Tri-Ctiies recruiting foreign investors through green card programPosted: Updated:
PASCO, Wash. -- Stew Stone, a real estate developer has been working on projects in the Tri-Cities for the last nine years. Wednesday morning, he met broker David Lu at Pasco International Airport. Stone is also the CEO of the Tri-Cities Investment District LLC, working on bringing in foreign investors to the area.
Stone's company is finalizing its approvals with the United States Citizenship and Immigration Service (USCIS) for the creation of an "EB-5 Regional Center" in the Tri-Cities (Pasco, Richland and Kennewick) area of the State of Washington. An approved EB-5 Regional District allows our company to transfer foreign capital into the U.S. to be used for the development of different types of companies, while creating much needed jobs in the U.S.
"The E-5 program acts a little bit like a lending instruction in itself. If it is set up properly where we can use investors funds from foreign countries, lend those out and use those to build new projects as long as they create qualified jobs," says Stone.
In 1990, Congress created the fifth employment-based preference (EB-5) immigrant visa category for foreigners who have a high net worth and seek to invest in a business. In doing so, they benefit the U.S. economy by creating or preserving at least 10 full-time jobs for U.S. workers. The basic amount required to invest is $1 million, although that amount has been reduced to $500,000 if the investment is made in a rural or high unemployment area.
There are currently more than 200 of them in the US, and seven here in Washington.
David Lu says, it's the perfect program for his clients in Shanghai, looking to invest abroad. "To come to the U.S. is a no brainer, everyone wants to come to us, including myself 25 years ago," says Lu.
Lu also says, the Tri-Cities area is especially important because of all the growth happening here. "You have Pacific Northwest National Laboratories, you have Hanford nuclear faculties here. The federal government invests a lot of funds in this area," says Lu.
Stone submitted a 17 pound application to open an EB-5 District here in the Tri-Cities and expects to get approval by next month. He says, he already has a long list of interested clients in the pipeline.
"Currently we have $170 million outlined for specific projects in town. We have an additional $600 million of projects lined up in Oregon and Washington and Tri-Cities that have more to do with energy, manufacturing and protection, but the bulk of that is going to be focused at the Tri-Cities, at the research district," says Stone.
Tri-Cities Investment District is seeking financially qualified companies to work within their expansion program(s) for the engineering, production and manufacturing of renewable energy, solar, wind, gasification, medical technology, and other research and development opportunities.
Please contact Stew Stone, CEO for more information.