A newly formed economic development company in Albuquerque announced on Friday that it has started working as the facilitator on the investment deal and also said that it could bring 540 jobs in New Mexico.
InvestUS, LLC, is the firm that was formed to work as a regional center under the federal program that is offering resident visas for overseas nationals who are investing in the US projects which creates jobs.
The CEO of the InvestUS, Deborah Burns, says that the she cannot release the details of the project because of the security rules and agreement of confidentiality with the developer. But she described the project that can become industry’s global destination.
She said that the company has already architectural, development, business plan and report on job creation, documents with securities offerings and other things with the Citizenship and Immigration Services of the US under the EB-5 program. She also said that the developer can begin marketing of its securities from abroad in coming few months. If it is successful, this project will be the first under EB-5 program in Mexico. She added.
EB-5 program decreases the cost of funds for projects. Because the developers do not have to put much higher equity. International investor under this program doesn’t get the equity stake in the project, but they rather invest through unsecured loan.
To qualify for visa under this program, the investor must provide a minimum of $5,00,000 to the project that create a minimum of 10 jobs each per investor. The project may also be in the targeted employment area which is certified by the state, one in the rural area where 20,000 people exists or where the rate of unemployment is minimum one and a half times of the national rate in the area.
Until and unless the CIS certifies the project that it has created the required number of jobs, the investor doesn’t receive a permanent residence visa.
InvestUS acts as a facilitator in getting the EB-5 investments. Mark Lautman, President and Albuquerque business attorney, Robert Singer are the other principals who are serving as the general counsel of the company.
