Published on : Friday, June 21, 2019
The Colorado Regional Center (CRC), a US Citizenship and Immigration Services (USCIS) approved Regional Center for the EB-5 Immigration Investment Program will host one-to-one sessions for aspiring Indian Investors seeking U.S Green Card opportunities at the Grand Hyatt, Mumbai from 2nd – 4th July 2019. The sessions will offer Indian Nationals, the opportunity to obtain U.S Green Card and subsequently US Citizenship under the EB5 program by investing in The Empire Outlets – A USCIS approved project, which is raising the final round of funding.
The Empire Outlets, New York City’s first and only retail Outlet Mall, is a reputed USCIS approved project under EB-5 Immigration Investment Program and is set to close the funding in the next few months. In a grand opening ceremony held on the 16th May 2019, the first phase of the outlet was opened to public and saw 11,000 visitors from New York and Staten Island while the opening weekend registered a massive footfall of over 165,000 visitors. The Empire Outlets has already created over 3,700 jobs, double of the 1200 jobs mandate set by the USCIS and enjoys I-924 Exemplar Approval and I-526 approvals from USCIS.
The U.S has long been an aspirational destination for Indians to settle, given its superior standard of living and career opportunities. The EB-5 Immigrant Investor Program offers foreign nationals, an opportunity to obtain a Green Card by investing in a qualifying project in the US and to relocate and enjoy permanent residency benefits with their spouse and unmarried children under the age of 21 years. Typically, interested investors are required to make a minimum investment of USD 500,000 for a project, located in a Targeted Employment Area (TEA) or USD 1,000,000 million for a project not located in a TEA. The investor has a choice to invest individually; creating 10 direct jobs, or invest as part of a larger pool through projects managed by USCIS approved Regional Centers, and create 10 direct or indirect jobs. In the process, while the investor has an opportunity to gain permanent residency, the U.S. economy benefits through capital support for important projects while new avenues for high paying American jobs are created.
Despite the popularity of EB-5, investors are still plagued by ambiguity around several eligibility criteria, including long waiting periods, guarantee on return of investment, credibility and completion of qualifying projects etc. Through the sessions, CRC representatives will highlight how the Empire Outlet has already met and surpassed most eligibility criteria as the EB-5 program requirement and has also met the USICS job creation guidelines, thus offering a promising chance to investors seeking to avail a fast-paced U.S. Green Card and subsequent Citizenship for themselves and immediate family.
Speaking about the rising popularity of EB-5 Program among Indian investors, Ms. Jennifer Richmond, VP, Business Development, Colorado Regional Center, expressed, “India has been among the top 3 markets for the EB-5 Program and has already recorded a steady growth rate of 30-40% in the last few years. We are excited to present our iconic project – The Empire Outlets, with its short investment window, offering aspiring investors a promising opportunity to avail permanent residency in the U.S through the EB-5 Program. We look forward to address all the concerns and apprehensions of aspiring Indian Investors and facilitate a smooth process for them to avail this opportunity.”
Speaking about the investment project and the promising opportunity for Indians, Mr. Deepesh Deshmukh, EB-5 Investment Project Facilitator for India, New York Empire Outlets Fund I, LLC, said, “There has been an equal amount of enthusiasm and anxiety among Indian Investors when considering the EB-5 Immigration Investment Program. Recently, it was estimated that by the end of 2019, the waiting period for EB-5 visa for Indian applicants may be as long as 7 years. Other risk factors like adequate job creation, low rate of interests and credibility of projects etc., have been major roadblocks for Indian investors, when considering to apply for U.S Green Card under the EB-5 program. Through the interactive sessions, Indian Businessmen, entrepreneurs, C-Suite Executives and HNI’s, can gain first hand insights and guidance on how they can leverage this opportunity to obtain a Green Card for themselves and immediate family through a secure and legally accurate means of investment.”
Developed by the reputed BFC Partners, in association with New York State Empire Outlet Fund I, LLC, organised by CRC and the EB-5 New York State Regional Center, the Empire Outlets enjoys strong financial backing by investors like Goldman Sachs and the New York State and the New York City Government, who have pledged over USD 90 Million in the project through loans and grants.