North Texas EB-5 Regional Center and Omega Puerto Rico Regional Center have reached an agreement to raise EB-5 funds for the development of the Port of Mandahl Caribbean Conference Resort in St. Thomas, US Virgin Islands, GlobeSt.com reports.
This alliance brings two regional centers together with the developer, Mandahl Bay Holdings, on the $500-million project. When completed, the development will include two full-service hotels, a golf course, a state of the art conference center, retail and commercial space, and high-end residential units.
"This project, with a budget in excess of $500 million, will bring much-needed jobs to the US Virgin Islands,” said Abteen Vaziri, managing director of North Texas EB-5 Regional Center. “More resorts of this size are needed in the Caribbean and with the latest passport requirements in places like the Bahamas, US territories like Puerto Rico and USVI will be much more attractive for American travelers. With the three islands in the USVI experiencing north of 13% unemployment, this project will contribute to the local and regional economy and bring an enormous number of jobs, both during construction and permanently after construction. "
James Taylor, Omega Puerto Rico Regional Center president, added, "We have spent the past year working together on this concept and are very excited about introducing this project in the Chinese marketplace. One of the biggest questions raised by Chinese investors has been US taxation. Although not required, EB-5 investors can choose to make Puerto Rico their permanent residence and be subject to a flat 4% federal tax rate. As US green card holders or US citizens, they can still enjoy all the rights of any US citizen and travel anywhere in the United States or all around the world as US citizens."
Mandahl Bay Holdings, Inc. is a subsidiary of Transcontinental Realty Investors, Inc.