Making Permanent EB-5 Program and Improvements to EB-5 Job Counting Method

 In his plan to making the EB-5 pilot program permanent Sen. Patrick Leahy, D-Vt.is proposing a list of improvements focused on stronger staffing, streamlining the review process for applications and business plans, better reporting, and defining the what full time employment as it pertains to the EB-5 job requirements.   Full-time employment is currently defined as 35 total hours a week, per year, per employee (approximately 1,750 hours per year). Sen. Leahy’s proposal would count 1,750 hours worked as a full-time position towards the EB-5 job requirement regardless if the work is done by a single person or multiple individuals.An EB-5 investors investment must create 10 permanent full time jobs for American workers in order to qualify for a Untied States Green Card.
Read further:Senator Leahy’s Amendment Sectional  

EB 5 Visa Costs More Depending on your Currency

[Source: Stephen Parnell, WhichEB5.com]  

Will your EB 5 visa cost rise based solely on your currency?

If you have decided that the EB 5 visa provides your best opportunity for obtaining permanent residency status for you and your family you may wish to act sooner than later, depending on which country you and your funds are now in.

The US dollar has strengthened against a number of currencies. A number of economic and currency analysts believe it will rise further against certain currencies over the next few months.

The immediate reason behind this strengthening of the dollar is the signals from The US Federal Reserve that its purchases of bonds with newly created money may begin to tail off, possibly as early as September.

Just the possibility of quantitative easing has had the effect of pushing up long-term interest rates. In turn the increase in yields on US treasury bonds attracts capital from riskier parts of the world pushing up the value of the US dollar.

Along with this impact, the increasingly positive stories about the US economy all add to the attraction of the dollar; particularly when compared to the economic bad news stories about other parts of the world.

Complete article here:EB5 Visa Cost More Depending...

The Department of State has issued the following Worldwide Travel Alert

[Source: U.S. Embassy Seoul]

The Department of State has issued the following Worldwide Travel Alert to update information on the continuing threat of terrorist actions and violence against U.S. citizens and interests throughout the world:

The Department of State alerts U.S. citizens to the continued potential for terrorist attacks, particularly in the Middle East and North Africa, and possibly occurring in or emanating from the Arabian Peninsula.  Current information suggests that al-Qa’ida and affiliated organizations continue to plan terrorist attacks both in the region and beyond, and that they may focus efforts to conduct attacks in the period between now and the end of August. This Travel Alert expires on August 31, 2013.

Terrorists may elect to use a variety of means and weapons and target both official and private interests. U.S. citizens are reminded of the potential for terrorists to attack public transportation systems and other tourist infrastructure.  Terrorists have targeted and attacked subway and rail systems, as well as aviation and maritime services. U.S. citizens should take every precaution to be aware of their surroundings and to adopt appropriate safety measures to protect themselves when traveling.

We continue to work closely with other nations on the threat from international terrorism, including from al-Qa’ida. Information is routinely shared between the U.S. and our key partners in order to disrupt terrorist plotting, identify and take action against potential operatives, and strengthen our defenses against potential threats.

We recommend U.S. citizens register their travel plans with the Consular Section of the U.S. Embassy through the State Department’s travel registration website.  We strongly recommend that U.S. citizens Traveling abroad enroll in the Department of State’s Smart Traveler Enrollment Program (STEP).  STEP enrollment gives you the latest security updates, and makes it easier for the U.S. embassy or nearest U.S. consulate to contact you in an emergency.  If you don’t have Internet access, enroll directly with the nearest U.S. embassy or consulate.

For the latest security information, U.S. citizens traveling abroad should regularly monitor the Department of State’s Internet website at travel.state.gov where the Worldwide Caution, Country Specific Information, Travel Warnings, and Travel Alerts can be found.  Follow us on Twitter and the Bureau of Consular Affairs page on Facebook as well. Download our free Smart Traveler app, available through iTunes or Google Play, to have travel information at your fingertips.

In addition to information on the internet, travelers may obtain up-to-date information on security conditions by calling 1-888-407-4747 toll-free in the United States and Canada or, from other countries, on a regular toll line at 1-202-501-4444.  These numbers are available from 8:00 am to 8:00 pm Monday through Friday, Eastern Time (except U.S. federal holidays).

Complete information here: Travel Alert

Hotels Growing in Popularity with use of EB-5 Financing

(Source: Ali Brodie, Greenberg Traurig)  Although the program has been around for a number of years, it is only recently that EB-5 financing has become popular for hotel development with major flags including Marriott, Starwood, Hyatt, and Hilton successfully utilizing this alternative form of financing.  With traditional construction financing difficult to obtain, many hotel developers have turned to EB-5 financing, realizing its benefit as both a creative way of attracting financing from foreign investors, and marketing hotel brands internationally.  Hotel developers favor raising capital through the EB-5 program as it is considered a relatively cheaper source of financing, frequently offering returns of less than 4%, when compared with higher interest rates on debt and other riskier forms of financing.  From the investor’s perspective, the United States is attractive because of its political and economic stability, healthcare, and educational opportunities for children.  The investors, the majority to-date being Asian, are primarily concerned with obtaining a green card through investing in a regional center project that creates the requisite 10 new jobs per investor and will return their funds (capital at risk) within 5 years, not necessarily with the return on investment.   Many investors select EB-5 regional center hotel projects because they identify with the property operated by an internationally recognized hotel brand, and they see the increasing profitability and stability of the U.S. hotel industry.  We suggest the following tactics for EB-5 hotel developers to make your project competitive: It is critical to obtain strong branding by associating with a brand that is recognizable in the investor’s home country.  This adds to the credibility of the project.  Investor’s favor investments with brands which are both familiar and prestigious. Similar to hotel branding is the developer’s track record.  Investors have to trust the developer of the project investment.  Experienced developers should provide investors with information relating to past successes in order to gain investor trust. Ensure that your project is located in a Targeted Employment Area (TEA).  The TEA designation allows the qualifying investment to be reduced from $1 million to $500,000.  The majority of EB-5 projects being marketed to investors are at the $500,000 threshold, and to be competitive in the marketplace, it is crucial that the hotel project be located in a TEA. Geographic location of the project should also be considered, understanding that investors often times will invest in projects located in cities that are centers of commerce, appealing, and easy to visit.  The capital stack must include more than just the EB-5 funds.  Investors like to see that the developer has some skin in the game.  Likewise, projects that have too much EB-5 financing are perceived as riskier in the event the developer is unable to raise the required amount of EB-5 capital. Job creation is critical to the investor being able to obtain a permanent green card.  The developer should work closely with an economist to determine the projected job creation and the corresponding number of investors allowed for EB-5 funding.  Each investor is required to create 10 full-time jobs.  It is always recommended to create more jobs than required in order to have a job creation cushion. Every investor will want to understand the exit strategy associated with their investment.  While EB-5 financing can count as a meaningful part of the capital stack, it is important that the EB-5 funds are used appropriately in accordance with requirements established by the U.S. Citizenship and Immigration Services.   Article here: http://www.eb5investors.com/

NYSERDA - Thousands of new construction and major renovation projects

With the wave of high temperatures and humidity across New York State, the New York State Energy Research and Development Authority has urged the public to continue to take steps to reduce energy use.

Thousands of new construction and major renovation projects have now benefited from the hundreds of millions of dollars in capital cost incentives provided by the NYSERDA NCP.  How the Program's capital incentives encourage improved building energy efficiency performance is reasonably well understood.  Sometimes less well understood is the role played by our Outreach Project Consultants (OPCs).

To follow-up on my last information update, here is a short list of some of the services our OPCs provide:

1.          An OPC (one of our architects or engineers) reviews applications for accuracy and may assist with an application's completion.
2.          OPCs work with stakeholders and their design teams to develop a program participation plan that best fits the needs of each project.
3.          An OPC also will schedule and participate in Scoping Meetings, which define what is to be included as part of the project.
4.          An OPC coordinates the activities of the Technical Assistance (TA) providers, should that option be chosen.
5.          Reviews technical assistance scopes of work
6.          Identifies opportunities with the applicant and may conduct LEED® charrettes
7.          Promptly and effectively responds to applicant questions and requests for assistance
8.          Our OPCs services are 100% free of charge.

Please remember that your help is important to making sure that the Consolidated Funding Application (CFA) process is done early enough in the project cycle for your clients to take full advantage of the NCP.

NYSERDA Website - http://www.nyserda.ny.gov/

Contact: Jim Bittker for more information on NYSERDA @ 585-943-7604 or email:jbittker@spc-ny.com

"Hola soy de México" - Empire State EB-5 Regional Center Mexico Investor Tour

Empire State EB-5 Regional Center has been in Mexico for the past two weeks meeting with potential EB5 investors.  The enthusiasm and receptiveness to our Regional Center and projects has been great – and unexpected!  We have met with high net worth individuals in Veracruz, Monterrey, Mexico City, Puebla, and Toluca.  Empire State EB-5 is headed back to Mexico the 22^nd of July to the 27^th and will be meeting new investors in Jalisco, San Luis, Leon Guanajuato and Cancun.  We may make a stop in Belize and Chili if we have the time available. Empire State Regional Center has found our hosts to be friendly and inviting, the food was admirable, and the weather was beautiful.  We are looking forward to spending more time in this spectacular country. 

Here are a few snapshots from the past two weeks...

Empire State EB-5 Regional Center has projects ranging from the healthcare to manufacturing to bio-technology industries. Contact us today to gather more information on these exciting new projects.

CONTACT US EMPIRE STATE EB5 REGIONAL CENTER TODAY!

2815 Monroe Avenue, Suite 2100

Rochester, New York 14618

Tel: (866) 763-6515
   EMAIL HERE or WEBSITE HERE

China's economy slows for second straight quarter, testing reforms

[Source: NBCNews]

China's economic growth in the second quarter of the year may not have slowed as much as some had feared, but a large degree of uncertainty about the outlook for the world's second biggest economy remains, strategists say.

Data on Monday showed the Chinese economy grew 7.5 percent year on year in the June quarter, in line with expectations, but down from 7.7 percent in first three months of the year to mark the second straight quarter of slowing growth.

"Who knows if 7.5 percent [growth] is sustainable? It really is a question of watching the data and where it stabilizes is what's important for the market," Simon Warner, head of macro markets at AMP Capital, told CNBC Asia's "Cash Flow."

"We have a real situation in China where nobody really knows where Chinese growth is going to settle down in the coming quarters," he added.

The China gross domestic product (GDP) data bought some relief to markets, which had braced for a weaker-than-forecast number after recent data sparked fears of a sharp slowdown in growth.

Asian stock markets were a touch firmer after the GDP release, while the China-data sensitive Australian dollar hit a session high of about $0.9109

Entire Article here: China's economy slows