On Wednesday April 20th, Invest in the USA (IIUSA), the national not-for-profit industry trade association for the EB-5 Regional Center Program (the “Program”), held its 11th Annual General Membership Meeting (“AGM”) in Washington, D.C. The membership meeting kicked off the 9th Annual EB-5 Advocacy Conference, the longest running EB-5 conference attended by international investment and economic development professionals around the world.
When the Athia family arrived in Washington, D.C., during the 1990s, they gained entrée to the local motel industry through connections from their native India. What began for them as front desk check-ins and the cleaning of motel rooms in suburban Maryland has grown into Baywood Hotels, a successful family-run hospitality development firm that has completed more than 70 hotels nationwide.
Following State Department’s recent announcement that they are on track to issue a record number of EB-5 visas this year, the EB-5 program has been getting quite a bit of press.
EB-5, or Immigrant Investor Program as it’s officially known, was created by Congress in 1990 “to stimulate the U.S. economy through job creation and capital investment by foreign investors,” according to the program’s official U.S. Citizenship and Immigration Services (USCIS).