McAllen Gets Approval for EB5 Federal Program
From the City of McAllen: The McAllen Economic Development Corporation and the City of McAllen just received formal approval from the United States Customs and Immigration Services for participation in the EB 5 (Employment Based Immigration, 5th preference) program.
EB 5 essentially provides a method of obtaining a green card for foreign nationals who invest money in the United States. To obtain the visa, individuals must invest at least $500,000, creating at least 10 jobs. "I think it's another tool in the toolbox to help us bring investment and jobs to McAllen. It's something that we've been looking at for a little over two years," said McAllen Development Corporation President and CEO Keith Patridge, who's said his office has seen a 'parade' of people interested in the program.
According to Patridge, a prospective investor must undergo an extensive background check. The background check looks into finances, arrest records, personal life and the person's source of funding.
For more information on EB 5, prospective investors can call Roy Cantu, at the McAllen Economic Development Corporation. The phone number is (956) 682-2875. Look for more updates on this story.