Full-Service Restaurants and the EB-5 Program’s Job Creation Requirement
Direct EB-5 Projects Experienced Increased Popularity Due to the Expiration of the Regional Center Program
EB5AN is pleased to announce that something special happened near the waterfront in Boston on June 4, 2022: the much-awaited Serafina restaurant opened its doors in the Seaport District, drawing a big crowd of locals, devout foodies, and Serafina loyalists.
Founded in 1995 by Vittorio Assaf and Fabio Granato, Serafina is an authentic Italian restaurant owned and operated by Sterling Group Management, a highly successful hospitality operator with more than $15 million in revenue. Serafina’s 35 locations include highly successful restaurants in New York City, East Hampton, Miami, San Juan, and White Plains, as well as locations in Brazil, India, Israel, Japan, Saudi Arabia, South Korea, Turkey, and the United Arab Emirates.
The new location in the Seaport District is the second Serafina restaurant in Boston. The first Boston location is on Newbury Street. Certain to be a popular destination for locals and visitors alike, the new restaurant boasts a spectacular design, with oversized floor-to-ceiling glass windows, live olive trees, a separate pizza kitchen, and a bar—the perfect venue for Serafina’s renowned Italian fare and unparalleled service.
A pair of immigrant investors, whose direct EB-5 investments helped make this happen, are celebrating from afar. Both are seeking permanent U.S. residency under the EB-5 visa program, which enables qualified foreign nationals to obtain Green Cards by making an investment that creates new jobs in the United States.
Full-Service Restaurants and the EB-5 Program’s Job Creation Requirement
Full-service restaurants like Serafina are a good fit for the EB-5 program because they hire large numbers of full-time employees. In addition, Serafina is a premier restaurant brand, and the Seaport District is one of the leading retail locations in the Northeast.
Serafina’s successful previous location confirms the staffing needs for the new location, which anticipates creating 42 full-time jobs—that is, 21 positions per investor, more than twice the 10-job minimum required by United States Citizenship and Immigration Services (USCIS).
The EB-5 investment offering in Serafina is a collaboration between EB5AN and Sterling Group Management.
Direct EB-5 Projects Experienced Increased Popularity Due to the Expiration of the Regional Center Program
During the lapse of the EB-5 Regional Center Program, which began in June 2021 and was finally reversed by a June 24, 2022, court ruling, the direct EB-5 investment model was the only option for EB-5 investors. Despite the many benefits of regional center sponsorship, EB5AN’s institutional-quality, low-risk direct EB-5 offerings such as Serafina proved that direct EB-5 investment can still be a viable option for immigrant investors.
Now that the regional center program has been reauthorized, EB5AN is pleased to offer regional center-sponsored investment opportunities, including the Saltaire St. Petersburg and Twin Lakes Georgia developments in the Southeast. Like the EB-5 investors in the Serafina project, foreign nationals who invest in our projects will be able to embark on the EB-5 visa process with a low immigration and financial risk.
For more information on EB-5 projects, schedule a free call with EB5AN.
