Recently, Senior Housing News spoke with Reid Thomas, Executive Vice President of NES Financial, about the growing popularity of using EB-5 funds for senior living development projects.
The EB-5 visa program, created in 1990, encourages investment into government-approved projects that stimulate U.S. based jobs, while providing an opportunity for foreign nationals to become lawful permanent residents. The visa applicant’s investment is typically held in escrow for several months, pending approval of the I-526 application by the United States Citizenship and Immigration Services.
“Since [the time] we got into this business in late 2009/early 2010, there has been explosive growth in the use of EB-5 and interest from foreign investors,” says Thomas. “I think that trend is going to continue. The program is growing and there’s increasing oversight by the Securities and Exchange Commission and USCIS and broker/dealer rules.”
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