The Immigrant Investor Program, also known as the “EB-5 Program,” was authorized by the United States Congress in 1990, to stimulate the U.S. economy through job creation and capital investment by foreign investors. The United States Citizenship and Immigration Service (USCIS) administers the EB-5 Program, which provides a method for foreign investors to obtain a green card by investing $1,000,000 and creating or preserving at least 10 full-time jobs for qualifying U.S. workers.
The Regional Center Pilot Program, which was enacted in 1992, provides for a minimum foreign investment of $500,000 under the EB-5 Program for investments made in Targeted Employment Areas (high unemployment or rural area), in addition to counting both direct and indirect job creation for purposes of meeting the requirement of creating or preserving at least 10 full-time jobs. A “rural area” is defined as any area outside a metropolitan statistical area (as designated by the Office of Management and Budget) or outside the boundary of any city or town having a population of 20,000 or more according to the decennial census.
The Governor’s Office of Economic Development (GOED) manages the South Dakota Regional Center, which has been approved and designated by the USCIS as a Regional Center, within the Immigrant Investor Pilot Program since 2004. GOED is responsible for approving qualifying projects within the Regional Center’s geographic boundaries and for filing documentation required under the EB-5 Program with the USCIS.
Sign up for our newsletter and stay up-to-date on the latest news, rankings, and information on economic development in South Dakota.