EB-5 regional center approved for American Samoa
The U.S. Department of Homeland Security USCIS has approved the application for a Regional Center under the Immigrant Investor Program for American Samoa.
The Fairhaven Capital Advisors American Samoa Regional Center Corp., a collaborative effort between Fairhaven Capital of Washington State and ASG Dept. of Commerce, was given the official approval effective October 12, 2017.
“The EB-5 Regional Center is a key funding initiative of Governor Lolo Matalasi Moliga’s Economic Development Implementation Plan (EDIP) 2014-2017, and its approval by the USCIS is great news for American Samoa.” stated Department of Commerce Director Keniseli Lafaele.
“At this moment, the EB-5 program is set to sunset on December 8th unless extended by Congress, so we will still have to wait and see how things develop. However, we are confident that Congress will come together to make the needed improvements to the program, some of which would stand to benefit American Samoa, and extend it well into the foreseeable future.”
Congress created the EB-5 Program in 1990 to stimulate the U.S. economy through job creation and capital investment by foreign investors.
In 1992, Congress created the Immigrant Investor Program, also known as the Regional Center Program.
This sets aside EB-5 visas for participants who invest in commercial enterprises associated with regional centers approved by USCIS based on proposals for promoting economic growth.
Entrepreneurs and investors are then eligible to apply for a green card (permanent residence) in the United States if they make the necessary investment in a commercial enterprise in the United States and plan to create or preserve 10 permanent jobs for full-time for qualified U.S. workers.
For more information regarding the EB-5 Program, contact the Department of Commerce at 633-5155.