The Four Seasons EB-5 project in Cayo Largo raises over $100 million dollars in EB-5 financing principally from China & Brazil.
The Commonwealth of Puerto Rico Regional Center Corporation received its United States Citizenship and Immigration Services (USCIS) designation on December 22, 2014. As of August 3, 2015, USCIS had approved 7 of these Regional Centers are based in Puerto Rico:
- Caribbean USA Economic Development Regional Center
- Iconic Caribbean EB-5, LLC
- Omega Puerto Rico Regional Center, LLC
- Puerto Rico Provident Regional Center, LLC
- Reside in America Puerto Rico, LLC
- Caribbean Regional Center, LLC
- Commonwealth of Puerto Rico Regional Center Corp
The EB 5 program allows foreign investors to “buy” residency in the United States and ultimately apply for full U.S. citizenship. The investment requirement is typically US $1,000,000 per foreign investor. Under the USCIS rules, the Economic Development Administration of the Commonwealth of Puerto Rico has been designated a high unemployment area. This means that a foreign investor interested in making a qualifying investment in Puerto Rico may apply to have Puerto Rico as the geographical area thus lower the amount of capital required to $500,000.
It is also worth noting that an immigrant investor that becomes a United States citizen upon naturalization in Puerto Rico after residing in Puerto Rico for the required time period will be treated as nonresident aliens for United States estate and gift tax purposes. Consequently, such investor will enjoy the Puerto Rico income tax exemptions granted by Act. No. 22 on his or her investment income; and will not be subject to United States estate or gift tax, unless he invests in property located in the United States.
This combination of EB-5 plus Act 20/22 Tax Incentives is starting to see some significant interest particularly from Chinese investors.