World Trade Center Savannah receives EB-5 status

SAVANNAH, GA, USA  – On Jan. 8, World Trade Center Savannah and the Savannah Economic Development Authority (SEDA) received approval by the U.S Citizen and Immigration Service (USCIS) to designate the Savannah World Trade Center for Investment (SWTCI) as a certified EB-5 Regional Center. Congress created EB-5, also known as the Immigrant Investor Program, in 1990 to stimulate the U.S. economy and create jobs through an influx of funds from foreign investors.

“Not only will this new center create significant investment, it will create new job opportunities,” said Scott Center, WTC Savannah chairman.

Among the five government “employment- based immigrant visa preference” categories, the EB-5 category is reserved for those foreign entrepreneurs who invest $1 million or more in a new commercial enterprise that employs at least 10 full-time U.S. workers. EB-5 investors are subject to full background due diligence via Homeland Security and the USCIS to ensure they are legitimate investors and received their funds legally. Because their money cannot be borrowed and is 100 percent at risk, investors are equally cautious about the projects they fund. To complete the process for permanent visas, the project must create and sustain a certain number of jobs for a certain amount of time.

While EB-5 is a relatively new concept for the area, the approval of SWTCI is hardly breaking new ground. According to the Citizen and Immigration Service, there are currently 791 regional centers in the United States accounting for $4 billion in GNP and 41,000 new jobs per year. More than 25 countries have similar programs to attract foreign investment.

While it took well over a year to get the designation, the potential for Savannah’s newest center has not diminished said Brynn Grant, Vice President and COO of WTC Savannah and SEDA. “It’s good to remember why we pursued this program,” she said. “EB-5 is a job-creation program that attracts capital to our market, both of which are primary goals for SEDA and WTC Savannah.” Now that they are official, Grant said the next few months will be taken up with actually launching the center.

For additional information, please contact Kathleen Henry, Manager of Trade Services and Research at WTC Savannah, at khenry@wtcsavannah.org.

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