Congressman Amodei Comments About the EB-5 Program

With the EB-5 Program set to expire in September of this year, Congressman Mark Amodei (R-Nevada) recognizes the tremendous economic benefit and opportunity that the EB-5 program (or immigrant investor category) has to our nation’s future. Amodei and Colorado Congressman, Jared Polis introduced legislation earlier this year to make the EB-5 Program permanent and allow for job creation though foreign capital investment. The bill titled American Entrepreneurship and Investment Act of 2015, would address Target Employment Areas, transparency and streamline the program’s processing times.

These changes within the EB-5 Program directly impact the future operation of the Nevada State EB-5 (NVEB-5), located in Carson City, which depends on the specifics of the bill’s architecture as well as its successful passage.

Lynn Beteag, Administrator for NVEB-5 had this to say about the proposed changes to the EB-5 Program, ”Our main concern is how the proposed changes to the EB-5 program will hinder or assist companies who are requiring additional capital to build or expand their businesses into Northern Nevada. Like other Regional Centers in the U.S. we are waiting for Congress to support legislation to improve and continue the EB-5 Program”.

Las Vegas Business Press recently published the following article highlighting Congressman Amodei’s comments on the issue.

The SLS hotel-casino is the largest local project to benefit from EB-5 financing, according to Michael Vannozzi. The SLS employs 2,700. (David Becker/Las Vegas Review-Journal)

The front entrance to the SLS hotel-casino is seen on Tuesday, June 23, 2015, in Las Vegas. According to an SEC filing, the hotel-casino lost $35.3 million in the first quarter of this year. (David Becker/Las Vegas Review-Journal)

 

Curated from Amodei leading push to update EB-5 policy | Las Vegas Business Press

 

Press Release: Scaale, Inc. Promoting NVEB-5 Opportunities for Foreign Investors

Scaale, Inc. and NVEB-5 Regional Center has issued a press release highlighting their efforts to promote the Sierra Region opportunities for Indian entrepreneurs and investors.  Scaale, Inc., the Northern Nevada Development Authority (NNDA) and NVEB-5 are working together to bring together local business ventures with foreign capital investors looking to take advantage of the EB-5 Program.

Click here to read the complete press release.

 

PR Scale page 1 PR Scaale page 2

 

 

Is Northern Nevada the next Tech Mega Center?

As the Northern Nevada region clears the carnage of the economic recession, it emerges stronger than ever. Once thought strictly as an entertainment capital, it is slowly blossoming into a technological power house.

With the recent start of construction on the Tesla Gigafactory, other new technology companies are exploring the economic and quality of life benefits Northern Nevada has to offer. In addition to the construction of the new Tesla battery manufacturing plant east of Reno, other recognized companies are exploring the region including: Apple, Dairy Farmers of America, Amazon and the Switch Data Center to name a few.

The recently announced Switch Data Center will provide cloud-based data backup for mega companies such as Ebay and Dreamworks. Currently, its only data center is located in Las Vegas and Switch looks to create a double redundancy system with the addition of the new Northern Nevada facility. Work has begun on the first phase of the $1Billion data center.

Technology based companies/project developers rely heavily on capital to launch new operations, relocate or expand. A powerful tool available to these companies/project developers is the EB-5 Program. As a certified USCIS EB-5 Program, the Nevada State EB-5 Regional Center facilitates local job creation through foreign capital investment into local, approved projects. If you are a Technology based company or supplier interested in joining the Northern Nevada Tech World and require capital, please contact NVEB-5 to discuss how we can assist you.

To learn more about the many benefits of becoming an approved EB-5 Program, contact The Nevada State EB-5 Regional Center at: 885.498.6360 or visit: NVEB5.org.

More Northern Nevada Technology In the News…

 

Curated from Work begins at $1B Switch data center east of Reno – My News 4 – KRNV, Reno, NV

 

Curated from Construction underway at Switch data center site near Reno

EB-5 Program Benefits for the Foreign Investor

We know that one of the major EB-5 Program benefits to Companies/Project Developers in the United States is to create jobs through Foreign Investment. But, how does the EB-5 Immigrant Investor Program benefit the Foreign Investor?

There is no one simple benefit. Instead, the unique blend of benefits and flexibility are numerous, making the EB-5 Immigration Program an ideal option for a number of qualified applicants. Benefits include:

• Retirees who are self-sufficient and want to reside in the United States
• Parents who want a child to study in the United States and obtain in-state tuition
• Foreign nationals who are reaching the 6 year limit for their H-1B visa status
• A foreign national investor in a US business who does not want to be active in the day-to-day operations of the business
• Spouses of permanent residents
• Foreign nationals with an urgent need, or desire, to become a permanent resident
• Foreign nationals who need/want to relocate to a stable region
• Many other foreign nationals who may have no other options for legal status in the United States

Nevada State EB-5 Regional Center is ideal for high net worth foreign investor because:

1. USCIS approval of a project offers a potential investor a level of security.
2. The added benefit of “in direct and induced employment creation” formulation for the EB-5 investor, assisting in meeting the job-creation requirement of an investment.
3. The passive investment-nature of the limited partnership role with the New Commercial Enterprise. The role of a limited partner satisfies the management requirement imposed by federal regulations, while simultaneously relieving the EB-5 investor of responsibility for day to day business operations. As a limited partner, the investor has limited policy-making involvement, yet no day-to-day management authority. Thus, for the vast majority of immigrant investors not interested in management of the business, the EB-5 Regional Center program offers the most attractive investment option.
4. Live anywhere in the US. Another advantage of the Regional Center program is that the investor is not required to live in the same geographic location as the investment. Rather, he or she can live anywhere in the United States.

To learn more about the EB-5 Immigrant Investment Program visit:

USCIS.gov or NVEB-5.org

Or call the Nevada State EB-5 Regional Center direct at: 855.498.6360

Nevada Economic Development Conference May 19-21, 2015

The Western Nevada Development District will be holding Stronger Economies Together, 2015 (an economic conference) May 19th through 21th, 2015 at the Joe Crowley Student Union on the University of Nevada, Reno campus. The purpose of the event is to encourage dialogue and education about Nevada economic development challenges and future opportunities.

At least 500 community leaders, policy makers and government officials from throughout the region are expected to attend the event which will focus on a wide-range of discussion topics highlighting Nevada’s economic path. During the conference, nationally recognized experts in creative economic and workforce development will deliver keynote presentations. In addition to the presentation, the event will provide a pre-conference workshop, institutes and education sessions, offsite tours and networking opportunities. The conference will offer eight sessions addressing: access to capital, agribusiness, energy, infrastructure, manufacturing, mining, tourism, transportation and workforce development as cornerstones of economic growth.

Scheduled keynoter speakers include Don Macke and Deborah Markley, co-founders of the Center for Rural Entrepreneurship; Patrick McGaughey, a nationally known expert on win-win negotiations and building business-education partnerships; and Jason Broadwater, expert on creative community development and accomplished author. Lynn Beteag, Administrator, for the Nevada State EB-5 Regional Center is also scheduled to present on accessing capital through foreign investment and the benefits of the EB-5 Program; a program implemented by the US Citizenship and Immigration Services (USCIS) which facilitates US economic growth through the EB-5 immigrant investment program allowing international investment leading to local job creation in exchange for immigration benefits.

“The Stronger Economies Together Conference will highlight economic tools and economic information that will benefit anyone with an interest in Nevada’s future economic development. I encourage you to attend,” said Lynn Beteag.

Spaces for the event is still available. For more information or to register for the event, please visit: WNDD.org

Keeping Northern Nevada’s Economy on Track

With the United State Citizenship and Immigration Services (USCIS) EB-5 Program set to expire in September of this year, supporters are working diligently to ensure the future of the program. In January of 2015, Nevada Congressman, Mark Amodei and Colorado Congressman, Jared Polis, introduced legislation to make the EB-5 program permanent allowing for job creation through foreign capital investment. In efforts to help solidify the EB-5 Program’s future, Invest In the USA (IIUSA®), is holding an EB-5 Regional Economic Development and Advocacy Conference on April 12th thru 14th, 2015 in Washington D.C. with over 500+ scheduled to attend including: Michael Chartoff, former Secretary of Homeland Security; Honorable Senator Ron Johnson (R-WI)-Chairman of Homeland Security; Honorable Congressmen Darrell Issa (R-CA, 49th District)-Chair of House Subcommittee on Courts, Intellectual Property, and the Internet: Member, House Judiciary Committee, and many more nationally recognized financial, legal and immigration experts.

Lynn Beteag, Administrator, of the Nevada State EB-5 Regional Center (NVEB-5) will represent Northern Nevada at the Washington D.C. conference. NVEB-5 is focused on providing a means for financially sound, viable and secure job creating project opportunities, which fully satisfy all the requirements for investors to obtain their Green Cards, to navigate the EB-5 Program. The United States EB-5 Immigrant Investor Program (EB-5) is administered and overseen by the (USCIS).

“I am looking forward to attending the IIUSA Conference to not only show my support for this outstanding program but also to learn about USCIS policy and visa updates. The EB-5 Program is a powerful tool for keeping Northern Nevada’s economy on track by providing companies and project/developers of “at risk” projects with a means of acquiring additional capital that works as a compliment to the traditional capital stack.” said Ms. Beteag.

To learn more about EB-5 Regional Center advocacy, please visit: IIUSA.org (link to: http://advocacy.iiusa.org/)

Obtaining a Visa-The Numbers Game

Immigrants seeking legal entry into the United States are often overwhelmed with what appears to be an overly complicated visa allocation system. In fact, numerical caps are set by Congress and limit the number of foreign nationals that may obtain immigrant visas annually and are divided into 5 distinct categories of employment based green card categories. These are set by Congress to 140,000 immigrant visas (green cards) per year total for all 5 categories. Further, the EB-5 Program is limited to 10,000.

Greenberg Traurig’s recent article, What Every Chinese EB-5 Applicant and Agent Need to Know about Retrogression, explains the process in more detail below.

Each month, the Department of State (DOS) issues a visa bulletin which contains information regarding the availability of immigrant visas. The availability of immigrant visas is subject to numerical caps imposed by Congress, which limit how many foreign nationals may obtain immigrant visas each year. In the employment based green card category Congress allots 140,000 immigrant visas (green cards) to be issued annually. The employment-based categories are subdivided into five preference categories:

Curated from What Every Chinese EB-5 Applicant and Agent Need to Know About Retrogression | EB-5 Insights