EB-5 Regional Centers Florida Chamber of Commerce International Days

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1 EB-5 Regional Centers Florida Chamber of Commerce International Days Glenn M. Cooper, Esq. Shareholder & Immigration Attorney [email protected] (954) GrayRobinson is a full service law firm with nearly 300 attorneys in 12 Florida offices

2 EB-5 Regional Centers Immigrant Investor Pilot (EB-5 Regional Center) Program created by U.S. Congress and reauthorized on an annual basis (proposals for making the program permanent in serious consideration in Congress) 3,000 of the 10,000 EB-5 annual green card allotment are reserved to regional center investors EB-5 regional center investors can also access the remaining 7,000 allotted green cards subject to per country quota (China). 2

3 EB-5 Regional Centers Regional Center relaxes the EB-5 job creation requirement by allowing for direct or indirect job creation of the required 10 lawful U.S. workers. A Regional Center is any economic unit, public or private, which is involved with the promotion of economic growth, including increased export sales, improved regional activity, job creation and increased domestic capital investment. 3

4 Indirect Jobs Indirect jobs are those that are held outside of the new commercial enterprise but are created as a result of the new commercial enterprise. Reasonable economic methodologies may be used to demonstrate indirect job creation resulting from the Regional Center (RIMS II, IMPLAN, REMI and REDYN) 4

5 Regional Center Options for Developer Operate within an existing Regional Center (Roy & Stephane) Establish a New Regional Center 5

6 Submitting EB-5 Regional Center Proposal Form I-924 Comprehensive Business Plan and Economic Analysis 6

7 Submitting EB-5 Regional Center Proposal Clearly identified, continuous geographical area for the regional center and if the regional center wishes to operate under $500,000 reduced EB-5 investment, it must identify targeted employment areas (TEA); rural area outside metropolitan statistical area (MSA) and outside of city or town having a population of 20,000 or more; or; an area which has experienced unemployment of at least 150% of the national average (per DEO). 7

8 Submitting EB-5 Regional Center Proposal Detailed description of how the capital investment within the geographic area will create direct or indirect qualifying jobs. Detailed prediction of the regional center s impact on household earnings, business services, utilities, maintenance and repair and construction. 8

9 Submitting EB-5 Regional Center Proposal Administrative structure of the regional center and how it will: Be promoted to attract investors; Identify, assess and evaluate investor/developer projects; Structure its investment capital; and Oversee all investment activities. 9

10 Securities laws/regulations Registration of securities for offer or sale under the Securities Act of 1933 (Securities Act); Broker registration for persons effecting transactions in securities under the Securities Exchange Act of 1934 (Securities Exchange Act); 10

11 Securities laws/regulations Registration of persons or entities offering investment advice under the Investment Advisers Act of 1940 (Investment Advisers Act); Registration of persons or entities that offer investment products to the public under the Investment Company Act of 1940 (Investment Company Act) 11

12 Securities laws/regulations Regional centers and associated/related entities, principals and agents as well as those who aspire to be the above should retain competent immigration counsel and securities counsel. 12

13 Questions? Thank you! Glenn M. Cooper, Esq. Shareholder & Immigration Attorney (954) GrayRobinson is a full service law firm with nearly 300 attorneys in 12 Florida offices