The Real Deal Miami

Miami receives EB-5 designation

The program will facilitate foreign investment in South Florida
May 21, 2014 03:45PM

Mayor Tomas Regalado

Mayor Tomas Regalado

Miami has received an EB-5 Regional Center for Foreign Investment designation, making it easier for foreigners – especially Chinese investors — to park their millions in South Florida.

Mayor Tomas Regalado said the approval by the U.S. Customs and Immigration Service is a “tremendous vote of confidence” and would help position Miami as a hub, according to the Daily Business Review.

The program allows the city to assist foreign nationals who inject capital in to the U.S. economy by granting them special immigration status. To be accepted into the program, investors must spend at least $500,000 and prove in two years that they created 10 jobs. [DBR]Christopher Cameron