Center for Innovation to host international student appreciation night May 1
The Center for Innovation will host International Student Appreciation Night at 5 p.m. Wednesday, May 1, in the Center for Innovation; pizza will be served. The free event is an opportunity for international students to learn more about the EB-5 program.
The Center for Innovation’s North Dakota/Minnesota EB-5 Regional Center is committed to regional development through international partners, while providing eligible foreign investors an opportunity to become permanent U.S. residents.
EB-5 – the Department of Homeland Security's Immigrant Investor Program – was created by Congress in 1990 to stimulate the U.S. economy through job creation and capital investment by immigrant investors by creating a new commercial enterprise or investing in a troubled business. There are 10,000 EB-5 immigrant visas available annually. In 1992 and regularly reauthorized since then, 3,000 EB-5 visas are also set aside for investors in Regional Centers designated by DHS's U.S. Citizenship and Immigration Services (USCIS) based on proposals for promoting economic growth.
There are two distinct EB-5 pathways for an immigrant investor to gain lawful permanent residence for themselves and their immediate family – the Basic Program and the Regional Center Pilot Program. Both programs require that the immigrant make a capital investment of either $500,000 or $1,000,000 (depending on whether the investment is in a Targeted Employment Area) in a new commercial enterprise located within the United States. TEA is defined by law as a rural area or an area that has high unemployment.
The new commercial enterprise must create or preserve 10 full-time jobs for qualifying U.S. workers within two years (or under certain circumstances, within a reasonable time after the two year period) of the immigrant investor’s admission to the United States as a Conditional Permanent Resident (CPR).
The program nationwide has generated close to $2 billion in foreign investment in U.S. businesses.
-- Juan Miguel Pedraza, writer/editor, national media relations coordinator, University and Public Affairs, 777.6571, juan.pedraza@UND.edu.