Foreign commercial real estate investors who want to gain interests in the United States will likely continue to earn green cards under certain conditions, as an extension of a federal government program took a step forward, according to World Property Channel.
The EB-5 Immigrant Investor Regional Center program was extended after the U.S. Senate approved a three-year extension. This allows investors to receive a green card if they successfully invest in an American business and create at least 10 jobs in the area, the news source explained. The program has been in place for 19 years, and in order to complete the extension, the House of Representatives will need to give its approval.
"Investors must pledge a minimum of $500,000 to a project within an approved regional center and must independently apply for EB-5 visas," said Senator Patrick Leahy. "If approved by the US Citizenship and Immigration Services, foreign investors are granted conditional two-year green cards.
The program has produced approximately $1 billion in foreign investment in the country, as well as thousands of jobs.