New York based CanAm Enterprises announced today repayment of $350 Million from the borrower, Fortress Investment Group in its All Aboard Florida EB-5 project. This repayment represents the largest single project repayment in the history of the EB-5 Program. CanAm Enterprises owns and operates 7 United States Citizenship and Immigration Services designated EB-5 Regional Centers in New York, Pennsylvania, Florida, California, Texas, and Hawaii. The All Aboard Florida project was sponsored under CanAm’s Florida Regional Center. The All Aboard Florida is a private inter city rail project. The railway track is owned by Fortress Investment Group. The service run higher-speed rail route between Miami, Fort Lauderdale, and West Palm Beach. The EB-5 project was co-sponsored by CanAm Enterprises in 2015. The EB-5 Capital raise amounting to $350 Million from 700 EB-5 investors was one of the largest at the time. The project attracted investors from China, India, Vietnam, Brazil, Korea and Russia was the starting point of CanAm’s diversification into emerging markets. This repayment is also very special because it came at a time when the entire world is experiencing a recession because of the Covid-19 Pandemic.

“While we always strive to sponsor quality projects with highly rated borrowers, our EB-5 investors in the All Aboard Florida project have been on the edge since March because of the uncertainty and financial distress caused by the Covid-19 Pandemic. This is truly a historic moment, this repayment is not only the single largest EB-5 repayment in the EB-5 industry, it also represents the largest single repayment to Indian born EB-5 investors. I am proud to state that till date we have raised close to $3 Billion in EB-5 Capital across 60 projects and repaid an industry leading $1.75 Billion back to our EB-5 investors in 45 projects that came due” said Abhinav Lohia, Director of South Asia & the Middle East at CanAm Investor Services, a FINRA register broker dealer affiliated with CanAm Enterprises.

EB-5 Program was introduced by the U.S. Congress in 1990 to attract Foreign Direct Investment from Individual High Net Worth Investors interested in moving to the United States. The program was underutilized for the first two decades, however, post the 2008 recession it grew exponentially. The EB-5 Program was very popular in China in early 2010sand soon gained popularity in Vietnam, India, Brazil and Korea. To qualify for an EB-5 visa, an investor needs to invest a minimum qualifying amount of $900,000 in a Targeted Employment Area. An EB-5 Visa Application can lead to a green card for the entire family that is, the EB-5 investor, spouse and unmarried children below the age of 21. One of the key factors for the popularity of the EB-5 Visa Program is that it leads straight to U.S. Permanent Residence or Green Card. It does not require family or employment sponsorship. Also, after a lock in period of 5 to 7 years the investment amount is returned to the investors subject to their eligibility. For more information on EB-5 Visa, visit EB-5 Program.

 

Global Immigration Review Magazine covers global immigration, migration and mobility trends from the United States, United Kingdom, Canada, Australia, Grenada, Cyprus, Portugal, Turkey. Subject matter of coverage includes student visa, work visa, start up and entrepreneur visa, investment immigration like EB-5 visa and Portugal Golden Visa, citizenship by investment and more.