The North Country EB-5 Regional Center was accepted by the U.S. Citizenship and Immigration Services in May 2011.
The North Country EB-5 Regional Center is a vehicle to facilitate economic development of the North Country Region in the State of New York. Investment projects and enterprises organized through the North Country EB-5 Regional Center are intended to create permanent jobs within the boundaries of the Regional Center and to promote business development within the region as a whole. The North Country Chamber of Commerce partners with Can-Am Enterprises in New York City to operate the EB-5 center.
The EB-5 program allows qualified foreign investors to receive residency in exchange for a $1 million investment or $500,000 in rural areas, such as Clinton County, N.Y., after thorough background and financial investigation by U.S. Citizenship and Immigration Services. The North Country center then considers investment opportunities in several different sectors, including transportation and aerospace, real estate development, manufacturing and trade and technology. Each individual investment will be responsible for the creation of 10 new jobs. New investments in the North Country EB-5 Regional Center are made through separate limited partnerships, each formed solely for the purpose of making one or more loans to or equity investments in job-creating businesses located within the geographical boundaries of the North Country EB-5 Regional Center. Each partnership will operate as a new commercial enterprise, which provides for an employment-based preference immigrant visa category for immigrants seeking to enter the United States to engage or invest in a commercial enterprise that will benefit the U.S. economy and create at least ten full-time jobs. Each limited partnership will be comprised of immigrant investors, each investing $500,000 in capital from legally-sourced funds.