mySanAntonio.com David Hendricks reports
Rumors circulated for months that San Antonio would become a regional center, a kind of investment haven for wealthy foreigners seeking U.S. residency, but no one would say what company was behind the move.
The mystery cleared up Monday when San Antonio's Brass Real Estate Funds and Magi Real Estate Services held a seminar for local immigration lawyers and wealth managers. The professionals work mainly with Mexicans seeking ways to become U.S. residents, many seeking safety for themselves and their families from Mexico's violence.
The two commercial real estate companies, both owned by Chairman and CEO Rick Rodriguez, are trying to solve two problems with one solution, the solution being establishing an EB-5 visa program regional center.
On one hand, wealthy Mexican and other foreign investors seek ways to move their families to cities such as San Antonio. Meanwhile, numerous commercial real estate properties face foreclosure when debts roll over and they cannot meet the cash requirements for new bank loans, now that lending standards have tightened.
Voila! Foreign investors can put their money into the planned Central Texas Regional Center, which will place the capital in commercial real estate properties.
The investors then can apply to U.S. Citizenship and Immigration Services for conditional green cards, which down the line could put the investors on a path to citizenship.
The concept already is being explained to Mexican business owners looking for U.S. investment opportunities. The EB-5 visa program is on the agenda, for example, during Free Trade Alliance San Antonio's “Invest in Texas” presentation Oct. 5 to 7.