What is EB-5 and how does it work?
May 18, 2014
Mineral Wells Index
By TODD GLASSCOCK
Foreign Investment Component Key Part of Baker Hotel Project
Before workers in hardhats hammer nail into or climb any scaffolding around the Baker Hotel, the restoration team taking on the project will first have to pull together the final touches on financing.
A primary source of this financing will come from EB-5 investors, said Laird Fairchild, a managing member of the Baker Restoration Team.
"EB-5 is a program that the State Department runs," he said, "and what is does is it basically 'incentivizes' wealthy foreigners to invest in job creating projects and investments in the United States. So, they invest a million dollars and they and their families – their immediate family members – will get a lifetime visa if they invest in a qualifying project."