The State of Vermont Regional Center is unique in the fact that it is the ONLY State Government owned and operated Regional Center in the USA. All other designated Regional Centers are either owned and operated by private corporate entities or may have a local or State Government affiliation but are operated by a separate private corporation.
The State of Vermont Regional Center and its approved EB-5 visa projects have significant government oversight at the State level from Governor, Jim Douglas and Secretary, Kevin Dorn and at the federal level from United States Senator and Chairman of the Senate Judiciary Committee, Patrick Leahy. Senator Leahy is the driving force behind the EB-5 pilot program as we know it today and played a major part in securing the current 3-year extension signed in to law by President Obama, October 2009.
One misconception that many people who look to utilize an EB5 visa sometimes fail to grasp is that the Regional Center is separate from a particular project they may be interested in investing in. A Regional Center is designated and overseen by the United States Citizenship Immigration Service (USCIS) for a particular geographic area where stated industry activities may occur. USCIS can revoke a Regional Center’s designation should it fail to comply with their requirements but USCIS does not provide oversight for projects in that regional center.
Regardless of location, All EB-5 visa projects that a prospective EB5 investor may look at are privately owned and administered, what that prospective EB-5 investor might want to consider is who is reviewing that project to determine the project will abide by USCIS requirements? A Regional Center cannot protect your investment nor can they provide any kind of indemnity but what a Regional Center can provide is continual EB-5 compliance through initial review to determine that a project is suitable to be offered as an EB-5 investment opportunity in accordance with USCIS requirement then continued monitoring and quarterly audit when project activities commence.
Approved State of Vermont Regional Center projects have a “Memorandum-of-Understanding” (MOU) that creates an agreement between the State Government and the private corporation that will be promoting and administering a project. The MOU provides that a project will governed under the applicable laws in the State of Vermont and that project will comply with USCIS requirement. Foreign Investors can have the confidence and be assured that projects are managed by an independent and qualified authority in State Government.
Questions that a prospective investor may want to ask:
• Who owns the Regional Center?
• Who operates the Regional Center?
• If a Regional Center has a Government affiliation is it Local or State-wide?
• Does that Government body determine and approve a project as being suitable?
• Does that Government body provide a legal Memorandum of Understanding?
• Does that Government body oversee and audit projects once they commence?
Responsible officers for the State of Vermont Regional Center are Vermont Secretary of State, Mr. Kevin Dorn and Vermont Agency of Commerce and Community Development Director, Mr. James Candido.