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The U.S. boasts of some of the biggest and most developed cities in the world. However, most of these cities suffer from high unemployment rates of their residents as well as insufficient capital for investments and further developments. Fortunately, the EB-5 visa program is helping to ease these problems.
Only Select Cities Qualify
There are several requirements that EB-5 investors have to meet to qualify for the visa. One of these requirements involves location – the investment must be made in an approved city or town. The authorities choose these cities based on factors such as unemployment rates and level of development.
In addition to these requirements, EB-5 investors also make some considerations when determining which city to invest. For starters, they endeavor to find a city that is conducive for business – considering a significant amount of money involved in EB-5 investments; investors are always keen on recovering their money and making good profits. In addition to a conducive business environment, investors also tend to invest in cities that they would live in if their applications are approved.
To this end, several cities are more popular with EB-5 investors compared to others. Here is an insight into some of these cities:
Detroit has been suffering from unemployment and a declining economy since most of the significant industries closed shop. It once thrived as a car industry hub, but most of those factories shut down years ago. As a result of the low employment levels and financial difficulties, many of the city’s residents have been moving to other cities in search of a better life.
In a bid to revive its economy, the city’s leaders have been providing incentives for EB-5 investors with great success. To this end, Detroit sees more EB-5 investments than most other cities. Hopefully, this will help revive its economy.
- New York City
New York City may be one of the biggest cities in the world, but it also deals with its fair share of economic problems. It has some of the highest populations of U.S. cities, and everyone is moving to New York is usually searching for employment. Consequently, the city has one of the highest unemployment rates in the country.
One of the ways that New York’s leaders use to create more jobs is by attracting EB-5 investors. The city is mainly famous for investors as it is conducive to business and offers comfortable living.
Like New York City, California also boasts of excellent infrastructure and a conducive business environment. To this end, it attracts a lot of people seeking employment and better living conditions. Consequently, it also suffers high unemployment rates,especially among unskilled workers. The city creates incentives to attract EB-5 visa investors in a bid to create more jobs. And, considering that it ranks among the most attractive cities in the U.S., many investors are naturally drawn to the city not only for investing but also to settle.
Dallas is also very popular with EB-5 investors, especially those interested in investing in the food industries. In fact, the first full-service hotel to come up in Dallas since 1946, the NYLO Dallas South Side Hotel, is a project funded through EB-5 investment. Additionally, the regional center in Dallas is one of the busiest in the country.
Several factors make Dallas so popular with EB-5 investors. One of the leading factors is the conducive business environment and friendly all-year-round weather.
Last but not least, Miami is also very popular with EB-5 investors, mainly Chinese investors. The city ranks among the best in the U.S. regarding living conditions. It is always sunny, and the coast is not only good for business but also enticing. To this end, most of the EB-5 investors that come to Miami are mostly interested in the hotel and entertainment industries. One of the most notable EB-5 investment projects in Miami is the University of Miami Life Science and Technology Park.
Inner Cities are Gaining Popularity
While the cities mentioned above rank among the most popular destinations for EB-5 investors, they are not nearly as needy as upcoming towns and cities. To this end, numerous inner towns are gaining popularity the EB-5 investors, but records are not as readily available as those of major cities. What’s more, it is highly likely that the government will limit investments in the major cities and channel more EB-5 investors to inner, upcoming cities.
Make an Informed Decision
Besides determining the ideal project to invest in, location is one of the most critical factors that you should take into consideration. It is advisable to liaise with a law firm that specializes in EB-5 investments to make an informed decision.
Toppins Law Firm is one of the most trusted law firms for EB-5 investors. It handles everything about the process, including searching for viable locations and projects to invest.