North Country
7:25 am
Wed November 20, 2013

In Troubled Times How Vermont Got $600 Million From Foreign Investors

The owners of the Balsams Grand Resort in Dixville Notch say they are exploring finding foreign investors through the EB-5 program so they can renovate and reopen the hotel. In 2012 most of its furnishings were auctioned off. Photo by Chris Jensen for NHPR

Starting around 2008, as the economy began struggling and banks got skittish about lending, foreign investors began sending hundreds of millions of dollars into Vermont.

They were attracted by a federal EB-5 visa program administered by the state of Vermont.

It allows foreigners willing to invest at least $500,000 to get green cards and live in the United States.

New Hampshire didn’t have anything like it, but the state is warming to the idea.

NHPR’s Chris Jensen reports.

Sound  of construction……

Heavy machinery at work.

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