Clem G. Turner, member at Chiesa, Shahinian & Giantomasi/Photo by Steve Hockstein/ HarvardStudio.com
NEW YORK CITY—Clem G. Turner has been representing clients involved in EB-5 visas for a decade. His representations include raising $400 million with an EB-5 investment in the $1 billion SLS Hotel and Casino in Las Vegas. The member of the law firm Chiesa Shahinian & Giantomasi has also handled several hundred EB-5 raises at the $1 million level with franchises such as Burger King, iHop and Dunkin Donuts.
Now, clients are also asking him whether Opportunity Zones could work with EB-5 fundraising.
With Opportunity Zones, investments in designated low income areas can provide investors deferrals, reductions and exclusions of capital gains taxes. The EB-5 program allows foreign investors to obtain green cards by investing $1 million in a business that employs at least 10 US workers. The investment requirement drops to $500,000 if the business is in a rural or economically depressed area.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.