In Miami, Orlando, and throughout Florida many opportunities exist for immigrant-investors to make investments into the EB-5 and regional center program. While returns on an EB-5 investment are typically modest, the real return on an EB-5 investor’s investment is a permanent U.S. green card for themselves and for qualifying family members. However, investors should always consult with an experienced EB-5 lawyer prior to making any investment because all investments into the EB-5 program must be “at-risk” meaning that either a gain or a loss can be realized. An unwise EB-5 investment can result not only in the loss of the investment funds, but also a lost opportunity to secure a permanent green card and a path to citizenship for the investor and the investor’s family. The immigration attorneys of Colombo & Hurd would like the public to know that the Panorama Tower, located in downtown Miami and partially funded through the EB-5 program, is now accepting investments. This post, however, is intended to be merely informational and is not an endorsement of the project or a recommendation that an individual enter into it. Interested parties should perform their due diligence regarding the developer and the project’s likelihood to satisfy the EB-5 criteria. That inquiry can often be aided through the experienced guidance of a seasoned EB-5 and immigration lawyer.
Panorama Tower in Miami Now Has a Reduced Funding Goal
When the details of the Panorama Tower were first revealed to the public, the project’s developer indicated that it would seek EB-5 funding for a portion of the $800 million investment required to build the tower. At the time, developer Florida East Coast reality indicated that it was willing to seek up to $160 million in EB-5 financing. However it appears that the developer will not seek this full amount of EB-5 financing. Rather, the company announced at the end of October that it would seek about $48 million in funding sourced from the EB-5 and regional center programs. Furthermore, the company announced that it was now able to accept applications to enter into the program. According to a report from the South Florida Business Journal, the Panorama Tower project is being fully funded by Florida East Coast Reality. The company expects to receive EB-5 disbursements at or near the time when the building secures its certificate of occupancy. While it appears that the building is likely to be constructed successfully, the construction of the facility is but one required step necessary to occur if, when the time comes, EB-5 investors need to remove conditions on their green card.
Will the Jobs Created by the Panorama Tower Project in Miami be Sufficient to Satisfy the EB-5 Requirement?
The Panorama Tower construction project is already well underway. 19 stories of the soon-to-be tallest building in Florida have already been constructed. When the project is completed, it will contain more than 800 apartments, more than 200 hotel rooms, significant tracts of business and office space, ample real estate for retail stores and shops, and an array of other facilities and amenities. According to reports from the developers, the tower is slated to or has already created jobs including:
- 1,300 construction positions
- 192 managers for the building and its facilities
- 800 tenant employees
In order for an EB-5 project to satisfy the program’s requirements, the investor must make a qualifying and sufficient investment into a U.S.-based new commercial venture. In general, the project must create or preserve a minimum of 10 full-time jobs for U.S. citizens. Projects that are handled through a regional center receive the additional benefit that indirect jobs can also be accounted. Indirect jobs are these job gains realized in businesses and other companies associated with the project. Indirect jobs most commonly include positions created to supply the EB-5 project with goods or services. It is also important to note that the immigrant-investor must be able to prove that these job creation targets have been satisfied. Proof can exist in the jobs were already created and were actually in existence at the time of the filing of the I-526 petition. Those jobs must be sustained throughout the two-year period of conditional residency. Proof of the continued existence of these jobs must be presented when the immigrant-investor files his or her I-829 petition to remove the conditions on the green card.
Seeking EB-5 Guidance from a Miami Immigration Attorney?
If you are looking for legal and immigration advice regarding a potential EB-5 investment such as the Panorama Tower in Miami, the lawyers of Colombo and Hurd can help. They can provide the guidance you need to ensure that you do not take an unjustified risk or a blind leap of faith regarding your potential EB-5 investment. Before entering into any investment including the Panorama Tower project, intending EB-5 investors should always engage in individualized due diligence with an experienced professional to ensure that the program is likely to be a good fit for the investor and his or her goals. To schedule a confidential EB-5 consultation with an experienced Colombo & Hurd immigration and Miami investor visa attorney call 800-659-7142 or contact us online today.