At the end of December, the Jay Peak Ski Resort in Vermont officially opened its new Tram Haus Lodge, which was largely funded by foreign investors participating in the country’s EB-5 visa program.
Bill Stenger, one of the resort’s owners, says that Jay Peak received investments from 35 citizens of other countries totaling $17.5 million to open the new lodge, which includes 57 luxury suites, several eateries, a bar, fitness center and ski rental and repair shop, VermontBiz.com reports. This was the signals the new age of the resort and gives a shining example of a well managed EB-5 program will work and benefit not on ly the investors who are involved but also the community in which the project is located.
According to Stenger, British citizens accounted for about 60 percent of investors, while the rest are nationals from countries including Brazil, China, India, Korea, Mexico and Canada. The expansion project is expected to create hundreds of jobs at both the resort and in the surrounding area of Orleans County.
The Jay Peak owner told the news source that the EB-5 visa program seemed to draw in potential investors, especially from Canada and the United Kingdom, who wish to retire in the United States and young business leaders looking to enroll their children into an American university.
Sugarbush Resort in Warren, Vermont, is also using funding from EB-5 visa holders to finance a new 40,000-square-foot guest services center and expansion of the ski facilities, but at the time of this article going to press we could not confirm if Sugarbush has accepted or processed any I-526 applications.
In exchange for their investments, the foreign financiers are given a conditional green card, granting the petitioner, their Spouse and their children (under the age of 21) the right to live and work in the U.S., and after a 2 year period this application is then submitted for review and a removal of the conditions which will allow the investor to be eligible for full citizenship.