The City of McAllen has been approved to participate in the EB-5 program that would allow foreigners to invest in Hidalgo County and receive a Green Card in exchange.
City officials said it will be a boost to the economy.
The McAllen EB-5 Regional Center was awarded approval last week to start the program.
“The United States is pushing hard and have made it a priority project for the United States in reference to invite investors from other countries to invest in projects in US and establish jobs in the United States,” said Roy Cantu, director of McAllen EB-5 Regional Center.
There are EB-5 centers across the country and at least on other center in Hidalgo County that acquires foreign investors to bring jobs and money to the county.
“The investor must invest 500 thousand dollars and that 500 thousand dollars that the investor invests must create 10 new jobs," said Cantu.
After two years if the investor meets the requirements, he will be granted residency, but before investors are chosen, they are investigated to make sure the money they have to invest is legitimate.
To apply for the program, investors are urged to call the McAllen Economic Development Corporation and ask for Roy Cantu: 956-682-7827.
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