policy
EB-5 VISA
The Congressional Immigration Act of
1990 created the, EB-5 Visa, employ-
ment-based fifth preference category or
EB-5 Immigrant Investor Visa Program.
When it was first launched, qualifying
foreign nationals who invested one mil-
lion dollars in a business that created at
least 10 jobs, were issued a “green card”
or lawful permanent residence for the
investor, spouse and unmarried children
under the age of 21 that was renewable
every two years.
An Important Win,
Remembering Mccain
STOPPED BY SENATORS. In addition to
Secretary Pompeo, Senators from both
sides of the aisle played a powerful role in
shutting down the Administration’s efforts
to not just disproportionately, but solely
target State Department and USAID pro-
grams for cuts. Big shout outs to key Sen-
ate leaders including Leader McConnell
and Senators Corker, Menendez, Shelby,
Leahy, and Graham — in addition to many
other champions.
Congressional action was also driven by
the determination to protect its constitu-
tional power of the purse against unprec-
edented executive branch overreach.
And given that the cuts would have
amounted to just 0.07% of the entire fed-
eral budget, many saw this as a political
move rather than a comment on the re-
sources needed to respond to the growing
global challenges facing our nation.
THE MAVERICK. John McCain not only
believed America was that “shining city on
a hill,” he worked tirelessly every day to
make it so. A few memories and tributes to
share about the Senator:
On the late show with Seth Myers last year,
John McCain passionately defended the
importance of our nation’s civilian tools.
USGLC will always remember the special
evening McCain joined us to honor his
friend, Vice President Joe Biden.
20 iF Magazine | September 2018
And Senator Lindsay Graham’s tearful and
fitting farewell to his best friend from the
Senate floor from earlier this week.
CHINA COMPETITION. Fresh polling by
Pew reflects Americans less favorable
views of China as trade tensions have
risen in recent months. The survey shows
a 6% drop in Americans favorable views
of China since last year (from 44% to
38% today). In fact, by a margin of 2 to
1, more Americans are concerned about
China’s economic threat than their military
strength.
CRISIS SNAPSHOT. There’s no shortage of
global crises on the horizon:
Marking one year since the beginning of
the Royingha crisis, Governor Bill Rich-
ardson, writes that displaced families still
need our help and need to be heard.
The Ebola outbreak in the Democratic Re-
public of the Congo is not yet stabilized,
particularly with the difficulty tracking new
cases of the disease near rebel-held ar-
eas. The World Health Organization reports
112 confirmed and probable cases.
The crisis in Venezuela continues to spiral
downward with severe food and medi-
cine shortages and inflation rates topping
60,000%. Brazil recently sent troops to the
border to prevent Venezuelans from seek-
ing safety across its border.
WHEELS UP FOR MELANIA. In her first
major international solo trip as First Lady,
Melania Trump will be traveling to Africa
this October. Plans are underway to visit
several countries, highlighting humanitar-
ian work with a focus on children. More
details on her exact itinerary to come.
POST-LABOR DAY GAMEPLAN. With just
11 days left until the end of the fiscal year,
Congress will need to work quickly to pass
its final FY19 spending bills to ensure the
government is funded after September 30.
Both the House and Senate are working at
record speed, with the Senate having al-
ready approved 9 of its 12 appropriations
bills on a bipartisan basis. But between a
Supreme Court nomination, a must-pass
Farm bill, and other priorities, it’s likely
Congress will need to pass a Continuing
Resolution to keep at least some of the
government — including the State De-
partment and USAID — funded through
the fall.
Written by:
Liz Schrayer
USGLC
program has been a principal source for
the development of Las Vegas real estate
as well as other metropolitan regions.
Locally, the Houston Astoria multiuse
complex and other luxury condominiums
have been built with EB-5 Visa capital.
In the Greater Houston Area, Mexican
and Chinese Investors have made up the
bulk of the recipients of EB-5 visas.
Toye
Jones
The EB-5 Visa program got off to a slow
start as applicants had to apply through
a bureaucratic qualifying process. By
means of illustration, according to fig-
ures from The United States Customs
and Immigration Service (USCIS) in
2008, $321M flowed into US based in-
vestments through the EB-5. However,
as the program was streamlined, the
EB-5 Program became an economic
development engine reaching $437B in
investment capital in 2015.
In July, Pete Garcia, Executive Director
of The United States-Mexico Chamber
of Commerce, convened experts on the
EB-5 Visa Program for Chamber mem-
bers and the public to provide impartial
information. iF Magazine reached out to
Garcia to bring you this report:
iF: Talk about your experience in
business.
Garcia: I have over 40 years in doing
INTERESTS, INC.
The program has been amended and
simplified and the investment level low-
ered to $500K. Other changes have been
the creation of 903 USCIS approved Im-
migrant Investor Regional Centers. These
are usually for profit privately owned lim-
ited partnerships that must be approved
by USCIS. The centers bring experts in fi-
nance, accounting, immigration law, and
real estate developments. Some of the
principal advantages of said centers are:
One does not need to invest individually
in a start up business but rather work
through one of these centers as a pas-
sive investor meet the federally man-
dated requirements.
One can live anywhere as they are not
tied down to managing the fund or the
development projects. Additionally, since
this is investment capital, the recipient
can still work anywhere they desire.
The investor’s children qualify for admis-
sion to any university at resident rates.
The EB-5 Visa recipients can qualify for
U.S. citizenship after five years.
The recipients are not required to speak
English.
Investment capital from the EB-5 Visa
business with Mexico primarily in the
tourism industry. I started when I was
with Braniff International Airways and
then Texas International Airlines which
later acquired Continental Airlines which
is now United. During my tenure we
grew Continental from seven destina-
tions to 30 destinations nonstop from
Houston to Mexico and from a total of 25
cities to over 75 cities throughout Latin
America and the Caribbean from Hous-
ton and New York.
iF: What led you to start the Mexico
U.S. Chamber of Commerce?
by:Victor Escalante
• Brings foreign investment to the United
States
iF: Why is the EB-5 Visa still rele-
vant in the current political climate?
Garcia: With immigration laws being
enforced so vigorously, Green Cards are
very difficult to obtain and since these
EB-5 projects have already been ap-
proved by the US government, they of-
fer the fastest way to obtain a visa to the
USA.
iF: What myths do people have
about this program?
Garcia: Myths of bad investments ex-
ist because, when they first began, some
programs took investment capital, but
the projects never started, and people
lost their funds. However, now with the
EB-5 Regional Offices there are much
better controls to not allow these mis-
takes to happen.
iF: Does your chamber provide
expert knowledge on this program?
Garcia: We have EB5 Regional Of-
fices and attorneys as members of our
chamber and they are the experts but,
our chamber can answer just about any
question on EB-5 Visas and a variety of
investment projects.
iF: What is your forecast for Latin
American Trade with the United
States?
Garcia: I knew there was a need to Garcia: Latin America is a very strong
bring people together to encourage the
huge opportunity in business between
Texas and Mexico but, there was no or-
ganization that focused on this and I had
built a large network of business people
in both places.
iF: You recently had a EB-5 Visa
Program workshop, what three
takeaways can you share?
Garcia:
• This is the best way to acquire a “Green
Card” for foreigners.
• This program offers great passive in-
vestment opportunities.
• EB-5 programs bring foreign invest-
ment funds to where they are needed
emerging global market and for Texas,
that represents a great future for busi-
ness between our countries. We are well
situated, and Texas is a strong global and
diverse economy. Texas exports over
17% of all USA exports to the world. The
Panama Canal expansion also offers a
new avenue for logistics and transporta-
tion between our two continents.
Houston has a huge logistical advantage
with a world class maritime port, two in-
ternational airports with important airline
hubs, a great roadway system and rail
connectivity to the world all providing a
fantastic intermodal transportation and
logistical hub.
iF Magazine | www.iFMagazine.net
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