The federal government recently designated Miami as an EB-5 Regional Center for Foreign Investment. Miami’s EB-5 designation will attract even more international investors to the area because the visa program can lead to permanent residence in the United States. In 1990, Congress created the EB-5 visa program to stimulate the U.S. economy through job creation and capital investment by foreign investors. Certain EB-5 visas are specifically targeted for the designated Regional Centers and issuance is based on the investor’s proposal for promoting economic growth in a Regional Center. An investor seeking an EB-5 visa must invest in a new commercial enterprise, meaning a for-profit activity formed for the ongoing conduct of lawful business. Within two years of establishing the commercial enterprise, the investor must show that the activity created or preserved 10 direct or indirect jobs, with the latter reserved for the Regional Center programs.
The South Florida business community is already speculating that this program will attract investors from countries with uncertain and distressed economies. Miami has already seen plenty of action from Venezuelans and Argentinians, and this may bolster their activity even more. In addition, many are hopeful that this will bring more Asian investors, particularly Chinese investors, into the Miami commercial sector. Even though their attention has primarily focused on New York thus far, Miami’s climate, growth, and lack of state income taxes make it an even more attractive location for substantial investments. Also, given the growing relationship between Miami and the Middle East, the EB-5 program may increase investment from Doha, Dubai, and elsewhere. Perhaps Beirut, a recently named sister city of Miami, will lead the way.
Recently, Miami has undergone amazing growth. The developments and changes in Miami Beach, Brickell, and Downtown, in particular, are astounding. To say that the Miami market is hot is an understatement. Now, that growth has the potential to skyrocket with the injection of foreign capital. We hope that our friends abroad take advantage of this amazing opportunity, assuming of course that they have an interest in becoming a permanent resident of the U.S.