Paramount Miami Worldcenter Offers an EB-5 Program That Includes a Condo
September 30, 2016 by Sarah Elles Boggs
With all the excitement surrounding Congress’s vote to extend the EB-5 Visa program through December, it is important to note that not every project that markets as an investor visa opportunity is in fact approved as such. Investors must choose wisely when going into any investment, but even more so with the EB-5.
I have seen agents advertising resale condos as an EB-5 opportunity. Going into this transaction will get you the condo, but since the necessary 10 jobs are not created through that purchase, no visa will be granted.
Aspiring developers will sometimes also collect EB-5 funds in order to raise capital to purchase the land for a project but have not yet obtained any of the permitting for the project or for the EB-5 offering. This is extremely risky as the project could never happen. The funds could be lost, time would be wasted and no visa would be granted.
Other opportunities will secure the visa, but not pay a return during the construction of the project.
I have only seen one EB-5 opportunity that will grant the investor a visa, a condo and a return. The Paramount Miami Worldcenter EB-5 offering seems to be the most beneficial and secure investment currently on the market.
Their program is a 5 year offering with 0.5% interest paid annually. Paramount Miami Worldcenter will be completed in 2.5 years, in which case the client could close with cash, finance the remainder of the balance or delay the closing and lease the apartment through the developer's rental program. The initial visa arrives after the investor's application is approved, and the investor can apply for citizenship after 5 years.
I like this project because it is already under construction and 55% sold. This is happening. Only 10% of the project financing is coming from EB-5, so over 40 jobs will be created per applicant. The condos are really amazing and the project is transforming the Downtown Miami area, so it is very exciting.
Of course, there are other EB-5 offerings available in the area... SkyRise Miami, Panorama Tower, a few restaurants (including Dunkin Donuts, Tap 42 and Meat Market) and I’ve heard One Thousand Museum has begun its application. Paramount Miami Worldcenter is still my favorite since they offer relative security, the return, the condo and the visa.
Here is more information from their presentation. Let us know if you would like a presentation as well.