The South Montgomery County region is in the midst of a development boom, with both commercial and retail businesses taking advantage of a growing population and mobility projects. Although most of the developments are initiated by U.S.-based companies, many are borne through investments by foreign nationals hoping to eventually become legal U.S. citizens.
In 1990, Congress initiated the Immigrant Investor Program, otherwise known as EB-5, to stimulate economic development in the U.S., particularly in areas with a poor business environment. Through the EB-5 program, foreign investors contribute either $500,000 or $1 million in a capital investment project that creates and preserves 10 full-time jobs for U.S. workers within two years.
According to U.S. Citizenship and Immigration Services, foreign investors who enlist in the program are issued immigration visas and can obtain full U.S. citizenship and permanent residency. Each year, 10,000 EB-5 visas are set aside by the federal government. In addition, 3,000 EB-5 visas are provided to USCIS-approved regional centers to distribute to foreign investors.
Crown Point Regional Center is a USCIS-approved regional center for Montgomery and Harris counties. Jairo Cadena, president of Crown Point Regional Center, said an EB-5 investor may contribute their $1 million to their respective regional center, of which there are more than 200 in the U.S. That regional center may then allocate that money to a larger investment.
Cadena said Crown Point is currently developing a $25 million project at the southeast corner of the I-45 North and Robinson Road intersection.
Foreign citizens may also choose to invest $500,000 in a Targeted Employment Area as a means to gain citizenship. Cadena said, TEAs are "rural areas or an area that has experienced high unemployment of at least 150 percent of the national average."
The U.S. Census Bureau does not track foreign nationals, but rather foreign-born, non-U.S. citizens. According to the Census Bureaue, there are about 7,752 foreign-born non-U.S. citizens living in The Woodlands, and 5,082 foreign-born naturalized U.S. citizens. By comparison, Sugar Land has 9,297 foreign-born, non-U.S. citizens.