City of McAllen Host Mexican Investors Summit

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POSTED: Thursday, May 17, 2012 - 8:08am

UPDATED: Thursday, May 17, 2012 - 8:19am

The city along with the Chamber of Commerce and the McAllen Economic Development Corporation hosted their first ever Mexican investors summit on Wednesday. Mexican nationals interested in starting their own business in the United States attended the event to receive more information on the startup process. One of the hot topics was the McAllen EB-5 program which gives the nationals the opportunity to create businesses in the United States. However, the U.S. government is proposing a new rule that would require any Mexican national, who has bank accounts in the U.S., to disclose those amounts with Mexico. Chamber President Steve Ahlenius stated, "They want the safety, they want the stability that comes with the U.S. economy and I think exposing their income, exposing the information about their income leads to possible extortion, kidnapping and some really bad things." These rules could have a negative effect in terms of attracting investment from Mexican nationals.

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