LANSING – Governor Rick Snyder on Wednesday applauded that Michigan had officially become one of only two states in the nation with a state-run EB-5 Regional Center to help attract foreign investors.
The EB (employment based) 5 preference visa program allows investors and their families to obtain permanent residency by investing in an enterprise that creates at least 10 direct or indirect jobs in Michigan. Investments can range from $500,000 to $1 million, the governor’s office said, depending on whether the qualifying project is in a distressed area considered a Targeted Employment Area.
A TEA is considered anywhere unemployment is at or above 150% of the national rate. There are currently 433 eligible areas in Michigan.
“This approval is an important step in helping harness top talent and international direct investment into the state to continue and accelerate Michigan’s comeback,” Snyder said in a statement. “Our state needs outstanding talent to help drive the new economy. Immigrants are net job creators. In return, Michigan offers a wonderful place to live, work, play and raise a family.”
Snyder also said the regional center would act as a vehicle to connect eligible foreign investors with potential development projects across the state, which in turn could lead to permanent residency for them and their families.
The center is one of three immigration-related proposals the governor spoke to in his State of the State address.
The center will work in coordination with the Office for New Americans that Mr. Snyder created in an executive order in late January.
“It’s anticipated that once up and running the regional center will generate $30-50 million of new private equity for projects each year and create 600 new jobs in communities where they are much needed,” Woosley said in the statement by the governor’s office.
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