By THERESA VASQUEZ
Special to the PRESS
A new economic development initiative could bring millions of foreign investment dollars to the City of Port Isabel.
An EB-5 Regional Center was the topic of discussion at a joint workshop of the Port Isabel EDC/City Commission on Thursday evening. EB-5 is an Employment Based Immigration: Preference 5, also known as the Immigrant Investor Program, and “was created by Congress in 1990 to stimulate the U.S. economy through job creation and capital investment by foreign investors,” according to the U.S. Department of Homeland Security.
Carlos Ryerson, a Houston-area attorney who held a Q&A presentation regarding the regional center, said, “This is a quite lengthy process. It will take approximately one year from beginning to end of the application process.”
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