MCALLEN, RGV – Emilio Guzmán, chief investor relations officer and executive vice president for Houston EB5, is seeking foreign investors looking to gain permanent residence in the U.S. for the company’s latest project in San Antonio.
Through the U.S. Citizenship and Immigration Services’ EB-5 Immigrant Investor Program, the real estate development group is offering a stake in a Thompson Hotels luxury high-rise on the River Walk. The building will be right across from the Tobin Center for the Performing Arts, and will have 66 condominiums on top of a hotel.
Guzmán says that Houston EB5 has already secured half of the investors needed for the project and sold 30 percent of the upscale residences in 90 days. The company is now focusing on the Rio Grande Valley for more capital investors. With an abundance of successful Mexican-owned businesses in the region, Guzmán sees the Valley as a lucrative market for their development.
To meet USCIS program guidelines, an investment of at least $500,000 is required, along with evidence that 10 full-time jobs will be created as a result of the commercial enterprise. With application approval, investors and their family members, including unmarried children under the age of 21, are granted conditional permanent residence for two years.
But, the EB-5 program, itself, has its critics. What started as an initiative to spur economic growth has now become synonymous with criminal activity. In the past five years alone, investigations by USCIS and the SEC discovered numerous cases of fraud, money-laundering and the misappropriation of funds in the billions. The corruption-riddled program, established in 1990, has been surviving via temporary extensions. In September, President Trump signed the latest extension to last until Dec. 8.
In spite of this, Mark Hanna, a local real estate agent and South Texas Representative for Houston EB5, assures potential investors that Houston EB5 is a sound company with a great track record.
“We are an organization that specializes in helping people with a solid investment that meets all EB-5 requirements,” Hanna said. “Houston EB5 has a portfolio of projects that have given people returns, and has a team of highly experienced individuals. Overall, Houston EB5 is giving families a confident choice when selecting a EB-5 regional center to work with.”
To find out more about Houston EB5 and their past projects, visit www.houstoneb5.com or email [email protected]
Editor’s Note: Full disclosure: Mark Hanna is also publisher of the Rio Grande Guardian.