Rogelio Carrasquillo, managing shareholder of Carrasquillo Law Group P.C., joins host Ali Jahangiri to discuss Puerto Rico’s economy and its unique potential as an area for people interested in EB-5 investments in real estate and infrastructure.
Rogelio Carrasquillo: Basically, 99% of the island is considered an opportunity zone, which allows for significant projects to be done, while other states have around 20%, maybe of their state as opportunity zones. Puerto Rico has basically the whole island as one.
Ali Jahangiri : This is the voice of EB5 by EB5 Investors magazine. Each week we sit down with experts in the EB5 investment space to get valuable insights in the latest EB5 news. Welcome to the voice of EB5. I’m here with Rogelio Carrasquillo and we are just going over the morning talk about our EB5 adventures. The first thing I want to do is introduce Rogelio. Rogelio is a securities attorney and the founder of Carrasquillo Law Group in New York. He leads the company, EB5 Practice and manages compliance for opportunity zones as well. Carrasquillo consults on acquisitions, corporate governance, finance, joint ventures, real estate transactions, developments in most of the US, Puerto Rico and other Latin American region. He actually has been with us for quite a while on EB5Investors.com and magazine. He’s been a contributor of articles and he’s been on many panels. So I want to welcome Rogelio to the podcast. Welcome, Rogelio.
Rogelio Carrasquillo: Thank you very much, Ali, I mean, for those kind words. And always great actually, to be here with you. And again, think that EB5 Investors is being a great ally and a great voice for EB5. So thank you very much for having me here and very excited about our conversation this morning.
Ali Jahangiri : My pleasure. So let’s get into your practice. I know you’re in New York. So what area of New York are you in, Rogelio?
Rogelio Carrasquillo: We’re actually located in midtown Manhattan. Our headquarters actually is in Manhattan, where I’m 48th and Sixth Avenue. But we also have, actually offices in Miami, Orlando, Washington, D.C., San Francisco and San Juan, Puerto Rico.
Ali Jahangiri : So really, let’s talk a little bit about Puerto Rico on some of these podcasts. We pivot some questions, but are you from Puerto Rico?
Rogelio Carrasquillo: I was actually born and raised in Puerto Rico, where we actually do a lot of EB5 work. My family still lives here, and it’s always very nice, especially when we have very cold nights in New York. It’s a great place to be.
Ali Jahangiri : So what do you specialize with Puerto Rico? Could you help people move there or do you work on projects there? What’s your nexus with Puerto Rico?
Rogelio Carrasquillo: Definitely. I’m not only from Puerto Rico, was born and raised, but I’m actually also a Puerto Rico license attorney. So we have been able to develop the strong practice in several areas related to Puerto Rico. So we actually help investors who are in look at Puerto Rico and invest here and do tax planning, structuring, taking advantage of the different economic incentives related to Puerto Rico. And we can also help. And we’re helping projects take advantage of EB5 financing to make those projects viable. So we’re very active. I’m actually speaking to you today from Puerto Rico, so it’s very exciting to be here and also very exciting to be escaping from the cold weather in New York.
Ali Jahangiri : That makes two of us. I am in Miami right now. I’m escaping the cold weather as well from Orange County region. So among the, you know, topics that I kind of like when we talk about Puerto Rico, one of them is, you know, people that are moving there, which I know like a bunch of EB5 people that have moved there. And then the other thing is like special deal structures that you the advantages of being in Puerto Rico. Can you go over kind of both. Why should someone move to Puerto Rico as a citizen? And then secondly, what’s in it for the developers to move there? Like what’s the difference other than zero federal and zero state tax? Is there other benefits that a developer would have going to Puerto Rico?
Rogelio Carrasquillo: Definitely. I think Puerto Rico, besides being a wonderful place, nice warm in the Caribbean, first of all, it’s part of the United States. It’s the opportunity to be within the United States system, both the federal court system, as well as everything else. But giving you sort of a Caribbean flavor, if you can say that. But the main advantage for people who are looking to relocate right now is the great advantage of economic incentives available in Puerto Rico. Puerto Rico throughout the years have been able to create a series of economic incentives that would reduce significantly the the taxes related to the the Commonwealth of Puerto Rico through tax decrees, which are private contracts, are actually entered between an individual or a corporation, and the Commonwealth reducing state taxes to virtually zero mean they can go anywhere from 2 to 4%. But the most interesting part is because Puerto Rico, even though it’s part of the United States, it’s also for tax purposes, a foreign jurisdiction. And that allows that work that’s performed in Puerto Rico or income that’s generated in Puerto Rico. It’s considered Puerto Rico sourced income and not taxable at the federal level. So there can be some very interesting structures that can be prepared where mean options before it could be moving to Singapore or repatriation. You can actually relocate to Puerto Rico, remain in a jurisdiction and have tremendous advantages in your tax structuring, both at the personal and corporate level, reduces significantly your tax liability. And we have, like you mentioned, I mean, there’s been a large number of investors, developers and so forth that have relocated to Puerto Rico for these advantages. This tax decrease can cover anything from services. Also investors that may come to Puerto Rico as well as, I mean, manufacturing, banking, insurance and other matters.
Rogelio Carrasquillo: And that makes it very attractive because as long as you provide the services from Puerto Rico, you can have your local tax reduced to, like I mentioned, to 4% have no federal tax. And. Really make it extremely attractive for these businesses to come and invest in the island. And Ali, you mentioned something that it’s important. It’s what’s in for a developer, for example, that moves down here. And it’s something that’s extremely important is Puerto Rico. I mean, unfortunately, got hit a few years ago by Hurricane Maria, got actually hit by a series of earthquakes that affected the island. And there’s been a significant influx in the billions of dollars of capital coming in from the federal government for the reconstruction and redevelopment of Puerto Rico that tied to programs like EB5. What we’re expecting in the island is a significant boom in construction from all areas, from hotels to housing to commercial projects, to really come to the island and be able to really change it, just like it happened in the 1940s with Operation Bootstrap at that point. So there’s a great opportunity in the island for potential developers to come and develop all sorts of projects. Being part of the US, it’s applicable for EB5. Like you mentioned, there’s various groups that have relocated down here and at the same time you have very attractive projects and an economy that even though has been affected by certain financial and economic issues, we really see in the up and coming trend. And I believe that it’s going to be very good days coming from Puerto Rico and making it extremely attractive for investors to relocate here. Developers too.
Ali Jahangiri : So, Rogelio, so let’s get to the point you made a little bit earlier about tax incentive as far as Puerto Rico’s tax is concerned. Is federal and state tax now lowered to a zero for both or is it a different tax?
Rogelio Carrasquillo: Let me tell you about it. It’s normally the way Puerto Rico, like I mentioned, for tax purposes, Puerto Rico, it’s considered a foreign jurisdiction even though mean it’s a it’s a territory of the United States pursuant to the tax code. It’s a foreign jurisdiction. What does that mean? That means that mean income that’s generated or sourced from Puerto Rico is not subject to federal taxes, meaning that if you generate income in Puerto Rico that sourced from Puerto Rico, there’s no federal tax liability. So you’re still federal tax liability becomes zero. Then there’s a local tax, like most states. But for Texas and and Florida, there’s a state tax in Puerto Rico. But what happened was that Puerto Rico has created a structure where you can enter into a contract with the government of Puerto Rico and obtain a tax decree that will reduce that state tax liability that can be anywhere from 15 to 30 plus percent. It’s actually reduced to a 4%. And that’s mean virtually reducing your total tax liability as you have your federal tax liability being zero and the local tax reduce up to four for certain areas. And those areas that mean that can enter into these contracts include, among others, services provided from Puerto Rico to people outside of Puerto Rico. It includes certain insurance companies that can be established here. It includes also manufacturing that’s done from Puerto Rico, as well as financial entities that are created in Puerto Rico. But services is the one that we see more often because you can be located in Puerto Rico and generate insane amounts of revenue.
Ali Jahangiri : Stick with the services portion. So yes, as a lender, as a EB5 lender and MCE is that fall under the services section.
Rogelio Carrasquillo: That will fall. There’s actually a section on the Export Services Act chapter under the ACT 60 that allows for certain financial services to be provided from Puerto Rico. So as long as the services is provided from here, you can you may be able to provide those services into an entity outside of Puerto Rico.
Ali Jahangiri : And so my second example is, let’s say I own real estate all over the US, but I permanently moved to Puerto Rico and I reside in Puerto Rico. I get residency there. What taxes would I pay on my US real estate, rental income.
Rogelio Carrasquillo: The rental income? It’s a little different because I think the rental income may be considered passive and there may be issues regarding that.
Ali Jahangiri : But yes, let’s just say it’s passive. Let’s say it’s stock or rental, let’s just call it rental income or stock.
Rogelio Carrasquillo: When it’s passive income, it becomes an issue of sourcing and some of that income will probably be sourced from the US. Consider federal sourced income or US sourced income. It may be subject to US taxes, not to Puerto Rico taxes, but it may be subject to federal taxes. But I’ll give you an example of something that we’ve worked some clients with is, again, you relocate and you have rental income. That’s a different situation. But let’s say that you’re actually managing those properties from Puerto Rico. So you’re providing services, underwriting and you have your staff there and they’re helping manage the properties, providing the back office work, providing all the services that generally they will be providing somewhere in the mainland. Now they provide them from Puerto Rico. Now if that entity obtains a tax decree for export services, those services that are providing from there will be subject then to the preferential tax rates that we mentioned. So that company that people are providing those services from Puerto Rico, not not the rental income, but the servicing that can apply for these preferential tax treatment.
Ali Jahangiri : So the income that’s generated from the services, you’re saying? Correct.
Rogelio Carrasquillo: And again, we work in a company that was, for example, managing various rental properties throughout the United States, and they established a lot of the operations that they used to have actually in the Midwest. They relocated them to Puerto Rico. So they provide a lot of the underwriting, a lot of the analysis. All those services are now being provided from the island and those services that are provided for properties located outside of Puerto Rico are now treated preferentially under the tax treaties.
Ali Jahangiri : I’m beginning to understand it now. So if your efforts are coming from Puerto Rico, then you’re tax exempt. And if your efforts are of generating revenue or coming from Puerto Rico. So what if I establish a company in Puerto Rico and I employ a bunch of international people and and let’s just say me and two other guys are in Puerto Rico and we’re service call it credit card servicing, servicing credit cards. But then we hire 30 staff in Buenos Aires, Colombia, Mexico, etcetera. Is that still considered services rendered from Puerto Rico?
Rogelio Carrasquillo: What will happen with that is that you want a larger number of your of your staff to be located in Puerto Rico. Again, depending on what kind of staff it’s located here, you may allocate more of. I mean, there’s $100 that is being generated by the venue. You can try to assign the value to the people who are in Puerto Rico, depending on what the people outside of the island are doing. So you can have workforce outside of the island. That’s there’s no prohibition for that. It’s a matter of how the accounting for that sourcing will take place. So in the example that you gave, I think is really good regarding the payment processing or credit card processing, you can have an entity in Puerto Rico that’s the one providing the services generally, and it may have a large portion of their staff outside. They’re going to have to be some tax analysis of what value is generated from the work performed in Puerto Rico and what value is generated from the work performed outside of Puerto Rico. And that will determine, I mean, what’s considered Puerto Rico source and what’s not.
Ali Jahangiri : That’s really cool. It’s really interesting learning this stuff, and I’m happy for the first time to actually kind of go dive deep into this with you, really to see how people are really getting these tax breaks.
Rogelio Carrasquillo: So I’ll tell you, it is a good opportunity. And again, sometimes it feels too good to be true, but it’s something that mean a lot of people have been taking advantage. And and again, it’s exciting that it’s within a jurisdiction.
Ali Jahangiri : So let’s just say I’m in Puerto Rico. Can I live anywhere? Is there certain regions I have to live in?
Rogelio Carrasquillo: No. You actually can live anywhere in the island. You have people who want to live in the Condado area and that’s mean a beautiful place in the near San Juan. People living in Old San Juan, which is a beautiful colonial city. I mean, one of the oldest city under American jurisdiction. You can live in Ponce, which is a beautiful southern part of the island, or you have the people who love the beach and they want to actually surf. And they’re living in places like Rincon or Aguadilla, so you can live all over the island. And there’s a for such a small place, 100 by 35. It’s amazing the different areas that you can visit and live in Puerto Rico.
Ali Jahangiri : With that said, does this tax advantage, do you have to stay there for a year before you can exercise it? Or is it kind of like the same as when you move states? You have to prove you’re there. How long does it take to really make sure that the government knows you’re exercising the Puerto Rican exemption?
Rogelio Carrasquillo: That’s a great question. That’s something that costs a lot of travel to other places that have tried to establish the type of systems. And Puerto Rico follows the same rules that mean the federal government will follow in the IRS. And it’s the fact that in order to take advantage of and again, we mentioned the expert services, that’s the company that’s providing services from Puerto Rico. And there’s another aspect, which is the investor tax decree, and that’s when an individual relocates to the island. And for that, we will follow the same rules as the IRS. So there’s a there’s a test that one is a time that you spend locally in Puerto Rico. Generally, if you spend over 180 days in the island, you’re technically considered a resident of Puerto Rico. This is a close ties test, which means that you have your driver’s license, you vote in Puerto Rico, that you’re a member of social clubs, that you engage in matters that are Puerto Rico specific and Puerto Rico related, closing, having close ties to the community. And the last one is mean where your tax home is located. If your tax home and your main residence is Puerto Rico, that’s generally what the IRS will consider that three pronged test to determine if you’re a bonafide resident of the island. So as an individual, you’re relocating. You generally will mean will either lease or buy a house. At a certain point you you will engage mean just like you mentioned in any moving to any other state. And there are certain requirements if you’re getting a tax decree as an individual that you have certain time to buy a property in the island and and show these requirements to the government of Puerto Rico.
Ali Jahangiri : Someone told me, Rogelio, that in Puerto Rico, the rule is you get to stay there like six months in one day or eight months in one day. Is there a different rule in Puerto Rico as there is in states? Because I know for like California versus Florida, for example, if you’re in California for 90 consecutive days, you’re considered a California. They could consider you California.
Rogelio Carrasquillo: California, correct. Now, in Puerto Rico, generally, as I mentioned, they will follow the IRS rule, which is the 183 days. So it’s the six months, the queen of six months plus a day. Once you spend that time in the island, it’s more likely than not that the IRS will consider your residence. So a lot of the people who are here mean can travel something interesting that mean especially for people who are not from the US but are traveling abroad is that of those 180 days mean 8083 days that we’re talking about 30 days of those can be spent abroad and will count towards that 180 day number. So you need 150 as long as you stay outside of the US and make sure that you do not spend certain time, like you mentioned in California, about the 90 days, or you spend more than 180 days in another state that may try to claim you as as theirs.
Ali Jahangiri : In our business, you know, we always go to China and Korea and Vietnam and all these other India. What if we’re there for 60 days that disqualify you from being in Puerto Rico?
Rogelio Carrasquillo: It will not disqualify you. It’s just that of that time you spent, for example, when you’re visiting India, mean in the mean five investors setting up all these conferences all over the world. When you’re there, the IRS will only count 30 days of those towards you. 183 day count.
Ali Jahangiri : I see your point. So you really need to spend those 150 in the country.
Rogelio Carrasquillo: In the country. Correct. And again, it’s something that it would be really means being a bonafide resident of any jurisdiction.
Ali Jahangiri : And that’s every year. Is that just to establish residency? Is that every single.
Rogelio Carrasquillo: Year for you to be considered resident, you generally will have to stay around that time. What happens is that there’s a formula that the IRS states of how you determine residency. It’s based on the number of days and it goes back three years and looks at an average of how long you’ve stayed. Stayed. And that’s why normally we’ll say 183 days will keep you above that threshold so you will not be considered a non-resident.
Ali Jahangiri : Okay. Well, that’s interesting. Now, is there opportunity zones in Puerto Rico?
Rogelio Carrasquillo: There definitely are, actually. And that’s something very interesting because unlike any other jurisdiction in the US, basically 99% of the island is considered an opportunity zone, which allows for significant projects to be done. And the only area that’s not included currently in an opportunity zone is the area where the former naval base, Roosevelt Roads was located. And there’s a significant movement by Congresswoman Jenniffer Gonzalez and certain groups in Congress to try to even include that area also as part of the opportunity zone. So while other states have around 20%, maybe of their state as opportunity zones, Puerto Rico has basically the whole island as one.
Ali Jahangiri : Good to know. So let’s talk a little bit about EB5. Tell us a little bit about how you got involved in EB5 and what you currently do in the EB5 Arena. Maybe go into that a little bit so everyone gets a understanding of your EB5 exposure.
Rogelio Carrasquillo: It’s really interesting. I’m a security attorney by training, so I started mean practicing. About 25 years ago, I started a large New York firm doing securities work and doing everything. Ipos mean capital markets. We have a main focus since that time in Latin America. And after the years, and I will say it was probably 15 years ago, that’s when I first got exposed to to EB5. I was working with a project tied to Puerto Rico that was looking to raise capital. And I was able to to get involved in that project that I had been involved before and use the Spanish securities experience to really learn and be involved and in the structuring of the transaction. Fast forward 15 years. We’ve been able to really be involved in projects all over the United States. We’ve been working with the firm, we’ve been working with developers, regional centers, investors and all types of projects, different types of industries. And really being able to again, try to combine not only the securities experience that men bring to the table, but bring a team to help with bringing the real estate, the immigration aspects and all that, so we can really work with developers to combine and work on a capital stack, for example, that makes projects viable.
Ali Jahangiri : How many deals have been done in Puerto Rico so far for EB5?
Rogelio Carrasquillo: So right now I think we had one successful deal that made raise that raised capital. I mean, it was a hotel that mean raised around $90 million and it was actually a successful raise. The hotel has had some issues, but I think it’s it was very good. And right now, I will tell you, we’re working on two projects in Puerto Rico that I’m in are raising EB5 Capital. And something exciting about one of them is actually a group from Texas that’s raising EB5 Capital in Puerto Rico. They acquired a former pharmaceutical facility in a rural area, and they are raising capital from Latin America, India and China for this project. And it’s a really exciting project. And we have also a project involving the development of a hotel in the southern part of the island that’s looking into EB5. But Puerto Rico I think that has been active in EB5 is just that the nature of the economy was a little difficult to what all these projects and now we’re seeing with the final stability with the EB5 program, the inflow of capital that’s coming in through all these federal programs and grants as a result that I mentioned earlier, we’re seeing now a lot of traction projects actually being raising capital and being able to to really do it successfully.
Ali Jahangiri : How many regional centers are authorized to work in Puerto Rico? Right now.
Rogelio Carrasquillo: There’s a small number of regional centers, even though a few of them were created earlier. I think as the crackdown of an inactive regional centers right now, I think there’s potentially four active centers in the island. Generally, all the centers in the island cover the whole island of Puerto Rico.
Ali Jahangiri : So there’s four regional centers in the island that are licensed and two active projects. You said right.
Rogelio Carrasquillo: Now, right now at least we are working on two active projects that mean we’re in the process of finalizing, offering documents and actually file everything for for the investors to be allowed to deliver the money to the project and invest there.
Ali Jahangiri : Or are they active on the market right now or are they have they not hit the market yet?
Rogelio Carrasquillo: The project that I mentioned, the rural project, that it’s a nutraceuticals facility in the town of Aguadilla, Puerto Rico, that’s actually already has some investors who are actually in the process of preparing their their investments. And they’re looking to hit the market with full offering documents, we’re hoping, in the next few weeks.
Ali Jahangiri : That’s a rural project in Puerto Rico.
Rogelio Carrasquillo: That is a rural project. Yes. Puerto Rico. I mean, they have the the the what’s it called? The Metropolitan Statistical Area related. To San Juan, even though large part of the island is at or targeted employment area, it’s not considered rural. But a lot of these projects, particularly a lot of the projects involving pharmaceuticals, were outside of the MSA and therefore considered rural projects. And that’s where this project is located. There’s a company called CN and they are in the process of developing nutraceuticals, which is a combination of pharmaceuticals and vitamins. They purchased a former pharmaceutical company as there being many pharmaceutical facilities in Puerto Rico that have been sold by large pharmaceutical companies. They took advantage of that and are now developing these projects for potential distribution, not only in the United States, but mean also distribution in Asia.
Ali Jahangiri : Really, Which regional center is doing that deal?
Rogelio Carrasquillo: We’re doing actually with EB5 affiliate network. They actually have recently approved regional center in the island and we’re working with Micron and their team there. As you know, they relocated to Puerto Rico. They’re one of the groups that are based down there and we’re very excited to be working with them in this project and in the other project that we’re working on too.
Ali Jahangiri : It’s exciting to hear there’s a rural deal. So in what’s the other deal you’re working on?
Rogelio Carrasquillo: We’re working at Meta Hotel deal that would be combining some commercial property in it. It’s located in the southern part of the island. That one is a little more in the process of development of the documents and the race, but it’s actually being led by a large construction company. These are part of the island.
Ali Jahangiri : On these deals. Do you do the securities and the local laws or what’s your role?
Rogelio Carrasquillo: It’s really interesting. EB5 In general, our team is able to provide the multi-disciplinary expertise under one roof. So we’re bringing the securities which mean we bring to the table, we have the immigration work, we understand real estate, we understand finance. So we bring a mean a multidisciplinary team to the process that can help in developing the project, working with the capital stack negotiations and everything. But in Puerto Rico, in addition to that, by having a team not only experienced in Puerto Rico and Puerto Rico deals, but licensed here in the island, we’re able to really bring a full service group to develop not only a navigate, not only the EB5 aspects, which we do mean nationwide, but also the local aspects of doing deals and doing business in Puerto Rico from the contractual and governmental and tax planning for the project, to working with government affairs to make sure that we can create an positive impact for the island.
Ali Jahangiri : You have a team of lawyers that are also in Puerto Rico. What are your expertise, your your team?
Rogelio Carrasquillo: Let me tell you about our team. Like I mentioned, we have offices in all throughout the United States. Our team is a nationwide basis. We bring different areas of experience. We have our tax group who’s based in Miami. Immigration to group is based in Orlando, Florida, real estate and securities based in New York and Puerto Rico. We have actually and we’ve been able to develop a strategic partnership with a local firm where we’re able to actually joint our efforts, not only with our team. And we’re currently nine attorneys based throughout the United States, plus several consultants and other foreign advisors. And this team brings us around 30, 40 attorneys look based in Puerto Rico to really complement our efforts down here. And it’s been a very interesting and productive area because it’s really being able allow us to expand our both real estate, corporate and transactional work, as well as litigation here in the island in Puerto Rico.
Ali Jahangiri : So you’re in New York, San Juan, and where else?
Rogelio Carrasquillo: Where in New York? We’re in San Juan. We are actually also in Orlando, Florida. We that’s the newest office. We have an office in Miami, which we do a lot of work in the South Florida area, particularly in EB5. We have and then a small outpost in Washington, DC, where we do some government affairs work at the federal level. And then we have our San Francisco office. Our litigation team is based in California as well as our government affairs and corporate. We have a government affairs and corporate team there too.
Ali Jahangiri : Exciting stuff Rogelio. Well, other than getting a good education for you on Puerto Rico, I learned a little bit about your practice. Is there any other kind of topics or anything you want to mention to the crowd? We distribute this podcast to our entire database in case I missed anything in our questioning. Is there anything else you had? First of all.
Rogelio Carrasquillo: Thank you so much for giving me the opportunity. I’m actually to share our experience and particularly to talk about Puerto Rico and other matters. But just want to tell you about I mean, like we started five years ago and used to be a partner at a large international firm. And what we wanted to accomplish was to be able to service our clients in a more effective and way where we could actually be more involved with them and be able to serve them better. And we’ve been able to really expand that. And we started with a small office in New York five years ago and really looking to expand and really be able to help clients in EB5 space. One of the things that we’ve been able to do is that even though we practice a lot of EB5 work, we’re really mean a corporate transactional immigration firm and we’re able to really help our clients to look at the big picture, particularly developers, and be able to combine and make the most effective capital stack for the development of the project. And that may include incorporating bonds with EB5 or Remain corporate using opportunity zone funding and low income housing tax credits and all these matters where we are able to combine different sources of capital into one transaction. And I think that’s something that it’s important because it really helps our clients to be able to get projects done and really make projects viable. So there’s never a silver bullet. I think that EB5 means being a great tool for these projects, but so has being opportunity zones and other type of funding. And that’s sort of what we try to bring when we bring the expertise in house is being able to really help our clients, particularly in the developer side, being able to come up with a way that we make their projects viable, allowing them to do more with their money.
Ali Jahangiri : That concludes our podcast. Really appreciate you being on this and look forward to seeing you very, very soon.
Rogelio Carrasquillo: Ali, I want to first thank you actually for inviting me for the podcast. I think that it’s very valuable for the EB5 industry and I’m really looking forward to continue supporting EB5 investors. And thank you very much for having me.
Ali Jahangiri : This has been the voice of EB5 by EB5 Investors magazine. To learn more about this episode, please visit EB5investors.com/podcast. To stay up to date with the latest EB5 discussions, be sure to subscribe to the show wherever you listen to the podcast and if you like the show, please consider leaving us a five star review. It helps us out a lot. See you next week.