The state of Vermont has won an appeal with U.S. Citizenship and Immigration Services that allows the continued operation of the state office that manages foreign business investment through a federal program that grants U.S. residency to people who help create jobs.
The ruling announced by the state Friday helps protect the interests of hundreds of foreign investors who sought permanent residency when they invested in the Jay Peak Ski Resort and other projects through the EB-5 foreign investor visa program.
Vermont Department of Financial Regulation Commissioner Michael Pieciak called the decision a big win.
“It’s beneficial to all the stakeholders. It’s good for the investors," Pieciak said. "It’s good for the individual projects that were impacted. It’s good for those communities also where those projects are located.”
Under the federal EB-5 program investments of at least $500,000 that create jobs can lead to permanent U.S. residency for foreign investors.
The Associated Press contributed to this report. Contents © copyright 2021. All rights reserved.