Mount Snow Selects NES Financial’s EB-5 Fund Administration and Immigration Workflow Solutions for Projects in the State of Vermont
San Jose, CA, September 30, 2014 – NES Financial announced today that Mount Snow has chosen to use the innovative EB-5 Fund Administration and EB-5 Immigration Workflow Solutions for two of their current projects with the State of Vermont Regional Center – the first state-run Regional Center in the country.
The EB-5 visa program, created in 1990, encourages investment into projects that stimulate U.S. job growth, while providing an opportunity for foreign nationals to become lawful permanent residents. In 1992, Congress enhanced the program by permitting the designation of EB-5 Regional Centers that coordinate and substantiate foreign investments into job-creating projects within a designated geographic area.
Mount Snow is a ski resort located in southern Vermont. The West Lake Water Project, a 120-million gallon water storage reservoir for snowmaking, will increase water storage capacity by six times and enable Mount Snow to make more snow and open more trails earlier in the season. The second project, Carinthia Ski Lodge, features a completely new three-story 36,000 square foot ski lodge with dining, retail, and skier services, as well as an expanded parking area and a welcome plaza. EB-5 funds will be used in the development of these projects that are expected to increase the amount of visitor traffic to Mount Snow in the years to come.
“We believe NES Financial provides the leading EB-5 administration and workflow solutions on the market,” said Richard Deutsch, one of the owners of Mount Snow. “We chose to deploy their solutions because we are committed to delivering the highest level of transparency to our investors and maximizing their potential for immigration success.”
“The State of Vermont Regional Center does not rest upon its past successes – we constantly strive to be a standard bearer for industry best practices,” said Brent Raymond, Executive Director of State of Vermont Regional Center. “In addition to reviewing and selecting quality projects, it is equally important for our project partners to embrace solutions that offer the highest levels of security, transparency, and compliance for all stakeholders.”
NES Financial’s suite of EB-5 solutions is designed specifically for the EB-5 industry. By combining purpose-built technology, administration services, expertise, and full audit trail capabilities, the company is able to deliver the most comprehensive suite of solutions on the market that benefit Regional Centers, developers, banks, attorneys, and investors throughout the entire EB-5 process.
“Informed investors include an evaluation of the operational aspects as part of their overall due diligence before investing,” said Reid Thomas, NES Financial Executive Vice President. “EB-5 issuers that take the steps to meet this demand will not only be more successful in the completion of their project, but their investors will also be more likely to succeed in their immigration objectives.”
About NES Financial
NES Financial provides technology-enabled services for the efficient middle and back office administration of highly specialized financial transactions. Our custom solutions include EB-5 administration, 1031 exchanges, and fund administration transactions. Many of the world’s largest financial institutions and corporations rely on our proprietary technology, unparalleled expertise, and outstanding services to ensure the secure, transparent, and compliant management of funds. Recognized by Artisan Business Group as the 2013 EB-5 Service Provider of the Year and by Inc. Magazine’s 500|5000 as one of the fastest growing private companies in America two years in a row, NES Financial helps companies lower operational costs, reduce risk, and improve ROI. For more information, visit nesfinancial.com.
About Mount Snow
Mount Snow, located in southern Vermont, opened in 1954 and is the closest major ski resort to the metropolitan areas of New York City and Boston. One of the most popular ski resorts on the East Coast, Mount Snow offers 80 trails spread over 2,500 acres serviced by 20 lifts, including the only six-passenger covered chairlift in North America. Mount Snow also has the most snowmaking fan guns (more than 250) of any resort in North America. For more information, visit mountsnow.com.
About State of Vermont Regional Center
The State of Vermont Regional Center was the first state owned, managed, and administered USCIS-approved EB-5 Regional Center. To date, it enjoys a 100% USCIS project approval rate and 100% I-829 success rate with over 280 I-829 petitions approved amongst seven separate enterprises. The State of Vermont Regional Center provides an added layer of continuous independent and arms-length project monitoring.