The city of Miami, entitled as a "regional center" controlled by federal government's EB-5 program, has made the program more extensive thus allowing foreign investors to move to US.
EB-5 program is an employment based visa program that allows eligible investors to attain residency in US. Through the newly earned designation by the city, investors are eligible under the EB-5 program if they invest a minimum of $500,000 in the projects that create jobs.
Laura Reiff, co-chairperson of ‘Greenberg Traurig’ law firm based in Miami, said that the popular EB-5 program will provide opportunities for development in real estate and projects related to infrastructure thereby serving as a means for creation of jobs and development in Miami economy as well as all across South Florida.
Miami is one of the few cities across US to hold and run its own EB-5 center. Many projects ranging from hotels to restaurants and office buildings have used EB-5 program so as to attract foreign investment into South Florida. To be qualified for permanent residency foreign investors must create a minimum of 10 jobs over a period of two years.