Michigan was recently approved as one of two EB-5 Regional Centers. Recent press releases issued by Governor Snyder and the MEDC indicate the Michigan EB-5 Regional Center will act as “a vehicle to connect eligible foreign investors with potential development projects across the state, which in return could lead to permanent residency for them and their families. Investors will come from a variety of sources, including individuals and contacts made through Michigan’s colleges and universities hoping to retain and attract current and former students.”
“The EB-5 program is an employment based visa program that allows investors and their families to obtain permanent residency by investing in an enterprise that creates at least 10 direct or indirect jobs in Michigan. Investments can range from $500,000 to $1 million, depending on whether the qualifying project is in a distressed area considered a targeted employment zone (TEA) or not. A TEA is considered anywhere employment is at or above 150% of the national unemployment rate. There are currently 433 eligible areas in Michigan.”
The Regional Center will work in coordination with the Michigan Office of New Americans. It is intended to work to ensure that each of the projects in its portfolio meets strict underwriting standards designed to satisfy the EB-5 requirements and to give investors the confidence that an investment through the Michigan EB-5 Regional Center is thoroughly vetted. The EB-5 program provides for the USCIS’s completion of the visa application approval process once an investment has resulted in the creation of at least 10 full-time jobs in Michigan and the EB-5 requirements are met.
The program and new Regional Center will likely drive new investment in both the City of Detroit, and Michigan as a whole. For more information about the EB-5 Program and investment in Michigan, please contact the attorneys of Dalton & Tomich, PLC.
The original press releases can be found here:
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