Foreign investors interested in doing business in America may have a very good reason to keep their eyes fixed on the country. President Barack Obama laid out his executive action on immigration on November 20, 2014. The plan aims to improve immigration policies to boost the economy and support naturalization.
Many businesses are commending the president’s move as they see more employment and investment opportunities. What exactly does this mean for you, though? Read on to learn more:
Opening Opportunities for Investment
According to news reports, the president’s executive action on immigration entails expanding and strengthening immigration options for foreign investors. Experts from Rahbaran & Associates explain that the government’s move will attract more foreign investments and result in stronger revenues for the country.
The president’s action involves improving legal immigration processes to ensure that the system will encourage investors to support the economy. The criteria will contain income thresholds, so that the foreign investors are not entitled to specific public benefits such as welfare or tax credits under the Affordable Care Act.
States Welcoming Immigrants, Creating Jobs
The U.S Citizenship and Immigration Services supervises the Immigrant Investor Program, also known as EB-5. EB-5 is designed to boost the US economy by providing foreign entrepreneurs the opportunity to permanently live and operate business in the United States. Today, many cities are welcoming immigrants who contribute significantly to the local economy.
Michigan is the second state to run its own EB-5 regional center. Detroit, the 18th largest US city is home to 35,000 foreign-born residents. A study says that the immigrants represented 11% of the economic output in the city in 2007. Immigrants are helping establish and sustain economic growth in the city. In January 2014, Synder, a Republican, asked the federal government to release 50, 000 visas for entrepreneurial immigrants who want to live in the city.
President Obama’s executive action on immigration strengthens America’s efforts to provide more investment and employment opportunities. With the streamlining of legal immigration processes and services, experts predict a boost in the economy as the country attracts more foreign investments.