When the new Black Tap Craft Burgers & Beers opens in Miami, a group of aspiring immigrants will be among the many people celebrating the milestone. Black Tap is leading a growing trend in the restaurant industry by using investment capital raised through a unique U.S. government immigration program.
Created in 1990, the EB-5 Immigrant Investor program allows foreign nationals to obtain permanent U.S. residency by making an investment that results in new job creation in the United States. The program has facilitated billions of dollars of foreign direct investment and created tens of thousands of jobs over the last three decades.
Historically, most immigrant investors have participated in professionally managed, institutional funds that lent their capital to large real estate and public infrastructure projects. A change to the EB-5 program on July 1, 2021 makes construction projects impracticable for job creation, leaving would-be foreign investors with limited options.
Enter Black Tap Craft Burgers & Beer.
Because a single EB-5 investment must create at least 10 new permanent jobs, full-service restaurants are one of the few business models that work today for EB-5 investment. And while there is no shortage of new restaurant ventures in search of money, EB-5 investors want to partner with established operators. Black Tap’s reputation as a top-tier industry operator and their history of success offer the perfect solution.
To bring in investors, Black Tap Group partnered with EB5 Affiliate Network (EB5AN), a leading EB-5 consultancy and fund manager. Between 2014 and 2021, EB5AN has deployed over $150 million of investment capital into new job creating businesses and helped hundreds of families to immigrate to the United States. Following the EB-5 program change in July, the EB5AN team turned its focus to restaurants.
“We are excited to work with the Chris Barish and Julie Mulligan of the Black Tap Group” said Sam Silverman, founder and managing partner of EB5AN. “The Black Tap brand and it’s world-famous CrazyShake milkshakes are iconic and recognized worldwide. Black Tap has already launched many successful locations in New York, Nevada, and around the world. We want to place EB-5 investors in an investment with an experienced and established operator like Black Tap Group. A new location in the heart of Miami is a perfect fit for our EB-5 investors.”