NEW YORK CITY-It sounds like the name of a robot, but EB-5 is actually a largely beneficial—though technical—government program under which developers can procure project funding from foreign investors in exchange for a green card.
This was the message of a securities and tax lawyer, an immigration attorney and an investment professional—who are experts in this area—during a luncheon earlier this week in Midtown Manhattan. Sponsored by the Mortgage Bankers Association of New York, the presentation outlined how the program works, along with its benefits and drawbacks.
“The EB-5 Program has evolved into a low-cost source of alternative financing for U.S. based projects,” said securities lawyer Debbie Klis, of counsel, Ballard Spahr. “It's popular because the return on investment that needs to be promised is low.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
