Jay Peak is a year-round resort in northern Vermont featuring an indoor waterpark, ice arena, championship golf course, and New England’s best skiing and snowboarding. The resort offers a summer camp for kids, an August Music Festival, and corporate retreat facilities with all the accommodations and amenities.
Bill Stenger, the CEO of the Jay Peak resort, told NPR, “About $275 million has been raised and spent or in the process of being spent.” All of that money came from 550 foreign investors, many of whom are from China. Each agreed to risk a $500,000 investment for a project offering to create jobs in the U.S. In return, the government granted green cards to the immediate family members of investors, allowing them to live in the United States. It’s called the EB-5 immigrant investor program, created by Congress in 1990. Stenger says in 2008, when the recession hit and traditional financing disappeared, the EB-5 program was a lifesaver. Without EB-5 funds, the Jay Peak resort wouldn’t exist as visitors know it today. “We would be the same old sleepy little ski resort we were back in 2006 versus a four-season, very different place today,” Stenger says.
Since 2006, EB-5 projects have brought about $600 million into Vermont, which has operated an EB-5 Regional Center since 1997. Today, more than 300 EB-5 centers operate across the country. Most are private, for-profit organizations that solicit business proposals and recruit investors for those projects. Several of the privately-operated EB-5 centers have been accused of defrauding investors, so some investors find a state-run regional center to be more trustworthy, even though investments are never guaranteed.
If you are a foreign investor, a foreign national considering investment, or a U.S.-based business person seeking foreign investment, speak with an experienced EB-5 investor visa attorney about EB-5 visas and foreign investments in the United States. A good immigration lawyer can explain the complicated laws and regulations related to foreign investments in the U.S. Forms, petitions, applications, and guidelines are constantly changing and evolving, and enforcement is stringent, so you need legal advice that you can count on. Contact our experienced EB-5 investor visa attorneys and get the guidance you need today.