EB-5 center eyes creation of hundreds of R.I. jobs
DIAMOND IN THE ROUGH: Henry M. Diamond, president and co-founder of Pathway Capital Partners LLC, said the most important way to market is through a network of “global alliances.”
COURTESY PATHWAY CAPITAL
By Patricia Daddona PBN Staff Writer
U.S. Citizenship and Immigration Services this past fall designated Pathway Capital Partners, LLC as Rhode Island’s first regional EB-5 Immigrant Investor Program center. The center is allowed to broker investments in Rhode Island projects from foreign nationals seeking permanent residence in the U.S.
The EB-5 program provides green cards to foreigners who invest at least $500,000 in U.S. projects that produce 10 or more permanent jobs. Regional centers handle nearly all of the investments in the program. The centers are permitted to bundle EB-5 investments and count indirect jobs toward project eligibility.
Henry M. Diamond is Pathway’s president and co-founder. He’s in a position to help infuse capital in economic-development projects around the state, with the added benefit of creating jobs in a state desperately in need.
PBN: To what extent do you and your firm, Pathway Capital Partners, LLC, specialize not only in financial-investment planning but EB-5 program development?
DIAMOND: We feel it represents a tremendous opportunity for job creation in Rhode Island. Unlike a traditional investment vehicle, the mandate for the foreign investor is job creation, not so much the return on investment. The mandate is 10 jobs per investor and we’re kind of a gatekeeper. We make sure the money is received by the project we designate and that project creates jobs. After a five-year period, the investor exits with a visa and a return on their investment.
PBN: How did the idea to establish a regional center in Rhode Island come about?
DIAMOND: The first reason is that we had researched EB-5 over the last 3½ years. I am also a principal of HDC Inc., and as a principal, we were looking for alternative channels of capital and that’s what prompted investigating the EB-5. We heard a lot of talk about it, but two years ago when we decided to apply for one there was no program in the state of Rhode Island and we couldn’t figure out why.