Last week Republican State Representative Stace Nelson sponsored a bill that would ban the federal EB-5 investor visa program in South Dakota saying it has done more harm than good. The bill was defeated 12-1. Pat Costello of the Governor's Office of Economic Development opposed the measure. He said he believes there are opportunities to use EB-5 in the future as an economic incentive tool for very large projects.
The bankruptcy of the Northern Beef Packers plant in Aberdeen brought attention to the EB-5 program which gives visas to foreign investors who put at least a half-million dollars in development projects designed to create jobs. Ali Jahangiri, publisher of EB-5 Investors Magazine, said the program is about more than just money. He says societal gains from immigrant investors can't be measured in pure dollars.