The U.S. Citizenship and Immigration Services (USCIS) recently approved the Washington state EB-5 Regional Center, which will give foreign nationals an opportunity to invest in local projects in exchange for U.S. green card eligibility, the South Sound Business Examiner reports. Through the federal EB-5 visa program, which was established during the 1990s, foreign nationals can obtain a U.S. green card by making an investment of $1 million (or $500,000 in some areas) in an American company or project that either creates or maintains at least 10 full-time jobs. Michael Cade, the executive director of the Thurston Economic Development Council, told the Business Examiner that the regional center approval is crucial for the state of Washington because the EB-5 visa program is extremely beneficial for the local economy. "The EB-5 Visa program is one of the best tools we have in our economic development toolbox," Cade told the news provider. "Everyone wins – cities and regions benefit from economic growth through creation of new jobs and businesses obtain a source of inexpensive and available capital."
An EB-5 regional center, such as the one recently approved in Washington, strives to promote such investment and assist the entire process. According to the USCIS, a regional center is defined as "any economic unit, public or private, which is involved with the promotion of economic growth, improved regional productivity, job creation, and increased domestic capital investment." The recently approved Washington Regional Center is reportedly the largest in the state and will cover seven different counties, including King, Pierce, Thurston, Grays Harbor, Mason, Lewis and Pacific, the news provider said. There are a number of other EB-5 regional centers in Washington, according to the USCIS, including those in the cities of Seattle, Renton, Bellevue and Bellingham. These regional centers cover a wide geographic scope across the state and specialize in a variety of industries including air cargo, healthcare, transportation and hospitality.
