic unit known as a "Regional Center".

REGIONAL CENTER

A "Regional Center" is defined as any economic unit, public or private, engaged in the promotion of economic growth, improved regional productivity, job creation, and increased domestic capital investment. It is an entity, organization, or agency that has been approved as such by the United States Citizenship and Immigration Services (USCIS).

Under the EB-5 Investor Program, an alien must invest at least $1,000,000, or at least $500,000 where the investment is being made in a "targeted employment area," which is an area that has experienced unemployment of at least 150 per cent of the national average rate.

In order to seek status as an immigrant investor, you must file USCIS Form I-526, Immigrant Petition by Alien Entrepreneur. The Form I-526 must be filed with supporting documentation which clearly demonstrates that the individual’s investment meets all requirements, such as:

• establishing a new commercial enterprise
• investing the requisite capital amount
• proving the investment comes from a lawful source of funds
• creating the requisite number of jobs
• demonstrating that the investor is actively participating in the business; and, where applicable,
• creating employment within a targeted employment area

This is an at-risk investment.  Each prospective EB-5 investor should consider carefully the risk factors attendant to this investment and should consult his or her own legal, real estate, and financial advisors with respect thereto.