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.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
