For Immediate Release: December 31, 2008
DBEDT Release News 08-41

HONOLULU--The Department of Business, Economic Development and Tourism (DBEDT) announced that the United States Citizenship and Immigration Services reaffirmed the Hawai‘i Regional Center under the EB-5 Employment-Creation (Immigrant Investor) immigrant visa category.

Under the EB-5 program, a foreign citizen, along with his or her spouse and minor children, may qualify for U.S. lawful permanent residency (a green card) by investing $500,000 or $1 million (depending on location of the investment) in a Hawai‘i business. The program could provide Hawai‘i's businesses with opportunities for low-cost financing during a period when capital is very scarce.

DBEDT will sponsor two seminars on how to use the Federal EB-5 Immigrant Investor Program's Regional Center Program to raise capital for Hawai‘i businesses.

These seminars are meant for immigration attorneys, project developers, business brokers, and others who are interested in raising business capital from foreign investors.

"The seminars will be of great interest to any business seeking funding," said DBEDT Director Theodore E. Liu. "The EB-5 program can be an important part of the Governor's Five-Point Economic Plan, which includes attracting private investment and maximizing federal partnerships."

The EB-5 Immigrant Investor Program was created through the Immigration Act of 1990 to attract foreign investments into U.S. businesses. With a $1 million investment and the creation of 10 jobs in Hawai‘i, alien investors can receive a permanent residency green card.

Under section 203(b)(5) of the Immigration and Nationality Act (INA), 8 U.S.C. § 1153(b)(5), 10,000 immigrant visas are available per year to qualified individuals seeking permanent resident status on the basis of their investment in a commercial enterprise.

Of the 10,000 investor visas available annually, 5,000 are set aside for those who apply under the Regional Center Pilot Program.

To qualify for funding from the Immigrant Investor Program, business and project developers must create jobs. Under the Regional Center, an investment of $500,000 needs to create as few as 4-5 direct jobs.

"With the recent downturn in Hawai‘i's economy, the Hawai‘i Regional Center can help stimulate business development and job creation in Hawai‘i and will be very attractive to foreign investors," said Liu.

The featured speakers are Tom Rosenfeld, president and CEO, and Christine Chen, executive vice president of CanAm Enterprises LLC, who have more than 20 years of experience in immigration-linked investment funding in the U.S. and Canada.

To make reservations or for further information, contact Cy Feng at 586-2597 or email cfeng@dbedt.hawaii.gov.

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