Despite Growth of Green Cards for Rich Expats, Little Investment seen in Fairfield CountyOctober 2, 2015 – In The News
Paul B. Edelberg was featured in the Stamford Advocate article “Despite growth of green cards for rich expats, little investment seen in Fairfield County.” Full text can be found in the October 2, 2015 issue, but a synopsis is below.
The EB-5 program has the ability to grant permanent residency to foreign nationals in exchange for investments that create job opportunities. With the government extending federal funding until December, supporters of EB-5 have been granted additional time to make a case for the program to continue.
“The underlying purpose for it is to encourage foreign money to invest in our economy and to help U.S. businesses finance growth,” said Edelberg. “That’s the positive of it — the negative is just the time delay it takes for the process to work. It can take a year or so to get the money in, and deals often need to get done in less time. You’re talking about raising money overseas and having a network to do that.”
There has been a deadline placed on December, 11 2015, at which time congress must decide if the EB-5 program is worth continuing.
“Why was it held up in Congress?” Edelberg stated. “A lot had to do with a displaced distrust in foreign money.”