Time in Houston:
Western Maine immigrant investment visa scheme underway
October 31, 2011
A county in Western Maine has embarked on an immigrant investor pilot program that will allow prospective immigrants to apply for US visas if they invest money in businesses that create new jobs. The scheme has been adopted by Greater Franklin County in New England state. It is aimed at encouraging foreign investment and business and job growth - but does require a significant amount of financial commitment to the state.
An immigrant could become eligible for the EB-5 employment-based visa program if they invest at least $500,000 in an American business, resulting in the direct or indirect creation of jobs for US employees.
The range of businesses that are likely to require investment in the area include ski lodges and resorts, testing laboratories, wood products manufacturing, restaurants, commercial property, museums and construction.
Chris Farmer, the general manager of the Saddleback Ski Area, which falls within the area of the scheme, said it should offer a lot of opportunities to a a range of different people.
"Growing up in Franklin County, I watched hundreds of good quality manufacturing jobs disappear from the area, leaving the state for foreign lands," Farmer said. "This is a unique opportunity to bring investment dollars back from those areas to Franklin County and create good paying long-term jobs."
A similar scheme that covered the area around the Vermont ski area of Jay Peak, attracted more than $200 million in foreign investment to the area.
A county in Western Maine has embarked on an immigrant investor pilot program that will allow prospective immigrants to apply for US visas if they invest money in businesses that create new jobs. The scheme has been adopted by Greater Franklin County in New England state. It is aimed at encouraging foreign investment and business and job growth - but does require a significant amount of financial commitment to the state.
An immigrant could become eligible for the EB-5 employment-based visa program if they invest at least $500,000 in an American business, resulting in the direct or indirect creation of jobs for US employees.
The range of businesses that are likely to require investment in the area include ski lodges and resorts, testing laboratories, wood products manufacturing, restaurants, commercial property, museums and construction.
Chris Farmer, the general manager of the Saddleback Ski Area, which falls within the area of the scheme, said it should offer a lot of opportunities to a a range of different people.
"Growing up in Franklin County, I watched hundreds of good quality manufacturing jobs disappear from the area, leaving the state for foreign lands," Farmer said. "This is a unique opportunity to bring investment dollars back from those areas to Franklin County and create good paying long-term jobs."
A similar scheme that covered the area around the Vermont ski area of Jay Peak, attracted more than $200 million in foreign investment to the area.
- Login to post comments
