Investment based green cards create American jobs, help economic growth

February 19, 2011 § Leave a comment

A Southern California community is capitalizing on a little-known federal program that can turn a shopping center into the fast track to US citizenship. “It’s a $500,000 investment,” said Bruce Coleman, director of economic development for the city of Murrieta. Coleman is referring to the Olivewood Project, a 50,000-square foot, $12 million retail and office complex. He said nearly half the money will come from foreign investors from 7 different countries, from China and Japan, to Russia to Peru. In exchange for making the project a reality, each investor will receive a green card and the chance to apply for citizenship in 5 years. It is all part of the 2-decade-old federal program called EB-5, which requires each investor seeking a visa to pass background checks, invest $500,000 and create 10 jobs. Murrietta City Councilman Rick Gibbs said the EB-5 program jump-started a stalled project, and added, “They would not be proceeding right now if not for the EB-5 money.” The program, which did not get much attention until the recession hit, is drawing praise from the Minutemen. In a statement, the Minuteman Project said: “Our immigration system was founded to ensure prosperity. This program furthers that goal.” Councilman Gibbs said, “The US needs jobs for our citizens and this does that.” (KGTV)

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