LANSING, MI -- Michigan's new status as a federally designated center for an increasingly popular investor visa program -- just the second of its kind in the nation -- will uniquely position the state to attract foreign capital and create local jobs, according to experts and stakeholders.

United States Customs and Immigration expedited and approved Michigan's application to run its own EB-5 Regional Center, the Snyder administration announced this week, citing support from the governor, the state's entire Congressional delegation and Detroit Mayor Mike Duggan.

The federal EB-5 visa program is designed to attract "entrepreneur aliens" by offering them a green card in exchange for domestic investments that produce at least 10 new jobs in the U.S. 

Immigrants can qualify by devoting $500,000 to a project in a high-unemployment or rural area, of which there are 433 in Michigan, or $1 million in a more affluent part of the state.

"This approval is an important step in helping harness top talent and international direct investment into the state to continue and accelerate Michigan's comeback," Gov. Rick Snyder said in a statement. "Our state needs outstanding talent to help drive the new economy. Immigrants are net job creators. In return, Michigan offers a wonderful place to live, work, play and raise a family."