For Immediate Release: February 22, 2005
DBEDT Release News 05-05

Honolulu—Department of Business Economic Development & Tourism (DBEDT) and the Hong Kong Business Association of Hawaii will co-sponsor a workshop on how to use the Federal EB-5 program to raise investment capital on February 28, from 8:30 a.m. to 11:30 a.m., at the No. 1 Capitol District Building, 250 South Hotel Street. "The workshop will be of great interest to any business seeking funding," said DBEDT Director Theodore E. Liu. "The panel members are extremely knowledgeable in the area of immigration investment."

The EB-5 Immigrant Investor Program was created through the Immigration Act of 1990 to attract foreign investments into U.S. businesses. The law stipulates that with a $1 million investment, and creation of 10 jobs for Americans, alien investors can receive a permanent residency "green card."

Investments made in Regional Centers are exempt from the 10 direct job requirement, and can count both direct and indirect job creation - often with as few as 3-4 jobs per investor. Hawaii in its entirety was designated a Regional Center in October, 1994. Most recently, Congress passed two laws which extended the EB-5 Regional Center Program through September 30, 2008 and now allows pooled investments within Regional Centers.

"As a result, this federal program has received new life," Liu said. "It can stimulate business development in Hawaii and is very attractive to foreign investors."

The U.S. Citizenship and Immigration Services (CIS), which administers the Program, recently approved dozens of new investment visa applications.

Among the panel members featured at the DBEDT seminar will be California attorney Lincoln Stone who has structured a number of successful projects. Local attorneys Alan Ma and Eric Kawatani will join Stone. The workshop is intended for immigration attorneys, project developers, business brokers, and all others who are interested in raising business capital from foreign investors.

The cost for the program is $25 and includes continental breakfast. To make reservations of for further information, contact Alex Ho at 587-2760 or email alexho@dbedt.hawaii.gov.

For more information, contact:
Dave Young
Communications
Phone: (808) 587-1212
Email: dyoung@dbedt.hawaii.gov