Mr Fife Banks, an entrepreneur has urged Nigerian investors to leverage the opportunities that the United States provides through its Employment Based (EB) platform.
Banks, who is the Managing Partner, Brave ICONS Global, made the call at the EB-5 Information series 2023 Abuja Investors Brunch in Abuja on Thursday.
The event was organised by the company in collaboration with the Invest in USA(IIUSA) and the Abuja Chamber of Commerce and Industry (ACCI).
According to Banks, this is investment immigration and not” japa”, which provides you with an opportunity to own a second citizenship in the US.
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‘The IIUSA is an association of Regional Centers that offer the EB-5 offer for the United States; we represent these guys, but we are more particular about the Nigerian investor.
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‘We want them to be fully informed and we guide them through the process to ensure that they make the most off their investment.
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‘They get their capital back, because that is what the legislation says. It is not like those investments that your money goes down the drain.
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‘ This program started by an Act of Parliament; the US Congress signed the program into law in 1990.It is standing the test of time and a lot of Nigerians have benefited from it,” he said.
Banks called for the enhancement of Nigeria’s citizenship for investment program, to make it more attractive to potential investors to come in and boost the economy.
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‘We have our own citizenship by investment. What we haven’t done is to enhance that program so it is attractive to non Nigerians, to want to become Nigerians through investment.
‘We have our own citizenship by investment. What we haven’t done is to enhance that program so it is attractive to non Nigerians, to want to become Nigerians through investment.
”This is something we must do, and I’m hoping that the government will have listening ears when we come calling to help structure Nigerian citizenship by investment program.
According to him, being a permanent resident in America through this investment route is 800,000 dollars with clear partway of getting your capital back.
“’Whereas, to be a Nigerian is a million dollars, which means that it is even costlier to be a Nigerian by investment, but the structure is not yet there.
”This is something we can leverage to bring in finance and investment and economic development into Nigeria when we make our own citizenship by investment very attractive to non- Nigerians,” he said.
Also speaking, Mr Aaron Grau, Executive Director, IIUSA, said the essence of the programme was to educate Nigerian investors on the investment opportunities in the US.
”It is not something that you just dive into and believe everything will fall into place, there is a lot of details.
”And the purpose of our being here is to begin to explain the details, so again, the purpose of this programme is for education, especially as it pertains engaging in EB-5 process,” Grau said.
The executive director therefore urged the investors to ensure due diligence before engaging in any form of investment process.
He said:”but in order for your immigration process to be complete, and in order for you to satisfy the requirements set by the United States and your immigration process.
”Your investment must create at least 10 U.S. jobs. So the nature of your investment is very much tied to the requirements of immigration.
”Which is why we are here to try to explain this and untangle it for you and prompt you to ask the necessary questions,” he added.
Earlier, Ms Zoe Wollenschlaegar, the Global EB5 Manager, Meyer Law Group, said EB was one of the employment base one could use to immigrate to the United States.
”It is an opportunity for foreign investors to invest a certain amount into an economic development opportunity in the United States.
”And in return for this is a pathway to permanent residency and eventually citizenship in the US,” Wollenschlaegar said.
