- Associated Press - Friday, October 10, 2014

ABERDEEN, S.D. (AP) - South Dakota’s Division of Banking is considering whether a private company that took over an investment-for-green card program for the state is considered a financial institution.

The American News reports (https://bit.ly/1ED6DMS ) such a determination could result in SDRC Inc. owing millions.

The embattled EB-5 visa program was designed to lure wealthy immigrants to invest in rural South Dakota projects, in return for green cards. It once was run by an institute at Northern State University but was privatized in 2009 and turned over to SDRC.

The state Revenue Department says if SDRC is deemed a financial institution, it will work to collect bank franchise taxes.

South Dakota was one of the pioneers in EB-5 financing, but in recent years the state’s program has been investigated by state and federal authorities.


Information from: Aberdeen American News, https://www.aberdeennews.com

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