Under the Houston EB5 programme, 3INVEST – a real estate investment company – has made the most recent investment opportunity available to Ghanaian investors in the heart of the Texas Hill and Wine Country.
The project, known as the Frederick, will have a 200-room full-service luxury hotel and event space, as well as condos, multi-family rental homes and almost 30,000 square feet of retail space. This is situated in Fredericksburg, Texas, halfway between Austin and San Antonio – the state’s two fastest-growing cities. The region welcomes over 1.2 million visitors a year and is frequently ranked as a top tourism destination.
With EB5 Priority Processing status, the multi-use development will have the quickest processing periods available under the EB5 programme. Additionally, the project is classified as a rural project, allowing for a minimum investment of US$800,000 and a 20 percent visa set-aside for rural Targetted Employment Area (TEA) projects compared to 10 percent for urban TEA projects.
In an interview with the B&FT, Managing Director for 3INVEST, Ruth Obih, said the targetted investors from Ghana are those who want to emigrate to the US, as well as those wanting to do a US dollar-based investment that hedges their funds.
“For our target, we are looking for investors who want to emigrate to the US. so that’s the goal. If you’re not looking to emigrate, it’s not an investment that works for you. Secondly, we’re also looking at people who want to do a US dollar-based investment that hedges their funds, because it’s also an investment that you can use to put your money to work,” Ms. Obih said.
“We are now seeing a weakening of currencies across the region as well as inflation, so it’s not a bad investment for anyone who wants to hedge their funds in a foreign currency. We are also looking for investors who understand the EB-5 programme and looking for a viable and credible regional centre to invest in,” she added.
The development has received EB5 priority processing designation, ensuring the fastest possible processing times in the EB5 programme. Additionally, the project is designated as a rural project; allowing for a minimum investment of US$800,000 and 20 percent visa set aside for rural Targetted Employment Area (TEA) projects versus 10 percent for urban TEA projects.
The EB-5 Immigrant Investor Programme went through significant changes in 2022 with enactment of the EB-5 Reform and Integrity Act (RIA) in March 2022. The new law contains significant protection and transparency measures to the benefit of EB5 investors, and features priority processing for investors who invest in projects outside large cities.
“So EB-5 is 11 years this year, and 3INVEST has been working with them over the past nine years. Every project that we’ve launched has been successful, as we have a minimum of five to seven investors. So, for Accra, we’re targetting at least between five to 10 investors for this, and people who understand the EB-5 programme,” the MD for 3INVEST indicated.
So, as 3INVEST we are here to raise awareness for the programme; we’re also here to look for investors who want to do it, and let the market understand that this opportunity exists.
The project is certified by United States Citizenship and Immigration Services (USCIS) as an EB-5 Regional Centre. Houston EB5 assists international investors gain permanent U.S. residency in return for making a qualified real-estate investment.
The firm is also vertically integrated with a leading Texas-based development company, DC Partners. With over 20 successful EB-5 raises and projects totalling US$1.5billion in value, Houston EB5 projects have sponsored more than 1,300 green cards and have a 100 percent capital repayment history.