Opportunity opens for Houston EB-5 investors as policy changes in US
… firm partners 3INVEST on new project
Opportunity has opened again for investment and legal permanent residency in the United States through the EB5 visa programme as the new president, Joe Biden, through an executive order recently, lifted travel ban on citizens from more than a dozen countries, including Nigeria.
Investors approach to the EB-5 investment had been affected badly by government policies which went beyond travel ban to implement changes to the EB-5 Investor Programme as part of a comprehensive EB-5 modernization law passed by Congress.
The most notable change was the increase in the minimum investment amounts from $500,000 to $900,000 for Targeted Employment Area (TEA) investments and $1 million to $1.8 million for non-targeted Employment Area (TEA) investments.
With the new development, however, though the increase in minimum investment amount remains, hope has been raised, investors can return to the Houston EB5, which, in the past 10 years, has provided opportunities for over 350 immigrants to gain legal permanent residency in the US.
This it does by creating qualified and competitive real estate investments in Texas. Its visa programme is administered by the United States Citizenship and Immigration Services (USCIS).
The development, according to experts, provides timely opportunity particularly for Nigerian investors as the investment climate in their country remains hazy with galloping inflation and crippling recession.
“By eliminating the travel ban on Nigeria and a dozen more countries, Nigerians are no longer in limbo wondering what will happen once their eb -5 petitions are approved. Since the ban was in effect, some nigerians had been sitting on the sidelines because of the uncertainty, but now can feel confident about the future of EB5,” Acho Azuike, managing director of the Houston EB5, noted in a statement.
Ruth Obih, CEO, 3INVEST, a real estate investment firm, agrees, noting also that“with the increase in the minimum EB-5 investment amount, political uncertainties in our countries, travel bans, and a global pandemic, people have been concerned about investing. But, for those who understand this new offering, this is a great opportunity and the time is now.”
The newest investment offering from EB-5 is the Moderno Porcelain Works designed to successfully benefit from the change in the minimum investment amount. It is a new addition to the over $1 billion in real estate which the company has developed and completed the entire lifecycle of the programme from capital investment, issuance of green cards to return of capital and profits.
“This is great news for African investors when it comes to EB-5 investment,” Obih said, adding, “with the travel ban lifted, this new investment opportunity allows for immediate investment, flexible investment terms, a limited number of investors, and is backed by a corporate guarantee.”